Murphy USA Inc. Q1 FY2026 Earnings Call

Thank you for standing by. My name is Melissa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA First Quarter 2026 Earnings Q&A Call. I would now like to turn the call over to Christian Pikul. Please go ahead.

Okay. Thanks, Melissa. Good morning, everybody. Thanks for joining us. With me this morning are Mindy West, President and CEO; Donnie Smith, CFO; and Ash Aulds, Director of Investor Relations and FP&A. Before we get started, I need to remind everybody to refer to the forward-looking statement commentary we included in our prepared remarks yesterday. I also assume you have all read through our earnings release and the prepared remarks, as presented.

We faced a volatile, low-price environment. Obviously, now we are in a different situation. But honestly, my crystal ball isn't going to be any better than yours and this is unprecedented volatility and geopolitical risk, and it's changing every day, minute by minute. So I honestly wouldn't know what fuel margin to put into the model to give you an accurate forecast. So at this point in the year, we're just not going to update. What we will do though is wake up every day and react to market conditions on that day. We know we have to be nimble, change our playbook as needed and ensure that the business delivers the best outcome, whatever the environment is throughout the remainder of the year. But that's really all I can say about where we might end up year-end. Obviously, our guidance that we gave last quarter is going to end up being on the conservative side, but the year is going to be what it is, and it's too soon to tell now exactly what that will be. So we're going to remain focused on execution.

That's really helpful. And then just as a follow-up and sort of it comes back to a little bit of what you said about the fuel margin. But that $0.069 per gallon from, let's call it, inventory, revaluation inventory gains in fuel supply, how should we think about the evolution of that number as we go through the year?

Well, fuel supply results were high in the first quarter as we explained. The core business, though, generated $0.025, excluding the impact of those higher prices. So if prices continue to increase, then you should expect the positive inventory valuations in that part of the business; if prices decline, you're going to get the opposite impact. But at the same time, that should serve to expand retail margins at the same time, hopefully volume as well as we can put some of that margin on the street to create separation and have chances to gain volume. That part of the business is going to continue to be volatile month-to-month, quarter-to-quarter and largely dependent on the direction of prices, but also the magnitude and duration of those price changes.

Our next question comes from the line of Bonnie Herzog with Goldman Sachs.

All right. I did have a question on the consumer. And I guess I'm wondering, Mindy, if your outlook for the consumer has changed, I'm thinking about the context of prices at the pump tracking around $4 a gallon across the nation. So curious to hear how purchasing patterns may have changed, especially for the lower-income consumers, if at all, and then are you seeing more consumers down-trading potentially to your stores? Is this an opportunity, for instance, for you to gain share? And any kind of change of behavior at the pump would be helpful.

Yes, great question. I'll start first with the trade down because candidly, by the time customers are shopping at Murphy USA for our everyday low prices, much of that traditional trade down has already occurred. So as a result, we really see relatively little pressure, especially in the nondiscretionary categories even in the higher price environment. What we know is our everyday low price model is what brings customers in the door. And then once they become regular shoppers, we just don't see significant trade-down behavior within the store. What we do see are some different decisions being made inside the store in discretionary categories like salty snacks, or even lottery where there are just more venues and opportunities available to customers to participate in that. And as we said in the prepared remarks, the Murphy customer is maintaining their spend in our store. So results are actually stronger. Our non-nicotine sales were up 2%, with margins up over 4% at Murphy stores. So we are still seeing strength in that core customer. We're seeing margin growth across most of the inside-the-store categories. But I'll remind you, while that does speak to our customer, it also has a lot to do with our team and our offer because that margin growth doesn't come automatically. Our team has to look to innovate for new promotions and vendor partnerships, and we'll keep at it and do a great job because we're seeing the results. What is interesting to see at these higher prices is we are seeing new customers coming into our stores. We're also seeing lapsed customers returning to our stores. That's telling us two really key things. First, they're changing their behavior and becoming more value-seeking shoppers, which is what we would expect. Second, and this one is really important, they remember Murphy USA as a low-priced retailer and we are their store of choice when they're seeking value for low-priced goods in the store and low-price fuel. So we know we have the right to keep this customer and they're going to return to us in periods of higher prices, and we're encouraged so far by what we're seeing already.

All right. That's helpful. If I may just ask — as a follow-up, I guess, on a different topic, if I do want to comment on your newly dubbed fuel supply business, and I definitely appreciate that and all the color. I think that's really helpful. And I guess I'm curious to maybe understand a little bit more about the benefits from RINs, which was really huge in Q1. And then just monitoring those prices across the board do remain quite high. So just want to make sure I understand how we should think about the magnitude of the contribution you could recognize from fuel supply in Q2?

Bonnie, we really look at it on a blended basis. You see the windfall in RINs because we report that as a separate category, but they're really just a pass-through because the RIN value is actually factored into the acquisition costs when we purchased the product. So with sustained movement in one direction over a quarter, yes, they can have a slight impact over a short period of time. But over time, those impacts cancel out as RIN prices move up and down; that's really just a part of the fuel supply business that's already reflected in what we paid for the product to begin with. As we look at the quarter, if you're trying to get a read on what product supply and wholesale could be for — I can't really speak for the quarter, but for the month of April. I know we guided you in the prepared remarks that we were going to be $0.35 to $0.40 a gallon. What we are comfortable saying with the books obviously not closed on the month yet is we're expecting retail somewhere in the low $0.30s. That would imply product supply and wholesale would trend above the normal levels that we would expect to see, just because of the volatility that we're continuing to see in the market.

Our next question comes from the line of Thomas Palmer with JPMorgan.

In some of the earlier answers, you've noted the price advantage versus competitors and how that's aided maybe some customer choices in terms of shifting towards you. I did want to ask how you think about the relative pricing advantages that you have as you watch fuel prices migrate higher. Do you think about the level of discount that attracts customers as perhaps being different — so maybe like less discounting is needed relative to the environment when fuel prices are lower and more stable?

Sure, Tom. We've said before that last year with the very low price environment that made our value-seeking customer less price sensitive, and we were putting roughly $0.02 a gallon on the street to hold our volumes given the low prices and customer price sensitivity, but also competition. But when we said that — remember that $0.02 is not necessarily chain-wide. It's concentrated in certain areas. So where competition is very intense, we were putting more than $0.02 on. Other places where the competitive pressure was not so much, it was less than $0.02. And so I think as we return to a higher price environment, we will have to be less aggressive. But again, in certain markets, we are still going to price where we need to to hang on to volume as we see competitive pressures.

Okay. And then just maybe an update given the likely elevated cash flow that's resulting from the strong earnings on capital allocation priorities and likely uses of this excess cash?

Yes, it's going to be a good problem to have. First, call on capital is always going to be the growth CapEx. So we are committed to building our 45 to 55 sites for the year. So that's going to be the first priority. We will also look to balance that with ratable share repurchases as well. There may also be some opportunities if we need to procure some supplies in order to bolster our new-to-industry stores. We need to go out and buy tanks. We need to go out and proactively buy other things. We will certainly do that. Deleveraging could be an option, but honestly, given our very low leverage ratio, it's not going to be a high priority but that could factor in at some point. But I think what we're going to do, the priority is going to stay the same with making sure that we are managing our growth, balanced with some reasonable amount of share repurchase. And as I started by saying it's a great problem to have.

The next question comes from the line of Bobby Griffin with Raymond James.

I appreciate all the detail in the prepared remarks last night. I guess, Mindy, when you kind of think about what's developed here geopolitically and some of the changes inside the supply market, what do you look at? Or what should we be thinking about when we try to determine how much of this we can capitalize going forward? And I guess I'm asking that more in the context of like what needs to take place or has it already taken place to move the market back from loose to tight and keep it more in a tight supply market over multiple quarters versus just a short-term benefit, if that all makes sense.

It does make sense, Bobby, great question. I would say that the market is moving closer to balance than what it was. So what I would look at is we're seeing increasing exports; total motor gasoline inventories in the U.S. have now returned to the 5-year average level. So they're not beneath it, but that has removed the overhang from last year. We're also seeing supply replenishment slowing globally, and there's a lot of market concern, especially for diesel and jet fuel. It remains to be seen the amount of damaged infrastructure that might have occurred overseas and the time that's going to need to recover. So we could see some supply pressure the longer this goes on, which would work to our benefit with our unique ways that we can procure supply. Additionally, one of the investment banks just increased their Brent and WTI forecast for the end of year by $10. That would work to our benefit as well, obviously, keeping prices higher, that will continue to impact customer sensitivity. But I would expect that there is going to be some tightness in supply in certain pockets throughout at least the rest of this quarter and probably through the summer. But there are still a lot of unknowns: how long does this conflict last, when does the strait open, how much damage to infrastructure is there, and what is the time frame needed in order to get that back up online?

Okay. That's helpful. I appreciate it. And then maybe switching gears and going inside the store. I think you called out the Murphy's non-nicotine was up 2%, so it kind of implies the drag here on the same stores being down one is in the Northeast on QuickChek. I know there's been some things you guys have been working on. So just maybe curious, you kind of unpack some of the progress there. Is the drag still just competition in QSR factors or anything else for us to kind of glean out of that?

Yes. A lot of it is just that drag in the Northeast region where we're experiencing a lot of QSR pressures. It's just a different competitive situation than what we have in our Murphy markets. We're not sitting still, though. We are taking steps to try to improve the business. We're focusing on the core items in the food offer—tank coffee, breakfast sandwiches—we're really simplifying the menu, rationalizing the assortment, improving the margin. One of the other things that we're doing that I really think is going to help is we are actively working to evolve the culture inside the QuickChek stores into a sales-first mentality. That's something that we successfully leverage at Murphy USA, and it's something that is not part of their DNA the same way it is in ours. It's really an intentional change supported by the leadership changes that we've already made in that business. It's too soon to really give you proof points. We are just in the early stages of that, but we are really excited about what kind of impact that we're going to have there. This shift in focus is going to make our promotional calendar even more effective, similar to how well we execute large promotional opportunities at our Murphy stores, and we should also see benefits that will help drive all the center-of-store categories, not just food and beverage. But we also know we need to double down on efficiency. We need to improve time to serve, and we need to ensure our sales and promotional calendars are reinforced with products with the right margin structure versus making up ways to drive traffic that are not margin-accretive. But I'm really excited to see how a sales culture at QuickChek can be implemented and really drive results because I think that we're going to be really happy with the results. And I know they are really excited up there to make that change.

The next question comes from the line of Edward Kelly with Wells Fargo.

Looking at gallons, your gallon performance wasn't quite as positive. I thought it would be with prices rising. I know there's some weather impact, but beyond whether even that seems to be the case — April seems a little bit better, maybe there's some lag in the trade down. I'm just kind of curious, are you seeing the consumer trade down taking place as you would have expected this quarter? Is there anything else happening there?

Yes. What I would tell you is volume uplift from higher prices takes time, and we're really too early in that cycle. Many markets were only in the mid-$3 range as they exited March. Historically, we really see pronounced shifts once prices stay elevated and particularly elevated above $4 for a sustained period. So in April, we are seeing volumes holding up well, roughly flat year-over-year. And the longer the prices stay high, the more customers we attract, but that shift doesn't happen all at once. It's more a gradual build. In fact, only a quarter of our chain is sitting at or above the $4 level now. Importantly, though, for our Murphy Drive Rewards, we saw approximately 600,000 more loyalty sign-ups. That's the highest monthly total that we have seen since 2022. We are viewing that as a really strong signal of those customers actively seeking value and choosing Murphy as part of their everyday routine. Also remember that price-sensitive customers are only one factor that impacts volume. You can't discount the market dynamics in different geographies and different competitive intensities. Colorado continued to see volume pressure because we're growing there — everyone else is growing there, too. We are seeing some signs of market stabilization though as margins are now returning to a more normal level in markets like Florida, but we're still seeing highly competitive activity there. That's pressuring both volume and margin in that region. It's not a single market, but there are many markets in Florida that are still in a highly competitive phase as everyone is trying to attract their fair share of customers. Then we can look at Texas, which we would call a more mature market. While there's still new store opportunities, the players are already well established, and so there's not as much volume and margin pressure in a state like that. When we look at the quarter, weather was also definitely a headwind. We would estimate that headwind, when we looked at it last year, was roughly 2%. It's probably a bit more than that this year given the number of closures we had in duration. But if you just say it was 2%, that was definitely a headwind that would have made our volumes for the quarter up versus down had those not occurred. Also, when we look at Opus and examine that versus our data, it would tell us that we're outperforming in all of our regions even with all those pressures. So I think the price sensitivity will come. It's just too early in the cycle as most of those price pressures really happened in March. Those customers have only had a paycheck or two, a fill-up or two. They haven't even received their credit card statements for those purchases yet. So it's just going to take some time.

Great. I just wanted to follow up on store operating expense — really well controlled in Q1. It looks like you're running below the full year guide. Can you talk a little bit more about the changes you made to the store labor model and the impact that's having and how we should be thinking about APSM growth moving forward the rest of the year?

Yes. We take the roughly flat increases as a very positive data point and we think it's demonstrating our ability to implement the self-help that we did last year — controlling what we could during challenging periods, and that's giving us benefits now. What we're seeing is benefits continuing in the labor model: making sure that we have the stores fully adequately staffed during the busy times, but not overly staffed when they're not busy. So continuing to fine-tune the labor model, continuing progress on shrink where we have made it a focus area. We've also incorporated it as a goal for the sales team, so we're paying a lot of attention to that. And also the shift in maintenance mindset — going from an administrative approach where we were just trying to clear the tickets to a more proactive, business-minded approach where we prioritize tickets and batch tickets where possible. For example, instead of when one light bulb goes out in the canopy calling in a tech and incurring the site visit cost, the cost for the special scissor lift that it takes to get you on the canopy, we wait until a second light bulb goes out because it's not causing a material discrepancy in the illumination with one bulb down. Things like that may seem small, but when you spread that over 1,800 stores, those little things can quickly become big things. So we're just taking a different approach to the way we're thinking about maintenance — thinking about it more from a business standpoint versus just trying to clear the tickets. As a reminder though, as our new stores enter the network, we do expect roughly half of our OpEx growth to reflect that, with the same-store trend at least in line, if not better, than our peers. But when we look at our '26 guidance, we are ahead of that right now. As we feather in our new stores, we do expect to revert more in line with our guidance range in the second half as those stores come online.

The next question comes from the line of Jacob Aiken-Phillips with Melius Research.

Congrats on the strong quarter. So Mindy, I know you've been in the business for a long time with your first full quarter as the CEO and the environment has completely shifted. I'm curious if the new environment has changed your thinking about experimentation, growth investment to help initiate those or capital allocation or anything?

It's been an interesting turn of events, one that, quite frankly, I didn't expect during the quarter, but it doesn't change our overall strategy. We're going to continue to lean into everyday low price — that's staying the same. Continuous improvement mindset: we're only going to accelerate that going forward. Capital allocation remains unchanged. We are pushing an innovation agenda. We want to collaborate quicker. We want to try and test these things. That unlock was something though that I talked about even before, so it doesn't diminish in importance just because the fuel macro environment is different. We know that we still need to improve the underlying business of our same stores. We also need to make decisions that can improve the trajectory of what we're going to be building that's new in the future. So while it's easier to have a call when things are going like they're going now, it doesn't change the focus and the intensity of our efforts in needing to improve the business going forward because we can't always count on an environment like this sustaining.

All right. And then so on nicotine, last year there was a concern that the promotion should be viewed as a one-off, but clearly you're still performing strongly in the continued category. Can you give color on the promotional environment now and throughout the year? And what gives you confidence that that's actually a durable component, given that you're having 600,000 additional reward memberships?

We are currently experiencing technical difficulties. Please stand by.

Sorry, guys—apparently we cut out. I don't know where we left off, Jacob, can you queue us up?

Yes, yes. I'll say the question again. So on nicotine, last year there was a concern that it was a one-off promotional activation and that it wouldn't repeat. But clearly, you're still doing very well in the continued category. So can you talk a bit about the promotional environment now and throughout the year? And what gives you confidence that that's actually a durable component given the 600,000 additional reward memberships?

Yes. The reward membership definitely does help. Look, we love the category. We put a lot of attention on it. As we mentioned in our prepared remarks, promotional activity has been favorable in the first quarter, and we're continuing to see strong performance even as we go into April. We're continuing to grow share and accelerating growth in that category. It's really growing at a very rapid pace. Importantly, customers are still trying to figure out their desired flavor and strength. There's really no clear winners yet. Manufacturers know this, so they're investing in trial. So you'll see, similar to energy drinks, continued strong promotional activities as those brands invest to try to gain that customer. We're going to continue to be a preferred retailer for those manufacturers to pass through savings and attract those customers, especially as they target combustible customers where our share in cigarettes is 20%. So we are ideally situated, happy to help their promotional efforts and have demonstrated the ability with them to hold on to those customers post-promo as we continue to gain share. I do want to remind everybody: everyone remembers the promotion we did back in the third quarter, and that is going to be a very tough comparison in Q3 when we lap that. So we're probably going to want to look at a two-year stack as we progress through 2026, but we are going to continue to get promotional dollars. We're likely not going to have a promotion as lumpy as that particular one was, but we do see strength in the category, and we do have intentions and the ability to continue to grow share.

Great. Congrats again.

Our next call comes from the line of Brad Thomas with KeyBanc Capital Markets.

Mindy, I wanted to ask about the exciting opportunity here to be picking up some incremental customers. I know that this will all depend on how long gas prices stay high and how high they go, but can you give us any perspective historically on the company's ability to retain incremental customers that they brought in during periods like this? And then what is the company doing differently or other than digital programs to try to retain more of these potential folks coming into your stores in this current environment?

Well, I think our loyalty initiatives are key. Murphy Drive Rewards, QuickChek Rewards — what we're seeing is new member counts are up, and we would expect that. We saw the same thing when prices spiked in 2022. The 600,000 new members was the highest new member month that we have on record. We're also seeing an increase in overall active members that are up 8.5% year-over-year in March. Total transactions up around 12% also. So you see the dynamic of those customers: yes, they're buying slightly less per field trip, but they're having to come in more often. These digital programs and loyalty programs are more valuable to customers as they become more price sensitive. As I mentioned earlier, what we're really excited to see is those new or lapsed customers — the last customers returning to our sites, and new customers that we're acquiring because of the higher prices — we become the store of choice because we are everyday low price. In terms of what we're doing differently because prices are high: we continue to make our digital programs more sophisticated, being able to tailor offers to customers. So we will certainly continue to leverage that. But honestly, everyday low price is everyday low price. It just means more when prices are high and budgets are constrained. Importantly, we sell a great deal of nondiscretionary categories — things like fuel and nicotine — where we are the lowest price out there. Customers know that and the offer resonates even more in this type of environment. So no, we're not necessarily doing a lot of new things, but we really don't need to.

That's great. And if I could ask just a follow-up around the underlying Murphy store model. The question that investors were asking last year was does it need to evolve because of industry conditions. As you consider the opportunity to expand food or reduce labor, will there be any incremental investments or testing because the year is shaping up so differently?

I wouldn't say it's because the year is shaping up differently. I feel the same way about it this quarter as I did last quarter: absolutely part of our innovation agenda is about evaluating new formats that can profitably serve more customers and more locations. We're also going to think about what is the next layer of products and services and trip missions that customers will buy from us. And then obviously, how do we maximize the productivity of the stores we have. So yes, our model needs to evolve. I think both our format needs to evolve and what we have in it likely needs to evolve. Whether that evolves to a full food offer in Murphy USA locations — not necessarily and certainly not everywhere — and we're going to be very thoughtful about how we step into that. I don't want to provide a lot of color on what we are testing and what we are looking at because it's very early days and they need time to incubate and prove themselves out. We'll probably hit some singles and doubles, and we'll probably strike out on several things as well. But the focus hasn't changed just because the year is shaping up differently. We're here for the long run, and we need to make sure our format and our offer are evolving, meeting the customer where they are and meeting their expectations while giving them value in everyday low price.

The next question comes from the line of Pooran Sharma with Stephens Inc.

Congrats on the strong results. Maybe just wanted to ask if you could speak to the structural pressure on higher fuel margins, kind of the longer-term structural pressure. You kind of alluded to it in your release and on the call. More specifically, in this type of environment where you see a strong rise in wholesale fuel prices or RBOB, you would expect to see the retail side of the equation more challenged, but you've seen it hold up. What do you think is driving that? And do you think this type of dynamic where you have really high fuel prices facilitates that thesis even more?

I think that's a great question and an interesting idea, and I think you're probably right. I think what we're seeing is that the marginal retailer becomes that much more on the margin when prices are high — they feel even more pinched. We saw the start in the Ukraine invasion back in 2022 where competitors were restoring multiple times a day; they were pre-restoring ahead of what they felt was going to be a price increase the next day. We're seeing that kind of behavior again. I think that when things get really tight, people become less comfortable riding it out and more eager to relieve the pressure. So I definitely think that is playing into it: the marginal retailer becomes that much more on the margin. We've also seen a lot of competitive entry in markets and the cost to serve doesn't go down when that happens, and those retailers are going to need to make a margin on those stores as well. So they're going to fill the pressure also when prices rise — they're going to want to keep up with that fairly quickly as well. So I think both of those dynamics are in play. It is unusual that in a period of rising prices we would be able to post favorable fuel supply results and also fairly good margin as well. That dynamic is also playing out in April.

Okay. Appreciate the color there and the thoughts on that. I wanted to get more specific on my follow-up on the — I guess, just what you've seen thus far through April: the $0.05 or so cents of product supply and wholesale margin. Does that include the price spikes that we've seen since the start of the quarter? Do you expect some normalization from those RBOB spikes? Just wanted to get a better understanding of the RBOB commentary.

Well, it reflects what we think we know at this point with the books not closed. You can appreciate there's a lot of moving pieces with that fuel supply part of the business. So all that we're really comfortable commenting on now is we know retail margins are around $0.30 a gallon or in the low $0.30s, and we think product supply and wholesale will be in the range above what we normally see, roughly in the 35% to 40% range, and that's counting all of the volatility and the price rises that we've seen. We're accounting for that on both the retail side when I say retail margin, and also the product supply and wholesale side. But I appreciate this part of the business can make large swings from day to day, and until we close the books, we really don't know precisely where we are.

The next question comes from the line of Corey Tarlowe with Jefferies.

Mindy, I was just wondering if you could walk through the trends that you saw maybe by month in the quarter. The reason I ask is because I believe you were lapping some pretty significant storms from the prior year. So I was wondering if you could talk about volume and merchandise trends maybe on a monthly basis to give us more color on what you saw throughout the quarter.

Yes. We started the year fairly strong, but again, a completely different fuel environment so you can appreciate that the price-sensitive customer wasn't quite as price sensitive in January and February. We definitely saw some momentum as we got into March that we didn't see in January and February. On the fuel side, obviously, the margin exploded during the month of March compared with January and February. I apologize, I didn't bring month-by-month comparisons. But over the course of the quarter, when we saw the volatility return to the market, we saw customers behaving differently inside our stores. They were pressured, but they were still spending money, especially on the nondiscretionary part of the basket. Fuel volume will come with time; it just hasn't had enough time to season for that customer to really return in droves. But the loyalty sign-ups that we're seeing are a key leading indicator for us that tells us we are going to gain momentum, especially as we go into the summer if prices remain high.

Got it. And then just on the product supply and wholesale business — I recognize it's only a month of data — but as you think about close to 10% that we saw in Q1 and the close to kind of 5% or thereabouts where you're seeing so far in April, could you just talk to the driver behind that change specifically? Is it the variability within pricing? Curious what you saw.

Yes. It's the variability within the price environment: the magnitude and direction of the price movements were magnified in the month of March in particular. While we're continuing to see prices rise in April, it hasn't been as dramatic. So you would not expect product supply and wholesale results in that month to be as strong as what they were in March. And again, I certainly can't extrapolate that out over the full quarter until we close the books.

There are no further questions at this time. I will now turn the call back to Mindy West for closing remarks.

Thank you so much for your participation today, and really thank you for your interest in Murphy USA. I hope you guys are getting a better understanding that the first quarter results were not simply a byproduct of volatility and the price-related impacts because our team works really hard to optimize that volume-margin relationship. We're also seeing benefits in the work we've done to make merchandise and store operations more resilient. Sitting here last quarter, we talked about what a return to volatility could mean; we did not see it happening at all this year, much less so quickly. Obviously, a lot can change just in a few months. That said, the reverse can also happen. So we are not relaxing because the macro is going our way. What did we emphasize in the first quarter? We emphasized improving the business. What are we focused on now? The same thing. Volatility does work in our favor and you can see that in our results, but we can't rely on volatility. Our focus hasn't changed since last quarter. We're not relaxing because the environment has improved. We have work to do to grow the business. We're very happy with our new store pipeline, so high-quality growth is going to continue in the years ahead. We also have work to do to continue to improve our existing business, and we're excited to get after it. I know all of us here are energized and excited to do the work to build the business and take Murphy USA to the next level, which is why we will continue to focus on what we can control. We're going to execute with precision and continue to grow our business and make it better. So thanks, everyone, and we will talk again next quarter.

This concludes today's call. Thank you for attending. You may now disconnect.