Here are 1-2 brief analogies to describe Murphy USA:

• Like a regional 7-Eleven
• A gas station and convenience store chain, similar to a Circle K or Casey's General Stores

• Retail Motor Fuel Products: Provides gasoline and other motor fuels to consumers through its retail stations.
• Convenience Merchandise: Sells a variety of everyday items, snacks, beverages, and other convenience goods within its retail stores.

Murphy USA (MUSA) primarily sells its products and services directly to individual consumers through its retail gasoline and convenience stores. Therefore, it does not have major corporate customers.

The company serves the following categories of individual customers:

• Motorists and Commuters: Individuals who purchase motor fuel for their vehicles as part of their daily commute or travel. These customers are primarily driven by the need for gasoline and diesel.
• Convenience Shoppers: Customers who stop at Murphy USA, Murphy Express, or QuickChek stores to purchase a variety of convenience merchandise, including snacks, beverages, tobacco products, lottery tickets, and other quick-stop items. These purchases may or may not be combined with fuel purchases.
• Local Residents and Travelers: Individuals who frequent the stores for a quick stop, whether for fuel, coffee, a meal, or other essential items while on the road or as part of their routine within their local community.

Mindy K. West, President and Chief Executive Officer

Mindy K. West became President and Chief Executive Officer of Murphy USA Inc. effective January 1, 2026. She joined Murphy Oil Corporation, Murphy USA's former parent, in 1996 and held various positions in finance, human resources, and planning. In 2013, with the spin-off of Murphy USA, she was named Executive Vice President, CFO & Treasurer, and in 2017, she also took on the Fuels leadership role. She was elevated to Chief Operating Officer in February 2024 before her appointment as CEO.

Donald R. Smith Jr., Interim Chief Financial Officer and Treasurer

Donald R. Smith Jr. was appointed interim Chief Financial Officer and Treasurer of Murphy USA Inc. effective October 14, 2025. He has been with Murphy USA since its 2013 spin-off from Murphy Oil Corporation, initially serving as Vice President and Controller, and later as Chief Accounting Officer and Treasurer. Before joining Murphy USA, Mr. Smith spent over 14 years at KPMG, LLP, where he was a Senior Manager in the Audit and Assurance Practice.

Renee Bacon, Senior Vice President Sales & Operations

Renee Bacon is responsible for all Sales and Operations functions for both Murphy USA and QuickChek brands. Her responsibilities include store operations, asset protection, compliance, field readiness, and the store support call center.

Eric Bartko, Senior Vice President and Chief Customer Officer

Eric Bartko oversees the Strategy, Analytics, and Marketing organizations for both the Murphy USA and QuickChek banners.

Rob Chumley, Senior Vice President, Innovation

Rob Chumley leads the Innovation team and Digital Transformation initiatives across Murphy USA and QuickChek, which encompass Loyalty, Payments, and Customer Experience.

The key risks to Murphy USA's business operations are primarily linked to the volatile nature of the fuel market, intense competition within the retail fuel and convenience store industry, and the company's significant reliance on its relationship with Walmart.

1. Fuel Price Volatility and Margin Sensitivity: Murphy USA's profitability is highly susceptible to fluctuations in crude oil and gasoline prices and the resulting impact on retail fuel margins. The company's strategy of not hedging against commodity price changes increases its exposure to market volatility. Both high volatility, which can create uncertainty, and periods of low volatility, which can lead to compressed margins, can significantly affect operating results and overall profitability.
2. Competition and Reliance on Walmart Relationship: The retail fuel and convenience store market is highly competitive, characterized by sensitivity to gas prices and pressure from numerous traditional and non-traditional retailers. A substantial portion of Murphy USA's stores are strategically located near Walmart stores, leveraging the high traffic these locations generate. Any adverse changes or deterioration in this critical relationship with Walmart, including the exercise of certain rights Walmart retains in its agreements, could significantly impact Murphy USA's operations and financial performance.
3. Regulatory and Environmental Risks: Murphy USA faces ongoing risks related to changes in environmental laws, fuel standards, and tax regulations, which could lead to increased operational costs and potentially affect product demand. Furthermore, the company is subject to legal proceedings, including a lawsuit alleging damages from climate change, which could result in significant, unspecified damages and abatement costs.

• Shift to Electric Vehicles (EVs): The increasing adoption of electric vehicles directly threatens Murphy USA's core business of retail motor fuel products. As EV sales grow and charging infrastructure expands, demand for gasoline is projected to decline over time, reducing traffic to Murphy USA's gas stations and consequently impacting convenience store sales which often benefit from fuel customers.
• Growth of On-Demand Convenience Delivery Services: The proliferation of delivery platforms (e.g., GoPuff, DoorDash, Uber Eats) specializing in quick delivery of convenience store items poses a direct threat to Murphy USA's in-store convenience merchandise sales. These services offer an alternative for consumers to obtain items without physically visiting a store, potentially reducing foot traffic and impulse purchases at Murphy USA locations.

For Murphy USA (MUSA), the addressable market for its main products and services in the U.S. is as follows:

• Convenience Merchandise: The total in-store convenience store sales in the U.S. are estimated at $297 billion in 2024. This market is projected to grow slowly in the coming years.
• Retail Motor Fuel Products: null

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

1. New Store Construction and Raze-and-Rebuilds: The company plans a significant expansion of its store network. For 2026, Murphy USA anticipates opening 45 to 55 new stores and undertaking up to 30 raze-and-rebuild projects. This aligns with their long-term goal of constructing over 500 new stores in the next decade. The maturation of these new store classes is expected to significantly contribute to EBITDA and, by extension, revenue growth from 2027 onwards.
2. Merchandise Sales Growth and Enhanced Offerings: Murphy USA is focusing on increasing its merchandise contribution through an improved mix of products, particularly by expanding its food and beverage options and focusing on nicotine and non-nicotine categories. Robust promotional activity, steadfast category management, and digital initiatives that drive loyalty enrollments and merchandise transactions are also expected to support this growth. The company projected merchandise contribution for 2026 to range from $890 million to $900 million.
3. Increased Retail Fuel Volumes from New Stores: While same-store sales volumes for fuel have seen some declines, the overall addition of new stores is projected to drive an increase in total retail fuel gallons sold. Murphy USA expects to sell just over 4.97 billion gallons of fuel in 2026, an increase from 4.85 billion gallons in 2025. This growth in volume from new, high-performing stores is anticipated to offset any legacy declines in older, smaller format locations.
4. Operational Efficiency and Cost Management: Ongoing initiatives aimed at enhancing operational efficiency and controlling costs are expected to indirectly support revenue growth by improving profitability and potentially allowing for more competitive pricing. These efforts include improved store maintenance practices, loss prevention, and optimizing home office expenditures, which have resulted in contained operating expense growth. The company is also investing in proactive maintenance capital to avoid disruptions and improve store uptime, which is expected to yield savings in maintenance expenses.

Share Repurchases

• Murphy USA repurchased approximately 1.5 million shares for a total of $652.0 million in 2025.
• In 2024, the company repurchased slightly more than 938.5 thousand shares for a total of $446.6 million.
• As of October 29, 2025, approximately $337 million remained available under the existing $1.5 billion 2023 share repurchase authorization, and a new authorization for up to $2.0 billion was approved to commence upon its completion and expire by December 31, 2030.

Share Issuance

• Murphy USA has consistently reduced its shares outstanding through repurchases, with shares outstanding declining by 6.31% in 2025, 4.58% in 2024, and 8.8% in 2023.

Outbound Investments

• On January 29, 2021, Murphy USA acquired 100% of Quick Chek Corporation, a convenience store chain with 156 stores at the time of acquisition.
• The company also engages in recent "tuck-in acquisitions," such as targeted store purchases in Colorado, to allow for strategic expansion in key markets.

Capital Expenditures

• Total capital spending in 2025 was $432 million, following a budget of just over $500 million in 2024.
• For 2026, capital expenditures are expected to be between $475 million and $525 million.
• The primary focus of capital expenditures is on organic growth through new-to-industry (NTI) store construction (targeting 45-55 new stores annually) and raze-and-rebuild projects (up to 30 annually), along with increased proactive maintenance investments.