Quarterlytics / Consumer Cyclical / Specialty Retail / Murphy USA

Murphy USA

musa · NYSE Consumer Cyclical
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Ticker musa
Exchange NYSE
Sector Consumer Cyclical
Industry Specialty Retail
Employees 5001-10,000
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FY2024 Annual Report · Murphy USA
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MAKING THE BUSINESS BETTER
2024 ANNUAL REPORT AND 2025 PROXY STATEMENT

2020
2021
2022
2023
2024
FUEL METRICS
Total retail gallons sold (in billions)
3.901
4.352
4.752
4.804
4.821
Retail fuel gallons sold (per store month)
219,520
229,404
244,582
242,026
240,632
Total fuel contribution (cents per gallon)
25.2
26.3
34.3
31.4
30.5
MERCHANDISE METRICS
Total merchandise sales ($ billions)
$ 
2.955
$ 
3.678
$ 
3.903
$ 
4.089
$ 
4.215
Total merchandise margin dollars (per store month)
$ 25,850
$ 35,607
$ 38,025
$ 39,124
$ 40,407
Merchandise unit margins (%)
15.6%
19.1%
19.7%
19.7%
19.8%
Non-nicotine margin dollars (per store month) 
$   10,159
$ 19,218
$ 21,055
$ 21,856
$ 22,027
Total non-nicotine unit margins (%)
22.0%
28.5%
29.4%
29.6%
29.7%
FINANCIAL METRICS ($ MILLIONS)
Net income from continuing operations
$ 
386.1
$ 
396.9
$ 
672.9
$ 
556.8
$ 
502.5
Adjusted EBITDA1
$ 
722.7
$ 
828.0
$ 1,190.9
$ 1,058.5
$ 1,006.8
Cash and cash equivalents
$ 
163.6
$ 
256.4
$  60.5
$  117.8
$  47.0
Capital spending
$ 
227.1
$ 
277.5
$ 
305.8
$ 
344.1
$ 
503.0
Long-term debt
$ 
951.2
$ 1,800.1
$ 1,791.9
$ 1,784.7
$ 1,832.7
Market capitalization
$ 3,566.0
$ 4,968.1
$ 6,080.0
$ 7,429.8
$ 10,043.2
Ending share price ($ per share)
$ 130.87
$ 199.24
$ 279.54
$ 356.56
$ 501.75
Index (100 as of 12/2018)
50
200
150
100
350
300
250
Murphy USA Stock Performance 
Indexed from December 31, 2019 to December 31, 2024
Based on Ending Price of Each Period
439
MURPHY USA INC.
S&P 500 INDEX
S&P Retail Select Index
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
188
182
400
450
500
0
45
10
5
-5
20
15
35
Total Shareholder Return, Annualized
From December 31, 2021 to December 31, 2024
Based on 10-Day Average Price at End of Each Period
MURPHY USA INC.
S&P 500 INDEX
S&P RETAIL SELECT
INDUSTRY  INDEX
40
30
25
38.8%
8.1%
-1.4%
FINANCIAL
HIGHLIGHTS
1 Please refer to the reconciliation in Appendix A of the Notice of 
  2024 Annual Meeting of Stockholders and Proxy Statement included herein.

I had the chance to engage with several 
long-term shareholders in the closing 
weeks of 2024 who asked me to remind 
them what the primary success factors 
were that got the company to where it 
is today, and how do we continue this 
remarkable performance.  Reflecting 
on my long-tenured agenda and 
overarching strategy that helped develop 
the people, processes and technology 
to transform the company over the past 
decade, three themes stood out:
	•	We have made the business better
	•	We can win in any environment
	•	Balanced Capital Allocation 
		 maximizes returns to shareholders
Making the Business Better:  Dating 
back to our 2013 spin-off, we have 
successfully transformed MUSA’s business 
through a series of multi-part campaigns 
that have established our low-cost 
structure, endeared customer loyalty, and 
enhanced our overall competitiveness.  
By clearly defining our opportunities 
and objectives at spin, we preemptively 
improved efficiency through a series 
of initiatives to significantly reduce our 
store labor expense and merchandise 
supply costs, both of which lowered our 
fuel breakeven cost and improved the 
competitive moat around our everyday 
low-price advantaged business model.  
Through our recent Digital Transformation 
campaign, we have created a set of 
digital capabilities that help us better 
understand our customer and strengthens 
our already advantaged business 
model with more speed, insights and 
agility.  These capabilities help to inform 
our pricing and assortment decisions, 
deliver more effective promotions, and 
create more value for our customer.  
The unequivocal success of Murphy 
Drive Rewards has greatly influenced 
the design, architecture, and roll out 
of the new and improved QuickChek 
rewards program in late 2024, a 
milestone we are very excited about.
Over the past few years, we executed a 
fulsome and ambitious agenda grounded 
in our commitment to improving capital 
returns through growth, innovation and 
productivity.  We have invested in our 
new store pipeline in preparation for 
accelerating our new store growth with a 
goal of putting up to 50 highly productive 
2,800 square foot stores into service in 
2025.  In addition to new store growth, 
we are razing and rebuilding our older 
kiosks, transforming them into 1,400 
square foot stores and remodeling our 
larger format stores.  Collectively these 
efforts are improving our customer 
reach, expanding our offer and keeping 
our network fresh and attractive.
Today, we are allocating resources 
against a new set of initiatives that 
can further enhance the potential 
of our business, including our Store 
Productivity Excellence campaign 
which will significantly improve 
operational productivity across 
our large network of stores.
Winning in Any Environment: What 
our industry has witnessed in the past 
five years is unprecedented: a 50% 
demand shock; a doubling of industry 
fuel margins; record price volatility; the 
final disintegration of the refiner/marketer 
model; rampant inflation; and more. 
Most important beyond the significance 
of the one-time structural shift in industry 
margins is the marginal retailer’s ability 
to pass through the impact of higher 
volatility and underlying cost pressures. 
This appears to be an enduring dynamic 
that should accrue to MUSA’s benefit 
over time, even if disguised short-term 
by other temporal shifts in margins. 
In that setting, MUSA has demonstrated 
its ability to win across the spectrum of 
dynamics we have witnessed. Our EDLP 
positioning generates significant volume 
gains in high price settings. Our low cost 
of product ensures ratable, secure supply 
in disruptive settings. Our improved retail 
pricing capabilities have adapted to the 
ever-changing competitive landscape. 
Our enhanced loyalty efforts create 
additional value when prices run up and 
greater stickiness when prices fall. To you 
the shareholder, it should be clear that 
our Make the Business Better initiatives 
ensure we retain most of the penny profit 
we earn from higher fuel margins. Should 
margins temporally dip like we witnessed 
in 2024 when the refined product 
supply/demand balance was longer 
than expected, we are able to maintain 
our competitive positioning and EDLP 
value proposition with the confidence 
that the longer-term sustainable 
equilibrium will ultimately persist.
Balancing Capital Allocation:  While we 
have witnessed unprecedented change in 
our industry, the resilience of our business 
model provides continued confidence 
and commitment to our disciplined, 
balanced capital allocation strategy.  
This strategy utilizes our significant cash 
flow generation to both grow our network 
organically at high returns and maintain 
our share repurchase commitments with 
free cash flow. Thus, the key imperative for 
management becomes simple: focus on 
what we can control, which is, in short, to 
make the business better. The rest should 
take care of itself, as we have successfully 
demonstrated since our 2013 spin-off.  
As shareholders, you can expect 
continuity in our strategy, our leadership 
philosophy, and our relentless commitment 
to making the business better. We hope 
we have earned your trust and can rest 
assured that the Murphy USA leadership 
team is fully committed, internally aligned, 
and laser-focused, now and in the 
future, to win with all its stakeholders.  
Letter To Shareholders - Making the Business Better
R. Andrew Clyde
President and Chief Executive Officer
PAGE 3
ANNUAL REPORT 2024


1.
STRATEGY
GROW ORGANICALLY
Our commitment to organic growth continues 
to enhance the quality and attractiveness 
of our network, improve the customer 
experience,  further diversify our merchandise 
mix, and provide both our customers and 
our shareholders with more value.
In 2024, we added 32 new stores, including 
4 QuickChek locations, growing the network 
to 1,757 stores.  We also completed 47
raze and rebuilds, which transform a kiosk
into a higher-performing 1,400 square foot
store.  New stores remain the primary driver 
of our growth strategy, bolstered by a high-
quality, multi-year development pipeline.  
We plan to build up to 50 new stores in 2025. 
Innovation is central to our future store
development strategy. In 2024 we renovated
many of our larger-format 2,800 square
foot stores to optimize selling space and
provide customers with a better shopping 
experience.  Additionally, we opened the 
“Store of Tomorrow” in North Myrtle Beach, SC,
featuring an updated look and feel with a bold 
color scheme, branding, and new features such 
as self-checkout.  While only a prototype, this 
project will help influence and optimize our 
new store investments in the years ahead.   
Raze & Rebuilds by Year
2020
33
2021
27
2022
32
2023
31
2024
47
158
QUICKCHEK
Growth of Murphy Retail Stores
Murphy USA and QuickChek Locations
2020
1,503
1,521
1,679
157
1,555
1,712
2021
2022
156
1,577
1,733
2023
156
1,601
1,757
2024
MURPHY USA
PAGE 5
ANNUAL REPORT 2024
North Myrtle Beach, SC


2024 Merchandise contribution dollars increased over 
$30 million to $834 million in 2024, reflecting sales 
and margin growth of 3.1% and 3.8%, respectively.  
We continue to gain share in nicotine categories, which 
drove 6.6% total contribution dollar growth.  Non-nicotine 
contribution dollars were up 1.3% and gained momentum 
in the fourth quarter as benefits were realized from 
productivity initiatives implemented in the second half.
We are leveraging the enhanced capabilities of our Murphy 
Drive Rewards loyalty program to help drive sales and grow 
margin dollars.  We also re-launched QuickChek Rewards in 
the fourth quarter, a loyalty program that is more relevant to 
more customers, driving 25% membership growth in 2024.  
We expect the  distinctive capabilities and enhanced digital 
interface to positively impact customer behavior in 2025. 
Unit margins increased slightly in 2024 as strength in 
nicotine continues, matching growth in higher margin 
non-nicotine dollars.  As we continue to build larger 
stores with a more diversified mix, we expect to drive 
unit margins higher over time, further supported by 
efficiency initiatives and new marketing capabilities.
2.
STRATEGY
DIVERSIFY 
MERCHANDISE MIX
2020
2021
2022
2023
2024
LTM Y-O-Y
Change
2,955
3,678
3,903
4,089
4,215
3.1%
459
702
767
803
834
3.8%
Merchandise GM ($ in millions)
Merchandise Sales ($ in millions)
2020
15.6%
19.1%
2021
19.7%
2022
19.7%
2023
19.8%
2024
Merchandise Unit Margin %
Merchandise Margin
$K Average Per Store Month
2020
10.2
$25.9*
$35.6*
16.2
19.2
16.9
2021
$38.0*
21.1
17.7
2022
$39.1*
21.9
18.1
2023
$40.4*
22.0
19.2
2024
NICOTINE
NON-NICOTINE
*Totals reflect the impact of MDR/QCR discounts and deferrals
Note: 2021 only includes 11 months of QuickChek business
PAGE 7
ANNUAL REPORT 2024

In order to support our everyday-low price 
strategy, we must always remain vigilant in 
minimizing inflationary impacts and other cost 
pressures on our business to help maintain 
our low-cost structure. This deep-rooted 
cultural imperative must also be balanced 
with the need for growth and innovation, as 
we better serve customer needs through an 
enhanced offer in a larger-store format.
In 2024, our per store operating costs were 
up 5.2%, reflecting both broader inflationary 
pressures and the incremental cost of the 
high-performing larger format stores we are 
adding to the network. Importantly, while 
growing our merchandise contribution, our 
low-cost structure remains advantaged relative 
to the industry average, allowing Murphy 
USA to be more competitive as weaker 
retailers who lack scale ultimately pass on 
incremental costs through higher fuel prices. 
The coverage ratio reflects these impacts as 
larger new stores ramp to maturity. We expect 
the coverage ratio to stabilize as our new 
stores continue to mature and we consistently 
deliver around 40-50 new stores per year.
OUR LOW-COST 
STRUCTURE REMAINS 
ADVANTAGED RELATIVE TO 
THE INDUSTRY AVERAGE
3.
STRATEGY
SUSTAIN COST LEADERSHIP
Store Operating Expenses Versus Industry Average
Store Operating Expenses,*  $K Average Per Store Month
2020
  *Store Operating Expense excludes SG&A, Field Admin cost, and payment fees
**2024 Industry Store Operating Expense data not yet available, NACS store set differs from PY
2021
$22.1
INDUSTRY**
MURPHY USA
QUICKCHEK IMPACT 
$31.0
$23.3
$63.1
$51.0
2022
$34.2
$7.7
2023
$35.9
$27.0
$64.0
$65.9
$8.9
2024
$37.8
$28.7
$9.1
$8.4
$25.8
  *Merchandise Margin/Store Operating Expense 
    plus allocated G&A and other expenses
Coverage Ratio*
2020
2021
98.0%
102.1%
2022
100.1%
2023
98.0%
2024
96.3%
Note: 2021 only includes 11 months of QuickChek business
PAGE 8
MAKING THE BUSINESS BET TER


Higher volatility in the markets typically translates to more 
fuel contribution dollars for Murphy USA shareholders.  
However, volatility has waned over the past two years, 
as reflected in lower all-in fuel margins which have declined 
from 34.3 cents per gallon in 2022 to 30.5 cents per gallon 
in 2024.  We expect all-in margins to remain within a 
30.5-32.5 cent range in 2025, the high end of which was 
defined by a significant downward move in prices in 2022.
Importantly, retail fuel margins were up 50 basis points to 
28.1 cents per gallon in 2024, supporting our view that 
inflationary pressures force weaker retailers to price higher, 
compensating for lower volumes and higher costs.  With an
advantaged cost structure and EDLP value proposition, 
Murphy USA remains well positioned to gain market 
share profitably.
While future volatility and the factors that impact fuel 
prices can never be fully known, we believe the structural 
pressures impacting margins will remain elevated, further 
benefiting Murphy USA.
4.
STRATEGY
CREATE ADVANTAGE FROM 
MARKET VOLATILITY
PAGE 10
MAKING THE BUSINESS BET TER
MURPHY USA REMAINS WELL 
POSITIONED TO GAIN MARKET 
SHARE PROFITABLY
2020
Total Fuel Margin
(cents per gallon)*
*Cents per gallon based on retail volumes, before corporate overhead
RETAIL
PRODUCT SUPPLY AND WHOLESALE + RINS
2021
2022
2.3
22.9
25.2
4.4
21.9
26.3
4.7
29.6
34.3
2023
3.8
27.6
31.4
2024
2.4
28.1
30.5
Note: 2021 only includes 11 months of QuickChek business
Total Fuel Contribution
(in millions)
2020
2022
$982
87
895
$1,630
225
184
1,405
2023
$1,508
1,324
113
2024
$1,470
1,357
2021
$1,144
193
951
RETAIL
PRODUCT SUPPLY AND WHOLESALE + RINS



Earnings Per Share
2020
$13.08
2021
$14.92
$28.10
2022
$25.49
2023
$24.11
2024
Income from Connuing Operaons—Diluted
2020
2021
27.2
24.9
2022
21.7
2023
20.8
2024
20.0
Total Shares Outstanding
Fiscal Year End Since Spinoff
(in millions) 
2013
Spin
46.8
nearly 60% repurchased
Annual Capital Expenditures
(in millions)
2020
2021
178
23
26
$227
224
32
$278
MAINTENANCE
CORPORATE AND OTHER ASSETS
GROWTH
22
2022
246
27
$306
33
2023
237
55
$344
52
2024
394
39
$503
70
5.
STRATEGY
INVEST FOR 
THE LONG TERM
We allocate capital like we are owners, 
building more stores and buying back more 
shares of the company each year.
Given the health of our new store pipeline and 
high returns from our new store investments, 
we significantly increased our capital budget 
in 2024 to just over $500 million.  This higher 
level of capital spend in 2024 will provide a 
stable and sustainable platform to deliver more 
high-quality new stores going forward.  When 
coupled with performance improvements we 
see from our other slate of investments, including 
Digital Transformation, store remodels, raze 
and rebuilds, and the new QuickChek Rewards 
program, we are unlocking value and generating 
higher returns from our retail assets, further 
differentiating our advantaged business model.
Historically, a balanced capital allocation strategy 
featuring the core pillars of organic growth and 
share repurchase has delivered exceptional total 
shareholder returns.  We will continue to execute 
this same strategy in 2025 and beyond, paving 
the way for future long-term value creation.
PAGE 13
ANNUAL REPORT 2024
Note: 2021 only includes 11 months of QuickChek business

1
2
3
4
Total United Way Campaign Pledges 
With Murphy USA Match
MAD Playscape
Of Employee Board Members 
Serve On Local Boards
Awarded To Employees Through 
The Murphy Employees Disaster 
Relief Foundation
$1M
$150K
84%
$400K
More than
More than
SAU Student Athlete Success Center 
To The UAMS Union County 
Residency Program
To Fight Cancer Through Free 
Mammograms, Financial Grants For 
Cancer Treatments, And Research 
Supporting Union County Food Banks
El Dorado Education Foundation 
To Combat Hunger In New Jersey 
& New York
Corporate Sponsorship For Local Schools
Servings Of Produce Harvested At 
America’s Grow-A-Row
$250K
$150K
$65K
$8K
$10K
$15K
$7K
$100K
Committed To Help Those With 
Disabilities Through Alternatives, Inc.
At Murphy USA, we know our principles cultivate a culture of being Big-Hearted, 
Empowered, and United. These characteristics drive our Giving Strategy of 
(1) Hometown Giving & Quality of Life, (2) Youth Causes & Education, 
(3) Healthcare Accessibility, and (4) Food Insecurity. Our Giving Strategy reflects 
our “We Are Murphy USA” brand in a way that represents who we are today and 
the legacy we hope to leave in the future. 
F U E L I N G  C O M M U N I T I E S  &  E M P O W E R I N G  F U T U R E S
GIFT
MATCHING
OUR EMPLOYEES ARE BIG-HEARTED
2024 Gift Matching Total
$1,141,779
SUSTAINABLE GROWTH UNDERPINNED BY FIVE ESG PILLARS
ALIGNED 
Ensure our credibility with 
investors through strong 
business ethics, good 
corporate governance and 
effective capital allocation
COMMITTED 
Invest our resources to 
strengthen the communities 
we serve and 
their environment
ENGAGED 
Empower our people
 through an inclusive and 
diverse culture, competitive 
total rewards programs, 
and fulfilling career 
opportunities
AFFORDABLE 
Serve customers with
everyday low prices 
for the fuels, merchandise 
and food and beverage 
products they need
RESPONSIBLE 
Build trust with consumers, 
regulators and partners by 
exceeding expectations 
in data protection, age 
verification, and safety
266K
Raised In 2024 For
 Boys & Girls Clubs Of America 
Across The Country
Donated Since Our BGCA
Partnership Began In 2020
$3M
$11.2M
More Than
More Than
YOUTH CAUSES
AND EDUCATION
HOMETOWN 
GIVING AND
QUALITY OF LIFE
FOOD
INSECURITY
HEALTHCARE
ACCESSIBILITY

FORM 10-K

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R. Madison Murphy, Chairman 
Mr. Murphy has been involved in the energy sector for 40+ years. In addition to his executive leadership in finance, Mr. Murphy has served on the boards of three 
other public companies in the energy, banking, and natural resources sectors, chairing one of these boards from 1994 to 2002. His experience in executive and 
board leadership positions brings to the Board a unique business and financial perspective.
Executive Committee (Chair) and ex-officio of all Committees
OUR BOARD OF DIRECTORS
R. Andrew Clyde, Director 
As President and CEO, Mr. Clyde has led the operational, cultural, and strategic transformation of Murphy USA since its public inception, leveraging his 20 years of 
management consulting experience serving integrated downstream and midstream energy firms, large independent c-store chains and a variety of small-box 
retailers on similar engagements. His broad industry knowledge, analogous strategic and transformational experiences and insights into Murphy USA’s customers 
and markets make Mr. Clyde a valuable member of our Board. 
Executive Committee
Claiborne P. Deming, Director 
Mr. Deming brings 40+ years of experience in the energy industry. His time as CEO provides valued insight into the Company’s strategy and operations. 
Mr. Deming has served on the boards of two other public companies in the energy sector. He is the former Chair of an advisory committee to the Secretary 
of Energy. Mr. Deming has served in an advisory role providing strategic and financial advice to investors, management teams, boards of directors, governmental 
bodies, and other professionals and participants in the global energy industry. His deep understanding of the energy sector and strategy strengthens the Board’s 
collective knowledge. 
Executive Committee and Executive Compensation Committee (Chair)
David B. Miller, Director 
Mr. Miller provides expertise in banking and finance. His leadership experience includes serving as Managing Partner of a firm he co-founded that is a leading 
provider of private equity capital to the energy industry. In addition to having served on the boards of four publicly traded companies in the energy sector, 
Mr. Miller has served on the boards of many private oil/gas exploration and production companies. He is a member of the National Petroleum Council, an 
advisory committee to the Secretary of Energy. Mr. Miller’s broad energy industry knowledge and his leadership experience and expertise in business valuation, 
capital structure and strategic relationships complement the collective strength and leadership of our Board. 
Executive Compensation Committee and Nominating and Governance Committee
David L. Goebel, Director 
More than 40 years of experience in retail, food service, and hospitality provides Mr. Goebel with vast knowledge that benefits the Board. He brings unique 
knowledge from his service in varying capacities as CEO, Board Chair, and director with three well-known, public company restaurant chains, as well as his 
service on several private company boards, including QuickChek. His comprehensive experience in food and beverage, supply chain management, risk 
assessment, risk management, succession planning, executive development, executive compensation, and strategic planning enables him to share valuable 
insights and perspectives. 
Audit Committee and Executive Compensation Committee
James W. Keyes, Director 
Mr. Keyes’ executive leadership experience includes serving as CEO of two Fortune 500 companies. While leading 7-Eleven, Inc., he spearheaded the introduction 
of fresh foods, built a nationwide network of commissaries, and a daily distribution system for fresh product delivery which resulted in the growth of fresh food 
sales to over 20% of product mix. Mr. Keyes currently serves on one other public company board and has served on the boards of numerous private companies. 
His industry knowledge and business expertise are invaluable to our Board.
Executive Committee and Executive Compensation Committee
Diane N. Landen, Director 
With over 30 years of experience in communications and broadcast property ownership and management, Ms. Landen brings a special set of skills to the Board. 
Ms. Landen has been an owner and served on the boards of private companies involved in oil and gas exploration and production and timber. The Board benefits 
from her asset management experience and unique insights into communications, media, and natural resources industries. 
Executive Compensation Committee and Nominating and Governance Committee (Chair)
Hon. Jeanne L. Phillips, Director 
The Honorable Ms. Phillips brings unique experience to the Board in the areas of governmental affairs and public policy having served in varying capacities at the 
state, national, and international levels. In addition, as an executive of one of the largest privately-held family companies in the U.S. and its related affiliates, she has 
extensive experience in the areas of corporate leadership, media relations, crisis communications, and sustainability which bolsters the Board’s ability to react to an 
ever-changing business environment. 
Audit Committee and Nominating and Governance Committee
Jack T. Taylor, Director 
Mr. Taylor has extensive experience with financial and public accounting issues as well as a deep knowledge of the energy industry. He was a partner of KPMG, 
LLP for 29 years. As an executive leader, Mr. Taylor was responsible for the execution of global strategy within all KPMG member firms in North and South 
America, encompassing 40,000+ employees and $8B in revenue. He serves on the audit committees of two other publicly traded energy companies, and is Chair 
of one of these committees. Mr. Taylor lends considerable expertise to our Board in finance, accounting, and energy matters. 
Audit Committee (Chair) and Executive Compensation Committee
Rosemary L. Turner, Director 
Ms. Turner has an impressive history in the logistics and distribution industry. She served as president of various UPS divisions applying her strengths of business 
development, relationship management and operational stewardship. Ms. Turner has also served as director of two other publicly traded companies that are 
leaders in the transport and distribution markets. Through her experience with the Philadelphia Federal Reserve Board and the San Francisco Federal Reserve 
Board, which she formerly  Chaired in 2021, Ms. Turner has an excellent understanding of the macro economy, state of markets and consumers, and evolving 
payment systems. Our Board benefits from her deep experience in supply chain and logistics and finance. 
Audit Committee and Nominating and Governance Committee

Murphy USA Inc.  |  200 East Peach Street  |  El Dorado, AR 71730-5836  |  corporate.murphyusa.com