(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 ...

Murphy USA Inc. (NYSE:MUSA) Q4 2021 Earnings Conference Call February 3, 2022 11:00 AM ET Company Participants Christian Pikul - Vice President of Investor Relations Andrew Clyde - President & Chief Executive Officer Malynda West - Executive Vice President of Fuels, Chief Financial Officer & Treasurer Conference Call Participants Benjamin Bienvenu - Stephens Bonnie Herzog - Goldman Sachs John Royall - JPMorgan Robert Griffin - Raymond James Operator Thank you for standing by. My name is Sheryl and I will be ...

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]

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 ☐ 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 (State or other jurisdiction of incorporation or ...

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, 2020 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 2020 Earnings Conference Call February 4, 2021 11:00 AM ET Company Participants Christian Pikul - Vice President, Investor Relations Andrew Clyde - President & Chief Executive Officer Mindy West - Executive Vice President & Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Inc. Bobby Griffin - Raymond James John Royall - JP Morgan Sam Reid - Goldman Sachs Matt Fishbein - Jefferies Operator Ladies and gentlemen, thank you for standing by, and welcome ...