☒ 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]

(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, 2021 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Delaware 46-2279221 (State or other jurisdiction of incorporation or organization) (I.R.S. Empl ...

Financial Data and Key Metrics Changes - Revenue for Q4 2021 was $4.8 billion, and for the full year, it was $17.4 billion, compared to $2.9 billion and $11.2 billion in the previous year [16] - Adjusted EBITDA for Q4 was $216.2 million, up from $136.3 million in Q4 2020, and for the full year, it was $828 million compared to $723 million in the prior year [17] - Cash and cash equivalents totaled $256.4 million as of December 31, 2021, with total debt approximately $1.8 billion, resulting in an adjusted gross leverage ratio of about 2.2x [17] Business Line Data and Key Metrics Changes - Fuel contribution reached a record $1.1 billion, with merchandise contribution exceeding $700 million [7] - Merchandise contribution for 2021 was $702 million, slightly above the guided range, with expectations to grow to between $740 million and $760 million in 2022 [25] - Fuel volumes averaged 229,000 gallons per store per month in 2021, below the adjusted guidance range, with expectations for 2022 to increase to between 235,000 and 245,000 gallons [24] Market Data and Key Metrics Changes - Average retail gasoline prices per gallon during Q4 were $3.05, compared to $1.87 in the prior year, and for the full year, prices averaged $2.77 versus $1.91 in 2020 [16] - Cost inflation was evident across the supply chain, impacting operational costs and necessitating adjustments in workforce management [10] Company Strategy and Development Direction - The company is committed to accelerating new store growth, targeting up to 45 new stores and 35 raze-and-rebuilds in 2022 [12][23] - The acquisition of QuickChek is seen as a strategic move to enhance food and beverage capabilities, with synergy capture ahead of schedule, targeting $28 million over three years [13][14] - The company emphasizes its low-price model as a competitive advantage, particularly in an inflationary environment [9] Management's Comments on Operating Environment and Future Outlook - Management noted that the low-price positioning is expected to attract value-conscious customers amid rising inflation [9] - The company remains vigilant in cost discipline to support its everyday low-price model, which is critical in the current economic environment [10] - Management expressed confidence in generating strong operating cash flows and returning capital to shareholders through dividends and share repurchases [11][12] Other Important Information - Capital expenditures for 2021 totaled $278 million, with a focus on growth capital, including new store openings and maintenance projects [18] - The company plans to continue its capital allocation strategy, prioritizing growth while also returning excess capital to shareholders [12][28] Q&A Session Summary Question: Impact of inflation on consumer behavior - Management indicated that while consumers are becoming more price-sensitive, the company expects to gain market share as customers seek value [35] Question: Fuel margin assumptions for EBITDA guidance - Management noted that the previous assumption for fuel margin was around $0.16 per gallon, while the current planning assumes $0.21 per gallon, reflecting a structural change in the market [37][42] Question: CapEx guidance and M&A opportunities - Management clarified that while they are open to M&A, the focus remains on organic growth and integrating QuickChek, with no immediate plans for further acquisitions [49][50] Question: QuickChek synergy targets - Management stated that they are not ready to announce specific year two synergy numbers but emphasized continuous improvement opportunities from the integration [55] Question: Same-store margin performance - Management highlighted strong performance in non-tobacco categories, driven by packaged beverages and promotional activities [59][60] Question: Stability of fuel margins - Management noted that fuel margins have been more stable due to a consistent rising price environment, contrasting with historical volatility [66]

Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $4.6 billion, up from $2.8 billion in Q3 2020, which did not include QuickChek [14] - Adjusted EBITDA was $202.5 million in Q3 2021 compared to $141.5 million in the same period in 2020 [14] - Net income for Q3 2021 was $104 million, an increase from $66.9 million in 2020 [14] - Average retail gasoline prices rose to $2.89 per gallon in Q3 2021 from $1.90 in the prior year [14] Business Line Data and Key Metrics Changes - Merchandise contribution was $187 million, approximately $0.17 per gallon on 1.1 billion gallons sold [9] - Fuel margin was $26.06 per gallon, with an EBITDA of roughly $212 million for the quarter [9][10] - Capital expenditures for Q3 were approximately $74 million, with $13 million attributed to QuickChek [15] Market Data and Key Metrics Changes - The company opened 4 new Murphy Express and 3 new QuickChek stores during the quarter, with 18 new sites under construction [15] - The company expects capital spending to be closer to the lower end of the guided range of $325 million to $375 million due to supply chain pressures [16] Company Strategy and Development Direction - The company aims to expand merchandise contribution efficiently and sustain fuel market share profitably [11] - Strategic priorities include growing EBITDA and free cash flow through organic growth and the integration of QuickChek assets [11] - The company is committed to share repurchase programs and growing dividend distributions [11] Management's Comments on Operating Environment and Future Outlook - Management noted that headwinds in the industry are translating to tailwinds for the company, with higher breakeven fuel margins expected [7][12] - The company believes its business model is uniquely positioned to thrive in the current environment, with a focus on maintaining competitive advantages [12][48] - Management highlighted the importance of adapting to rising prices and maintaining an everyday low price position to capture market share [31] Other Important Information - Total long-term debt was approximately $1.8 billion, with a cash balance of $301.3 million as of September 30 [15] - The company is experiencing labor challenges and supply chain issues but continues to deliver strong financial results [6][7] Q&A Session Summary Question: Outlook for store pipeline in 2022 - Management confirmed a robust pipeline for 2022 with 56 Murphy stores and 7 QuickChek stores planned [21][22] Question: Operating expenses and QuickChek integration - Management indicated that the current operating expense rate of $221 million is a good base case, with some cost increases noted [23] Question: Impact of supply chain on inside store sales - Management acknowledged supply chain challenges but emphasized strong year-over-year sales growth in tobacco and non-tobacco categories [24][25] Question: Fuel margins trend during the quarter - Fuel margins were consistent across the months, with a slight increase in retail margins noted [30][31] Question: Beverage sales trends - Management reported strong growth in beverage sales, driven by innovation and consumer demand [33] Question: Merchandise margin sustainability - Management noted improvements in merchandise mix and pricing, indicating a sustainable margin outlook [37] Question: Capital allocation and M&A opportunities - Management stated that while M&A is not a primary focus, they remain open to strategic opportunities that align with their business model [40][41] Question: Same-store fuel volumes and demand recovery - Management reported that same-store fuel volumes are recovering, currently around 91% of pre-COVID levels, with margins significantly higher [44][46] Question: Operating expenses outlook for next year - Management suggested that merchandise contribution growth will offset labor and operating cost increases, making it easier to estimate EBITDA [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 001-35914 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 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SEC ...

Murphy USA Inc. (NYSE:MUSA) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Christian Pikul - Vice President, Investor Relations and Financial Planning and Analysis 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 Bobby Griffin - Raymond James John Royall - JP Morgan Ben Bienvenu - Stephens, Inc. Matt Fishbein - Jefferies Operator Good day and ...

[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited consolidated financial statements for Q2 and YTD June 30, 2021, reflecting the QuickChek acquisition's impact [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets surged to nearly **$4.0 billion** by June 30, 2021, primarily due to the QuickChek acquisition Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2021 | Dec 31, 2020 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$3,986.1** | **$2,685.7** | **+48.4%** | | Goodwill | $329.1 | $0.0 | N/A | | Intangible assets, net | $141.2 | $34.6 | +308.1% | | **Total Liabilities** | **$3,228.2** | **$1,901.6** | **+69.8%** | | Long-term debt | $1,794.4 | $951.2 | +88.7% | | **Total Stockholders' Equity** | **$757.9** | **$784.1** | **-3.3%** | - The acquisition of QuickChek resulted in the recognition of **$329.1 million** in goodwill and a significant increase in intangible assets, property, plant, and equipment[10](index=10&type=chunk)[55](index=55&type=chunk) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income decreased in Q2 2021 and YTD, primarily due to lower fuel margins and higher operating expenses Income Statement Summary (in millions, except per share data) | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenues | $4,456.0 | $2,379.6 | $7,993.1 | $5,564.4 | | Income from Operations | $190.2 | $235.5 | $284.8 | $366.3 | | Net Income | $128.8 | $168.9 | $184.1 | $258.2 | | Diluted EPS | $4.79 | $5.73 | $6.73 | $8.60 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased, while investing activities surged due to the QuickChek acquisition, largely debt-financed Six Months Ended June 30 Cash Flow Summary (in millions) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $330.8 | $381.9 | | Net cash used in investing activities | $(778.3) | $(99.2) | | Net cash from financing activities | $448.9 | $(159.4) | | **Net change in cash** | **$1.4** | **$123.3** | - The primary use of cash in investing activities was the **$641.1 million** payment for the QuickChek acquisition, net of cash acquired[20](index=20&type=chunk) - Financing activities were dominated by **$892.8 million** in debt borrowings, largely to fund the acquisition, alongside **$198.3 million** in treasury stock purchases and **$13.5 million** in dividend payments[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain the QuickChek acquisition, debt, revenue recognition, and the company's single Marketing segment - On January 29, 2021, the company acquired 100% of QuickChek for an all-cash consideration of **$641.9 million**, resulting in **$329.1 million** of goodwill[52](index=52&type=chunk)[55](index=55&type=chunk) - To fund the QuickChek acquisition, the company issued **$500 million** of 3.75% Senior Notes due 2031 and entered into a new credit agreement with a **$400 million** term loan[66](index=66&type=chunk)[70](index=70&type=chunk) - The company operates under a single reportable segment, Marketing, which includes retail fuel and merchandise sales, as well as wholesale operations[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses QuickChek's impact, lower Q2 2021 net income from reduced fuel margins, and 2021 capital expenditures - Net income for Q2 2021 was **$128.8 million**, down from **$168.9 million** in Q2 2020, primarily due to lower all-in fuel contribution and higher operating expenses, partly offset by improved merchandise contribution[154](index=154&type=chunk) - The acquisition of QuickChek on January 29, 2021, is a key strategic move to expand into the Northeast and enhance food and beverage capabilities[140](index=140&type=chunk) Key Operating Metrics (Q2 2021 vs Q2 2020) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Total Fuel Contribution (cpg) | 28.2 | 38.3 | | Retail Fuel Margin (cpg) | 21.8 | 31.7 | | Total Merchandise Contribution | $184.5M | $118.4M | | Merchandise Unit Margin | 19.2% | 15.4% | - Full-year 2021 capital expenditures are projected to be between **$325 million** and **$375 million**[149](index=149&type=chunk)[224](index=224&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price volatility and interest rate fluctuations, with some hedging - Primary market risks are commodity price volatility for refined products and interest rate risk on its floating-rate debt[231](index=231&type=chunk)[233](index=233&type=chunk) - The company has a **$400 million** floating-rate term loan and uses an interest rate swap to hedge **$150 million** of this exposure[233](index=233&type=chunk)[234](index=234&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of June 30, 2021, with no material internal control changes - Management concluded that disclosure controls and procedures were effective as of June 30, 2021[236](index=236&type=chunk) - There were no material changes to internal control over financial reporting during the second quarter of 2021[237](index=237&type=chunk) [Part II – Other Information](index=53&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings not expected to materially impact its financial condition or operations - As of June 30, 2021, the company was engaged in routine legal proceedings incidental to its business, which are not expected to have a material adverse effect[238](index=238&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors were identified beyond those previously disclosed in the Annual Report on Form 10-K - No new risk factors were identified beyond those previously disclosed in the Annual Report on Form 10-K[239](index=239&type=chunk) [Issuer Purchases of Equity Securities](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2021, Murphy USA repurchased **1,085,876 shares** for **$148.3 million** under its program Share Repurchases for Q2 2021 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2021 | — | $— | | May 2021 | 571,777 | $138.92 | | June 2021 | 514,099 | $133.97 | | **Q2 Total** | **1,085,876** | **$136.58** | - As of June 30, 2021, approximately **$176.7 million** remained available for repurchase under the current plan, which extends through December 31, 2023[240](index=240&type=chunk) [Other Information](index=54&type=section&id=Item%205.%20Other%20Information) No information was reported under this item - No information was reported under this item[241](index=241&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including required certifications from the CEO and CFO - The report includes required certifications from the CEO and CFO under Sections 302 and 906 of the Sarbanes-Oxley Act[246](index=246&type=chunk)

Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $3.5 billion, up from $3.2 billion in Q1 2020, reflecting the impact of the QuickChek acquisition [20][23] - Net income for Q1 2021 was $55.3 million, down from $89.3 million in Q1 2020, attributed to increased depreciation, interest expenses from QuickChek, and one-time acquisition-related costs [25] - Adjusted EBITDA for Q1 2021 was $154.8 million, compared to $170.7 million in the same period in 2020 [24] Business Line Data and Key Metrics Changes - Fuel margins reached $0.225 per gallon, consistent with Q1 2020, despite rising prices [9] - Same-store sales in the merchandise segment showed strength, particularly in tobacco, which grew sales and margin dollars by about 2% [12] - Non-tobacco merchandise sales grew nearly 10%, contributing to an increase in overall margin contribution dollars by approximately $5 million in Q1 [12] Market Data and Key Metrics Changes - Fuel volumes were down 10% year-over-year for Murphy USA, but April volumes improved to within 5% of 2019 levels, indicating a recovery in demand [11] - Average retail gasoline prices per gallon during Q1 2021 were $2.37, compared to $2.14 in 2020 [23] Company Strategy and Development Direction - The company is focused on leveraging the QuickChek acquisition to achieve $28 million in synergies over three years across fuels, merchandise, and operational expenses [8] - Management emphasized the importance of integrating QuickChek's technological advancements, such as computer-assisted ordering, to enhance customer-facing technologies at Murphy stores [18] - The company aims to maintain its competitive edge by optimizing supply chain processes and enhancing store-level execution in food and beverage categories [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong multiyear EBITDA growth, supported by improved fuel volumes and retail margins in Q2 2021 [28] - The company noted that structural changes in the industry are favoring its high-volume model, which is expected to differentiate its performance from less advantaged competitors [10] - Management acknowledged challenges related to rising fuel prices and labor availability but remains optimistic about sustaining market share gains [32][51] Other Important Information - The company closed the QuickChek acquisition on January 29, 2021, funded by $500 million in senior notes and a $400 million term loan, increasing total debt to approximately $1.8 billion [20][21] - Capital expenditures for Q1 2021 were approximately $56 million, primarily allocated to new store construction [26] Q&A Session Summary Question: Insights on merchandise business and market share retention - Management indicated that initiatives in promotional activity and new product offerings are expected to sustain or grow market share despite challenging comparisons from last year [32] Question: Impact of FDA's menthol cigarette proposal - Management noted that while the proposal could lead to a reduction in tobacco consumption, the company is well-positioned to adapt through its focus on noncombustible products [38] Question: Long-term fuel volume growth outlook - Management expects fuel demand to stabilize around a growth rate of plus or minus 0.5% per year, influenced by factors such as vehicle miles traveled and population growth [44] Question: Construction costs and supply chain impacts - Management has not yet seen significant impacts from construction cost inflation due to established contracts for modular store builds [47] Question: Potential wage increases and their impact - Management highlighted that a national minimum wage increase could pose a $30 million headwind, but the company is prepared to leverage technology to mitigate labor costs [54] Question: Product resets and their impact on margins - Management confirmed that product resets are occurring across all categories, leading to improved sales and margin performance [59]