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1. A 7-Eleven for Walmart shoppers.

2. The Dollar General of gas stations and convenience stores.

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• Gasoline and Diesel Fuel: Retail sale of various grades of motor fuels for vehicles.
• Convenience Store Merchandise: Sale of a wide assortment of products including snacks, beverages, tobacco, and other household essentials.
• Payment Services: Offering of gift cards, prepaid cards, and lottery tickets.

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Murphy USA (MUSA) primarily sells gasoline and convenience store items directly to individual consumers, not to other companies. Therefore, its major customers are individuals.

The company serves the following categories of individual customers:

1. Motorists Seeking Fuel: Individuals who stop at Murphy USA locations primarily to purchase gasoline for their vehicles. These often include daily commuters, local residents, and travelers on longer journeys, all looking for competitive fuel prices.
2. Convenience Shoppers: Customers who utilize the convenience store aspect of Murphy USA locations to purchase items such as snacks, beverages, tobacco products, lottery tickets, and other everyday essentials. These individuals may or may not also purchase fuel.
3. Value-Oriented Consumers: Many Murphy USA stations are strategically located in close proximity to Walmart stores, attracting customers who are looking for value and convenience in one stop. These consumers are often seeking competitive pricing on both fuel and convenience store merchandise.

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• Phillips 66 (PSX)
• Marathon Petroleum Corporation (MPC)
• Valero Energy Corporation (VLO)
• ExxonMobil (XOM)

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R. Andrew Clyde President, Chief Executive Officer, and Director

Andrew Clyde serves as the President and Chief Executive Officer of Murphy USA Inc. He joined the company before its spin-off from Murphy Oil Corporation in 2013, taking the helm as the inaugural President and CEO. Prior to Murphy USA, Mr. Clyde spent 20 years at Booz & Company (and previously Booz Allen Hamilton), a consulting firm, where he was a partner. He held leadership positions including North American Energy Practice Leader and Dallas office Managing Partner. His work involved advising downstream petroleum and retail clients on corporate and business unit strategy, organizational design, and performance improvement. He also worked with a "turnaround entrepreneur" earlier in his career. Andrew Clyde will retire from his role as CEO on December 31, 2025.

Donald R. Smith Jr. Interim Chief Financial Officer, Executive Vice President

Donald R. Smith Jr. was appointed as the interim Chief Financial Officer of Murphy USA, effective October 14, 2025, following the departure of Galagher Jeff. Mr. Smith has been with Murphy USA since its separation from Murphy Oil Corporation in 2013, initially serving as Vice President and Controller. In 2024, he also assumed the role of Treasurer. Before joining Murphy USA, Mr. Smith spent more than 14 years at KPMG, LLP, where he left as a Senior Manager in the Audit and Assurance Practice.

Mindy West Executive Vice President and Chief Operating Officer

Mindy West serves as the Executive Vice President and Chief Operating Officer of Murphy USA Inc., a position she assumed in February 2024. She will succeed Andrew Clyde as President and Chief Executive Officer, effective January 1, 2026. Ms. West joined Murphy Oil Corporation, the former parent company of Murphy USA, in 1996. Upon Murphy USA's spin-off in 2013, she became the Executive Vice President and Chief Financial Officer, and in 2018, she took on additional responsibilities for all fuels activities. Her extensive career at the company has included various roles in finance, human resources, and planning.

Chris Click Executive Vice President Strategy, Growth, and Innovation

Chris Click is the Executive Vice President Strategy, Growth, and Innovation for Murphy USA. He was promoted to this role in February 2024 from his previous position as Senior Vice President of Strategy and Development. In his current capacity, Mr. Click is responsible for Asset Development, Strategy, Legal, Human Resources, and additionally oversees digital transformation initiatives.

Renee Bacon Senior Vice-President Sales & Operations and Chief Merchandising Officer

Renee Bacon holds the titles of Senior Vice-President Sales & Operations and Chief Merchandising Officer at Murphy USA. She is responsible for all Sales and Operations functions, including store operations, asset protection, compliance, field readiness, and the store support call center. Additionally, Ms. Bacon oversees all Merchandising functions for both the Murphy USA and QuickChek brands.

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The key risks to Murphy USA's business operations primarily revolve around the evolving energy landscape, intense market competition, and the company's financial leverage.

1. Declining Fuel Demand and Changing Industry Landscape: Murphy USA faces ongoing pressure from declining same-store fuel demand, driven by factors such as the accelerating adoption of electric vehicles (EVs), evolving regulatory pressures, and shifts in consumer retail trends. This changing landscape intensifies competitive forces within the gasoline and convenience store industry, where Murphy USA contends with major rivals like Alimentation Couche-Tard (Circle K) and Casey's General Stores.
2. Volatility in Fuel Prices and Margins: The business is highly susceptible to fluctuations in crude oil and gasoline prices. Periods of high fuel price volatility can create a challenging sales environment, as increased pump prices may reduce customer traffic, while efforts to maintain low prices can compress profit margins. An oversupplied fuel market can also diminish the contribution from product supply and wholesale operations.
3. High Debt-to-Equity Ratio: Murphy USA maintains a notably elevated debt-to-equity ratio, which presents a significant financial risk. This is particularly concerning in an environment of rising interest rates, as it could increase the cost of debt funding and potentially limit future debt capacity.

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• Convenience Merchandise: The addressable market for in-store convenience store sales in the U.S. is estimated at $297 billion for 2024. Another report indicates the United States Convenience Stores Market was valued at USD 159.93 billion in 2024 and is projected to grow to USD 287.07 billion by 2033, with a compound annual growth rate (CAGR) of 6.76% from 2025 to 2033.
• Retail Motor Fuel: The USA gas station market, which encompasses fuel sales, was valued at USD 135 billion. North America was a significant participant in the retail fuel market in 2023, with the U.S. being the leading consumer of fuel in the region.

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Murphy USA (MUSA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Store Expansion: The company plans aggressive new store openings, with expectations to open over 45 new stores in 2025 and maintaining a robust pipeline for 50-plus stores in 2026. This expansion includes building larger, more efficient stores.
2. Growth in Merchandise Sales: Murphy USA is focusing on increasing merchandise contribution, particularly in higher-margin categories. Recent results show an 11.2% increase in merchandise contribution dollars in Q3 2025, driven by promotional activities, especially in non-combustible nicotine products, which are actively offsetting declines in traditional cigarette sales. QuickChek, a subsidiary, has also reported consistent same-store food and beverage sales growth, with center store categories growing by 5%.
3. Enhanced Digital and Loyalty Initiatives: Digital strategies are boosting customer engagement, leading to significant increases in loyalty program enrollments and mobile orders. The company aims to leverage new technology to optimize operational efficiencies and improve customer interaction through these loyalty programs.
4. Operational Efficiencies and Cost Management: Murphy USA is implementing restructuring programs and actively managing costs across store operating expenses and home office costs to drive savings and improve efficiency. These initiatives are expected to keep operating expenses at or below the low end of guided ranges, contributing to improved profitability.
5. Increased Fuel Volume from Network Growth: While individual store fuel volumes have seen some fluctuations, the overall expansion of the store network, including new builds and maturing prior build classes, is projected to drive an increase in total fuel volumes. Murphy USA anticipates selling over 5 billion gallons of fuel in 2025, a 4.5% increase from 2024, indicating growth in market share.

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Share Repurchases

• In October 2025, Murphy USA authorized a new $2.0 billion share repurchase program, slated to begin upon the completion of the existing $1.5 billion authorization and to expire by December 31, 2030.
• A $1.5 billion share repurchase authorization was approved in May 2023, set to commence after the completion of a $1.0 billion authorization and run until December 31, 2028.
• The company made significant repurchases, including approximately $221.4 million in Q3 2025, $211.9 million in Q2 2025, and $151.2 million in Q1 2025.

Share Issuance

• No significant share issuances diluting shareholders were reported within the last 3-5 years.

Inbound Investments

• No large investments made in the company by third-parties, such as strategic partners or private equity firms, were reported within the last 3-5 years.

Outbound Investments

• Murphy USA acquired QuickChek Corporation in an all-cash deal valued at $645 million in December 2020, with the transaction closing in January 2021.
• The QuickChek acquisition aimed to enhance the company's food and beverage offerings and expand its network by adding 157 stores.
• The acquisition was financed using cash on hand, existing credit facilities, and new debt.

Capital Expenditures

• Murphy USA's capital expenditures for 2025 are projected to be between $450 million and $500 million.
• The primary focus of these expenditures includes new store growth, "raze-and-rebuild" activities (renovating existing stores), store remodels, and investments in corporate infrastructure and back-office technology.
• The company plans to open over 45 new stores in 2025 and has a pipeline supporting more than 50 new stores in 2026.