# EDGAR Filing Document

**Accession Number:** 0001573516
**File Stem:** 0001573516-25-000046
**Filing Date:** 2025-7
**Character Count:** 42645
**Document Hash:** 4ed18342fbbdd05a6efa7abbe16bb24a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001573516-25-000046.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001573516-25-000046

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Murphy USA Inc.
- **CENTRAL INDEX KEY:** 0001573516
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 462279221
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35914
- **FILM NUMBER:** 251167616

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PEACH STREET
- **CITY:** EL DORADO
- **STATE:** AR
- **ZIP:** 71730-5836
- **BUSINESS PHONE:** (870) 875-7600

**MAIL ADDRESS:**
- **STREET 1:** 200 PEACH STREET
- **CITY:** EL DORADO
- **STATE:** AR
- **ZIP:** 71730-5836

?xml version='1.0' encoding='ASCII'? musa-20250730

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): **July 30, 2025**![Image1.jpg](musa-20250730_g1.jpg)

MURPHY USA INC.

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| Delaware | Delaware | 001-35914 | 46-2279221 |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 200 Peach Street | 200 Peach Street | | |
| El Dorado, | Arkansas | | 71730-5836 |

---

(870) 875-7600

(Registrant's telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):**

**☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 Par Value | MUSA | New York Stock Exchange |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).** 

**☐ Emerging growth company**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐**

------

**Item 2.02. Results of Operations and Financial Condition**

On July 30, 2025, Murphy USA Inc. issued a news release announcing its financial results for the three and six months ended June 30, 2025. The full text of this news release is attached hereto as Exhibit 99.1.

The information in Item 2.02 and Item 9.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liabilities of that Section, nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](exh991_06302025er.htm)</u> <u>[News release issued by Murphy USA Inc., dated July 30, 2025, announcing financial results for the three and six months ended June 30, 2025](exh991_06302025er.htm)</u>

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | MURPHY USA INC. |
| Date: | July 30, 2025 | By: <u>/s/ Donald R. Smith, Jr.</u> |
|  |  | Donald R. Smith, Jr. |
|  |  | Vice President, Chief Accounting Officer and Treasurer |

---

**Exhibit Index**

---

| | | |
|:---|:---|:---|
| <u>Exhibit No.</u>  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| <u>[99.1](exh991_06302025er.htm)</u> | <u>[News release issued by Murphy USA Inc., dated June 30, 2025, announcing financial results for the three and six months ended June 30, 2025](exh991_06302025er.htm)</u> | <u>[News release issued by Murphy USA Inc., dated June 30, 2025, announcing financial results for the three and six months ended June 30, 2025](exh991_06302025er.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1**

**Murphy USA Inc. Reports Second Quarter 2025 Results**

**El Dorado, Arkansas, July 30, 2025** (BUSINESS WIRE) – Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and six months ended June 30, 2025.

**Key Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $145.6 million, or $7.36 per diluted share, in Q2 2025 compared to net income of $144.8 million, or $6.92 per diluted share, in Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total fuel contribution for Q2 2025 was 32.0 cpg, compared to 31.7 cpg in Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total retail gallons decreased 0.2%, and volumes on a same store sales ("SSS") basis declined 3.2%, in Q2 2025 compared to Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merchandise contribution dollars for Q2 2025 increased 1.0% to $218.7 million on average unit margins of 20.0%, compared to Q2 2024 contribution dollars of $216.5 million on unit margins of 20.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During Q2 2025, the Company repurchased approximately 470.7 thousand common shares for $211.9 million at an average price of $450.25 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company paid a quarterly cash dividend of $0.50 per share, or $2.00 per share on an annualized basis, on June 2, 2025, a 2.0% increase from March of 2025, for a total cash payment of $9.8 million.

"Second quarter results highlighted the resiliency of Murphy USA's advantaged model, delivering stronger financial results despite relatively low fuel price volatility and slightly weaker customer traffic," said President and CEO Andrew Clyde. "Supply margins improved modestly in the second quarter, driving all-in fuel margins of 32 cents per gallon, up 30 basis points versus the prior-year quarter. We remain focused on store profitability, as evidenced by favorable sequential and y-o-y comparisons in store operating expenses and general and administrative costs. Our NTI store program is gaining momentum, and we are poised to deliver 50 new stores over the next 12 month period, which will help drive EBITDA growth into 2026 and beyond."

***Consolidated Results***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Key Operating Metrics** | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) ($ Millions) | $145.6 | $144.8 | $198.8 | $210.8 |
| Earnings per share (diluted) | $7.36 | $6.92 | $9.95 | $10.02 |
| Adjusted EBITDA ($ Millions) | $286.0 | $278.6 | $443.4 | $442.9 |

---

------

Both Net income and Adjusted EBITDA for Q2 2025 were improved versus the prior-year quarter. Contribution for both fuel and merchandise were higher in the current year quarter and general and administrative expenses, payment fees, and income taxes were each lower in the current year quarter. These benefits were partially offset by higher depreciation and amortization, higher store operating expenses, and higher interest expense resulting in higher net income for Q2 2025 versus the prior-year. Adjusted EBITDA was $7.4 million higher in the current-year quarter.

***Fuel***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Key Operating Metrics** | **2025** | **2024** | **2025** | **2024** |
| Total retail fuel contribution ($ Millions) | $359.1 | $365.2 | $626.8 | $615.2 |
| Total PS&W contribution ($ Millions) | (25.9) | (3.8) | (41.2) | 2.9 |
| RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions) | 59.8 | 28.9 | 94.7 | 58.3 |
| Total fuel contribution ($ Millions) | $393.0 | $390.3 | $680.3 | $676.4 |
| Retail fuel volume - chain (Million gal) | 1229.3 | 1231.6 | 2360.5 | 2384.7 |
| Retail fuel volume - per store (K gal APSM)<sup>1</sup> | 241.6 | 247.2 | 231.4 | 238.6 |
| Retail fuel volume - per store (K gal SSS)<sup>2</sup> | 239.3 | 244.3 | 229.7 | 235.7 |
| Total fuel contribution (cpg) | 32.0 | 31.7 | 28.8 | 28.4 |
| Retail fuel margin (cpg) | 29.2 | 29.7 | 26.6 | 25.8 |
| PS&W including RINs contribution (cpg) | 2.8 | 2.0 | 2.2 | 2.6 |
| <sup>1</sup>Average Per Store Month ("APSM") metric includes all stores open through the date of calculation | <sup>1</sup>Average Per Store Month ("APSM") metric includes all stores open through the date of calculation | <sup>1</sup>Average Per Store Month ("APSM") metric includes all stores open through the date of calculation | <sup>1</sup>Average Per Store Month ("APSM") metric includes all stores open through the date of calculation | <sup>1</sup>Average Per Store Month ("APSM") metric includes all stores open through the date of calculation |
| <sup>2</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>2</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>2</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>2</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>2</sup>2024 amounts not revised for 2025 raze-and-rebuild activity |

---

Total fuel contribution dollars of $393.0 million increased $2.7 million, or 0.7%, in Q2 2025 compared to Q2 2024 primarily due to higher total fuel contribution margins partially offset by lower retail fuel volumes sold during the quarter. Retail fuel contribution dollars decreased $6.1 million, or 1.7%, to $359.1 million compared to Q2 2024 due to lower retail fuel margins combined with slightly lower volumes sold. In Q2 2025, retail fuel margins were 29.2 cpg, a 1.7% decrease versus the prior-year quarter, and overall retail volumes were 0.2% lower compared to the prior-year quarter. PS&W contribution including RINs increased $8.8 million when compared to Q2 2024, primarily due to timing of inventory movements and pricing impacts related to market conditions.

***Merchandise***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Key Operating Metrics** | **2025** | **2024** | **2025** | **2024** |
| Total merchandise contribution ($ Millions) | $218.7 | $216.5 | $414.6 | $408.1 |
| Total merchandise sales ($ Millions) | $1092.4 | $1080.4 | $2091.8 | $2081.1 |
| Total merchandise sales ($K SSS)<sup>1,2</sup> | $210.5 | $211.3 | $201.5 | $203.2 |
| Merchandise unit margin (%) | 20.0% | 20.0% | 19.8% | 19.6% |
| Nicotine contribution ($K SSS)<sup>1,2</sup> | $20.0 | $20.0 | $19.3 | $19.2 |
| Non-nicotine contribution ($K SSS)<sup>1,2</sup> | $22.8 | $22.8 | $21.3 | $21.1 |
| Total merchandise contribution ($K SSS)<sup>1,2</sup> | $42.8 | $42.8 | $40.6 | $40.3 |
| <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity |
| <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) |

---

------

Total merchandise contribution increased $2.2 million, or 1.0%, to $218.7 million in Q2 2025 compared to the prior-year quarter, primarily driven by higher overall merchandise sales volumes. Total nicotine contribution dollars increased 1.4% and non-nicotine contribution dollars increased 0.6% in Q2 2025 compared to Q2 2024.

***Other Areas***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Key Operating Metrics** | **2025** | **2024** | **2025** | **2024** |
| Total store and other operating expenses ($ Millions) | $275.2 | $269.9 | $541.3 | $522.0 |
| Store OPEX excluding payment fees and rent ($K APSM) | $36.1 | $35.5 | $35.6 | $34.4 |
| Total SG&A cost ($ Millions) | $50.9 | $59.1 | $111.0 | $121.2 |

---

Total store and other operating expenses were $5.3 million higher in Q2 2025 versus Q2 2024, mainly due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores. Store OPEX excluding payment fees and rent on an APSM basis were 1.7% higher versus Q2 2024, primarily attributable to increased employee related expenses and maintenance costs. Total SG&A costs for Q2 2025 were $8.2 million lower than Q2 2024, primarily due to lower professional fees, lower incentive costs and lower employee related costs in the period.

***Store Openings***

The tables below reflect changes in our store portfolio in Q2 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Net Change in Q2 2025** | **Murphy<br>USA / Express** | **QuickChek** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;New-to-industry ("NTI") | 5 | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change | 5 |  | 5 |
| Raze-and-rebuilds reopened in Q2\* | 9 |  | 9 |
| **Under Construction at End of Q2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raze-and-rebuilds\* | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total under construction at end of Q2 | 39 |  | 39 |
| **Net Change YTD in 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI | 13 | 1 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed | (2) | (3) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change | 11 | (2) | 9 |
| Raze-and-rebuilds reopened YTD\* | 9 |  | 9 |
| Store count at June 30, 2025\* | 1612 | 154 | 1766 |
| \*Store counts include raze-and-rebuild stores | \*Store counts include raze-and-rebuild stores | \*Store counts include raze-and-rebuild stores |  |

---

------

***Financial Resources***

---

| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of June 30,** |
| **Key Financial Metrics** | **2025** | **2024** |
| Cash and cash equivalents ($ Millions) | $54.1 | $79.8 |
| Marketable securities, current ($ Millions) | $— | $4.5 |
| Marketable securities, non-current ($ Millions) | $— | $3.0 |
| Long-term debt, including finance lease obligations ($ Millions) | $2066.7 | $1781.4 |

---

As of June 30, 2025, cash balances totaled $54.1 million. Long-term debt consisted of approximately $299.1 million in carrying value of 5.625% senior notes due 2027, $496.9 million in carrying value of 4.75% senior notes due 2029, $495.7 million in carrying value of 3.75% senior notes due 2031, and $584.4 million of term debt due 2032, combined with approximately $102.6 million in long-term finance leases. In addition, long-term debt included $88.0 million in outstanding borrowings under the $750 million revolving credit facility due 2030.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Key Financial Metric** | **2025** | **2024** | **2025** | **2024** |
| Average shares outstanding (diluted) (in thousands) | 19765 | 20922 | 19985 | 21043 |

---

At June 30, 2025, the Company had common shares outstanding of 19,292,355. Common shares repurchased during the quarter were approximately 470.7 thousand shares for $211.9 million. As of June 30, 2025, approximately $578.0 million remained available under the existing $1.5 billion 2023 authorization.

The effective income tax rate was approximately 24.4% for Q2 2025 compared to 25.1% in Q2 2024.

The Company paid a quarterly cash dividend on June 2, 2025 of $0.50 per share, or $2.00 per share on an annualized basis, a 2.0% increase from March of 2025, for a total cash payment of $9.8 million. The total amount paid in dividends year-to-date is $19.6 million, or $0.99 per share.

**\* \* \* \* \***

***Earnings Call Information***

The Company will host a conference call on July 31, 2025 at 10:00 a.m. Central Time to discuss second quarter 2025 results. The call can be accessed via webcast through the Investor Relations section of the Murphy USA website at https://ir.corporate.murphyusa.com. If you are unable to attend via webcast, the conference call number is 1 (888) 330-2384 and the conference ID number is 6680883. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (https://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.

Source: Murphy USA Inc. (NYSE: MUSA)

------

***Forward-Looking Statements***

This news release contains certain statements or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings and associated capital expenditures, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, manage disruptions in our supply chain and our ability to control costs; geopolitical events, such as evolving international trade policies and the imposition of reciprocal tariffs and the conflicts in the Middle East, that impact the supply and demand and price of crude oil; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic and any governmental response thereto; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future nicotine or e-cigarette legislation and any other efforts that make purchasing nicotine products more costly or difficult could hurt our revenues and impact gross margins; our ability to successfully expand our food and beverage offerings; efficient and proper allocation of our capital resources, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form 10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

***Investor Contact:***<br>Christian Pikul <br>Vice President, Investor Relations and Financial Planning and Analysis<br>christian.pikul@murphyusa.com <br>

------

**Murphy USA Inc.**

**Consolidated Statements of Income** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| *(Millions of dollars, except share and per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Operating Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleum product sales<sup>1</sup> | $3851.4 | $4340.5 | $7341.2 | $8152.2 |
| &nbsp;&nbsp; Merchandise sales | 1092.4 | 1080.4 | 2091.8 | 2081.1 |
| &nbsp;&nbsp; Other operating revenues | 61.2 | 30.8 | 97.4 | 62.1 |
| Total operating revenues | 5005.0 | 5451.7 | 9530.4 | 10295.4 |
| Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleum product cost of goods sold<sup>1</sup> | 3519.2 | 3980.2 | 6757.5 | 7536.3 |
| &nbsp;&nbsp; Merchandise cost of goods sold | 873.7 | 863.9 | 1677.2 | 1673.0 |
| &nbsp;&nbsp; Store and other operating expenses | 275.2 | 269.9 | 541.3 | 522.0 |
| &nbsp;&nbsp; Depreciation and amortization | 66.0 | 59.3 | 134.2 | 118.0 |
| &nbsp;&nbsp; Selling, general and administrative | 50.9 | 59.1 | 111.0 | 121.2 |
| &nbsp;&nbsp; Accretion of asset retirement obligations | 0.8 | 0.8 | 1.7 | 1.6 |
| Total operating expenses | 4785.8 | 5233.2 | 9222.9 | 9972.1 |
| Gain (loss) on sale of assets |  | (1.4) | (0.3) | (1.0) |
| Income (loss) from operations | 219.2 | 217.1 | 307.2 | 322.3 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income (expense) | 0.1 | 0.9 |  | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (27.8) | (24.9) | (53.2) | (49.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating income (expense) | 1.0 | 0.1 | 0.4 | 0.5 |
| Total other income (expense) | (26.7) | (23.9) | (52.8) | (47.2) |
| Income before income taxes | 192.5 | 193.2 | 254.4 | 275.1 |
| Income tax expense (benefit) | 46.9 | 48.4 | 55.6 | 64.3 |
| **Net Income** | $145.6 | $144.8 | $198.8 | $210.8 |
| Basic and Diluted Earnings Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $7.44 | $7.02 | $10.07 | $10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $7.36 | $6.92 | $9.95 | $10.02 |
| Weighted-average Common shares outstanding <br>(in thousands): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 19546 | 20643 | 19738 | 20728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 19765 | 20922 | 19985 | 21043 |
| Supplemental information: |  |  |  |  |
| <sup>1</sup>Includes excise taxes of: | $599.5 | $597.5 | $1151.3 | $1156.3 |

---

------

**Murphy USA Inc.**

**Segment Operating Results**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Millions of dollars, except revenue per same store sales (in thousands) and store counts)* | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Marketing Segment** | **2025** | **2024** | **2025** | **2024** |
| Operating Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleum product sales | $3851.4 | $4340.5 | $7341.2 | $8152.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise sales | 1092.4 | 1080.4 | 2091.8 | 2081.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating revenues | 61.2 | 30.8 | 97.3 | 62.0 |
| Total operating revenues | 5005.0 | 5451.7 | 9530.3 | 10295.3 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleum products cost of goods sold | 3519.2 | 3980.2 | 6757.5 | 7536.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise cost of goods sold | 873.7 | 863.9 | 1677.2 | 1673.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Store and other operating expenses | 275.2 | 269.8 | 541.2 | 521.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 59.6 | 55.7 | 121.1 | 110.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 50.9 | 59.1 | 111.0 | 121.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 0.8 | 0.8 | 1.7 | 1.6 |
| Total operating expenses | 4779.4 | 5229.5 | 9209.7 | 9964.6 |
| Gain (loss) on sale of assets |  | (1.0) | (0.3) | (1.1) |
| Income (loss) from operations | 225.6 | 221.2 | 320.3 | 329.6 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2.0) | (2.1) | (3.9) | (4.2) |
| Total other income (expense) | (2.0) | (2.1) | (3.9) | (4.2) |
| Income (loss) before income taxes | 223.6 | 219.1 | 316.4 | 325.4 |
| Income tax expense (benefit) | 55.7 | 55.3 | 69.4 | 76.1 |
| Net income (loss) from operations | $167.9 | $163.8 | $247.0 | $249.3 |
| Total nicotine sales revenue same store sales<sup>1,2</sup> | $133.1 | $135.0 | $128.1 | $130.5 |
| Total non-nicotine sales revenue same store sales<sup>1,2</sup> | 77.4 | 76.3 | 73.4 | 72.7 |
| Total merchandise sales revenue same store sales<sup>1,2</sup> | $210.5 | $211.3 | $201.5 | $203.2 |
| <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity | <sup>1</sup>2024 amounts not revised for 2025 raze-and-rebuild activity |
| <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>2</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) |
| Store count at end of period | 1766 | 1736 | 1766 | 1736 |
| Total store months during the period | 5229 | 5133 | 10488 | 10297 |

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Same store sales information compared to APSM metrics

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Variance from prior year period** | **Variance from prior year period** | **Variance from prior year period** | **Variance from prior year period** |
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **SSS**<sup>1</sup> | **APSM**<sup>2</sup> | **SSS**<sup>1</sup> | **APSM**<sup>2</sup> |
| Retail fuel volume per month | (3.2)% | (2.3)% | (3.7%) | (3.0%) |
| Merchandise sales | (1.0)% | (0.7)% | (1.3%) | (1.3%) |
| *Nicotine sales* | *(1.0) %* | *(1.4) %* | *(1.3%)* | *(2.0%)* |
| *Non-nicotine sales* | *(1.0) %* | *0.4 %* | *(1.3%)* | *(0.2%)* |
| Merchandise margin | (0.9)% | (0.9)% | —% | (0.3%) |
| *Nicotine margin* | *0.9 %* | *(0.5) %* | *1.8%* | *0.2%* |
| *Non-nicotine margin* | *(2.4) %* | *(1.2) %* | *(1.6%)* | *(0.6%)* |
| <sup>1</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>1</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>1</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>1</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | <sup>1</sup>Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) |
| <sup>2</sup>Includes all activity associated with our loyalty program(s) | <sup>2</sup>Includes all activity associated with our loyalty program(s) | <sup>2</sup>Includes all activity associated with our loyalty program(s) | <sup>2</sup>Includes all activity associated with our loyalty program(s) | <sup>2</sup>Includes all activity associated with our loyalty program(s) |

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<u>Notes</u>

Average Per Store Month (APSM) metric includes all stores open through the date of the calculation, including stores acquired during the period.

Same store sales (SSS) metric includes aggregated individual store results for all stores open throughout both periods presented. For all periods presented, the store must have been open for the entire calendar year to be included in the comparison. Remodeled stores that remained open or were closed for just a very brief time (less than a month) during the period being compared remain in the same store sales calculation. If a store is replaced either at the same location (raze-and-rebuild) or relocated to a new location, it will be excluded from the calculation during the period it is out of service. Newly constructed stores do not enter the calculation until they are open for each full calendar year for the periods being compared (open by January 1, 2024 for the stores being compared in the 2025 versus 2024 comparison). Acquired stores are not included in the calculation of same store sales for the first 12 months after the acquisition. When prior period same store sales volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds and asset dispositions.

QuickChek uses a weekly retail calendar where each quarter has 13 weeks. The QuickChek results for Q2 2025 covers the period March 29, 2025 to June 27, 2025 and the 2025 year-to-date covers the period December 28, 2024 to June 27, 2025. The QuickChek results for Q2 2024 covers the period March 30, 2024 to June 28, 2024 and the 2024 year-to-date covers the period December 30, 2023 to June 28, 2024. The difference in the timing of the period ends is immaterial to the overall consolidated results.

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**Murphy USA Inc.**

**Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| *(Millions of dollars, except share amounts)* | **June 30,<br>2025** | **December 31, 2024** |
|  | (unaudited) |  |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $54.1 | $47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable—trade, less allowance for doubtful<br>accounts of $0.4 and $0.3 at 2025 and 2024, respectively | 296.3 | 268.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, at lower of cost or market | 397.5 | 401.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 28.5 | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 776.4 | 748.1 |
| &nbsp;&nbsp;Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,042.9 and $1,931.4 at 2025 and 2024, respectively | 2854.5 | 2813.2 |
| &nbsp;&nbsp;Operating lease right of use assets, net | 503.2 | 492.9 |
| &nbsp;&nbsp;Intangible assets, net of amortization | 139.4 | 139.5 |
| &nbsp;&nbsp;Goodwill | 328.0 | 328.0 |
| &nbsp;&nbsp;Other assets | 20.7 | 19.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4622.2 | $4541.6 |
| &nbsp;&nbsp;**Liabilities and Stockholders' Equity** |  |  |
| &nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $14.5 | $15.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable and accrued liabilities | 915.9 | 874.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 45.7 | 57.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 976.1 | 947.9 |
| &nbsp;&nbsp;Long-term debt, including capitalized lease obligations | 2066.7 | 1832.7 |
| &nbsp;&nbsp;Deferred income taxes | 343.3 | 343.4 |
| &nbsp;&nbsp;Asset retirement obligations | 50.3 | 49.1 |
| &nbsp;&nbsp;Non-current operating lease liabilities | 508.4 | 496.3 |
| &nbsp;&nbsp;Deferred credits and other liabilities | 31.3 | 32.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3976.1 | 3701.5 |
| &nbsp;&nbsp;Stockholders' Equity |  |  |
| &nbsp;&nbsp;Preferred Stock, par $0.01 (authorized 20,000,000 shares, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none outstanding) |  |  |
| &nbsp;&nbsp;Common Stock, par $0.01 (authorized 200,000,000 shares, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,767,164 shares issued at 2025 and 2024, respectively) | 0.5 | 0.5 |
| &nbsp;&nbsp;Treasury stock (27,474,809 and 26,750,846 shares held at  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 and 2024, respectively) | (3745.9) | (3391.3) |
| &nbsp;&nbsp;Additional paid in capital (APIC) | 469.1 | 487.5 |
| &nbsp;&nbsp;Retained earnings | 3922.4 | 3743.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 646.1 | 840.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $4622.2 | $4541.6 |

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**Murphy USA Inc.**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| *(Millions of dollars)* | **2025** | **2024** | **2025** | **2024** |
| **Operating Activities** |  |  |  |  |
| Net income | $145.6 | $144.8 | $198.8 | $210.8 |
| Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 66.0 | 59.3 | 134.2 | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred and noncurrent income tax charges (benefits) | 1.3 | (6.0) | (0.1) | (6.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 0.8 | 0.8 | 1.7 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on marketable securities |  |  |  | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses from sale of assets |  | 1.4 | 0.3 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in noncash operating working capital | 36.8 | 51.6 | 37.1 | 55.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities - net | 4.6 | 8.9 | 11.6 | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided (required) by operating activities | 255.1 | 260.8 | 383.6 | 396.8 |
| **Investing Activities** |  |  |  |  |
| Property additions | (118.0) | (118.0) | (205.8) | (194.2) |
| Proceeds from sale of assets | 1.5 | 0.6 | 1.8 | 1.6 |
| Redemptions of marketable securities |  | 3.0 |  | 4.0 |
| Other investing activities - net | (0.1) | (0.1) | (0.3) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided (required) by investing activities | (116.6) | (114.5) | (204.3) | (189.4) |
| **Financing Activities** |  |  |  |  |
| Purchase of treasury stock | (213.8) | (106.1) | (363.8) | (192.5) |
| Dividends paid | (9.8) | (9.1) | (19.6) | (17.9) |
| Borrowings of debt | 1112.3 | 120.0 | 1782.3 | 120.0 |
| Repayments of debt | (1013.0) | (123.9) | (1543.0) | (127.8) |
| Debt issuance costs | (8.9) |  | (8.9) |  |
| Amounts related to share-based compensation | (0.6) | (4.1) | (19.2) | (27.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided (required) by financing activities | (133.8) | (123.2) | (172.2) | (245.4) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 4.7 | 23.1 | 7.1 | (38.0) |
| Cash, cash equivalents and restricted cash at beginning of period | 49.4 | 56.7 | 47.0 | 117.8 |
| Cash, cash equivalents and restricted cash at end of period | $54.1 | $79.8 | $54.1 | $79.8 |

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**Supplemental Disclosure Regarding Non-GAAP Financial Information**

The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three and six months ended June 30, 2025 and 2024. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with U.S. generally accepted accounting principles (GAAP).

We use Adjusted EBITDA in our operational and financial decision-making, believing that the measure is useful to eliminate certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. Adjusted EBITDA is also used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. We believe that the presentation of Adjusted EBITDA provides useful information to investors because it allows understanding of a key measure that we evaluate internally when making operating and strategic decisions, preparing our annual plan, and evaluating our overall performance. However, non-GAAP measures are not a substitute for GAAP disclosures, and EBITDA and Adjusted EBITDA may be prepared differently by us than by other companies using similarly titled non-GAAP measures.

The reconciliation of net income (loss) to EBITDA and Adjusted EBITDA is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| *(Millions of dollars)* | **2025** | **2024** | **2025** | **2024** |
| Net income | $145.6 | $144.8 | $198.8 | $210.8 |
| &nbsp;&nbsp;Income tax expense (benefit) | 46.9 | 48.4 | 55.6 | 64.3 |
| &nbsp;&nbsp;Interest expense, net of investment income | 27.7 | 24.0 | 53.2 | 47.7 |
| &nbsp;&nbsp;Depreciation and amortization | 66.0 | 59.3 | 134.2 | 118.0 |
| EBITDA | $286.2 | $276.5 | $441.8 | $440.8 |
| &nbsp;&nbsp;Accretion of asset retirement obligations | 0.8 | 0.8 | 1.7 | 1.6 |
| (Gain) loss on sale of assets |  | 1.4 | 0.3 | 1.0 |
| &nbsp;&nbsp;Other nonoperating (income) expense | (1.0) | (0.1) | (0.4) | (0.5) |
| Adjusted EBITDA | $286.0 | $278.6 | $443.4 | $442.9 |

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