Murphy USA Inc 10-Q for FY2023 Q3

Murphy USA Inc. (MUSA)

10-Q 2023-11-02 For: 2023-09-30

Added on April 10, 2026

About this 10-Q

Murphy USA Inc filed this 10-Q on November 2, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5.8B; down 6.4% from $6.19B a year earlier
Net income: $167.7M; down 23.6% from net income of $219.5M a year earlier
Diluted EPS: $7.69; down 17.1% from $9.28 a year earlier

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Delaware		46-2279221
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 Peach Street
El Dorado,	Arkansas	71730-5836

(Address of principal executive offices)		(Zip Code)


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


	Consolidated Balance Sheets as of September30, 2023 (unaudited) and December 31, 2022	2
	Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)	3
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)	4
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)	5
	Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)	6
	Notes to Consolidated Financial Statements (unaudited)	8
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	42
	Item 4. Controls and Procedures	42
Part II – Other Information
	Item 1. Legal Proceedings	43
	Item 1A. Risk Factors	43
	Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	43
	Item 5. Other Information	43
	Item 6. Exhibits	44
Signatures		45


	September 30,		December 31,
(Millions of dollars, except share amounts)	2023		2022
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	124.8	$	60.5
Marketable securities, current	8.5		17.9
Accounts receivable—trade, less allowance for doubtful accounts of $1.5 and $0.3 at 2023 and 2022, respectively	344.2		281.7
Inventories, at lower of cost or market	335.4		319.1
Prepaid expenses and other current assets	27.4		47.6

Total current assets	840.3		726.8
Marketable securities, non-current	7.4		4.4
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,694.2 and $1,553.1 at 2023 and 2022, respectively	2,520.1		2,459.3

Operating lease right of use assets, net	451.9		449.6
Intangible assets, net of amortization	139.9		140.4
Goodwill	328.0		328.0
Other assets	17.7		14.7

Total assets	$	4,305.3	$	4,123.2

Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	15.0	$	15.0
Trade accounts payable and accrued liabilities	800.6		839.2
Income taxes payable	11.6		—


Total current liabilities	827.2		854.2

Long-term debt, including capitalized lease obligations	1,786.4		1,791.9
Deferred income taxes	327.7		327.4
Asset retirement obligations	44.0		43.3
Non-current operating lease liabilities	449.8		444.2
Deferred credits and other liabilities	26.1		21.5
Total liabilities	3,461.2		3,482.5
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at 2023 and 2022, respectively)	0.5		0.5
Treasury stock (25,490,133 and 25,017,324 shares held at 2023 and 2022, respectively)	(2,795.9)		(2,633.3)
Additional paid in capital (APIC)	502.7		518.9
Retained earnings	3,136.8		2,755.1
Accumulated other comprehensive income (loss) (AOCI)	—		(0.5)
Total stockholders' equity	844.1		640.7
Total liabilities and stockholders' equity	$	4,305.3	$	4,123.2


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions of dollars, except share and per share amounts)	2023		2022		2023		2022
Operating Revenues
Petroleum product sales1	$	4,658.8	$	5,078.6	$	13,103.6	$	14,917.3
Merchandise sales	1,055.6		1,027.2		3,070.8		2,913.8
Other operating revenues	83.5		88.9		286.1		248.7
Total operating revenues	5,797.9		6,194.7		16,460.5		18,079.8

Operating Expenses
Petroleum product cost of goods sold1	4,322.5		4,699.3		12,273.1		13,903.3
Merchandise cost of goods sold	843.8		821.5		2,465.1		2,335.7

Store and other operating expenses	265.6		254.5		760.6		729.4
Depreciation and amortization	57.5		54.4		171.7		164.5
Selling, general and administrative	60.0		52.4		178.4		150.8
Accretion of asset retirement obligations	0.7		0.6		2.2		2.0
Acquisition and integration related costs	—		0.4		—		1.4
Total operating expenses	5,550.1		5,883.1		15,851.1		17,287.1


Gain (loss) on sale of assets	(0.5)		0.3		(0.6)		2.2
Income (loss) from operations	247.3		311.9		608.8		794.9

Other income (expense)
Investment income	2.1		1.4		4.7		1.8
Interest expense	(24.6)		(21.8)		(74.5)		(61.6)

Other nonoperating income (expense)	(1.4)		(0.8)		(0.9)		(2.7)
Total other income (expense)	(23.9)		(21.2)		(70.7)		(62.5)
Income before income taxes	223.4		290.7		538.1		732.4
Income tax expense (benefit)	55.7		71.2		131.3		177.2


Net Income	$	167.7	$	219.5	$	406.8	$	555.2

Basic and Diluted Earnings Per Common Share
Basic	$	7.83	$	9.46	$	18.80	$	23.17
Diluted	$	7.69	$	9.28	$	18.47	$	22.76
Weighted-Average Common Shares Outstanding (in thousands):
Basic	21,401		23,206		21,635		23,963
Diluted	21,790		23,650		22,020		24,398
Supplemental information:
1Includes excise taxes of:	$	582.1	$	569.7	$	1,721.0	$	1,638.4


(Millions of dollars)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	167.7	$	219.5	$	406.8	$	555.2

Other comprehensive income (loss), net of tax
Interest rate swap:





Reclassifications:

Amortization of unrealized (gain) loss to interest expense	0.1		0.2		0.6		0.7
	0.1		0.2		0.6		0.7
Deferred income tax (benefit) expense	—		0.1		0.1		0.2
Other comprehensive income (loss)	0.1		0.1		0.5		0.5
Comprehensive income	$	167.8	$	219.6	$	407.3	$	555.7


	Common Stock
(Millions of dollars, except share amounts)	Shares	Par		Treasury Stock		APIC		Retained Earnings		AOCI		Total
Balance as of December 31, 2021	46,767,164	$	0.5	$	(1,839.3)	$	534.8	$	2,112.4	$	(1.2)	$	807.2
Net income	—	—		—		—		152.4		—		152.4
Amortization of unrealized loss on interest rate hedge, net of tax	—	—		—		—		—		0.2		0.2
Cash dividends declared ($0.29 per share)	—	—		—		—		(7.2)		—		(7.2)

Purchase of treasury stock	—	—		(151.8)		—		—		—		(151.8)

Issuance of treasury stock	—	—		8.8		(8.8)		—		—		—
Amounts related to share-based compensation	—	—		—		(12.2)		—		—		(12.2)
Share-based compensation expense	—	—		—		2.9		—		—		2.9
Balance as of March 31, 2022	46,767,164	0.5		(1,982.3)		516.7		2,257.6		(1.0)		791.5
Net income	—	—		—		—		183.3		—		183.3
Amortization of unrealized loss on interest rate hedge, net of tax	—	—		—		—		—		0.2		0.2
Cash dividends declared ($0.31 per share)	—	—		—		—		(7.4)		—		(7.4)
Dividend equivalent units accrued	—	—		—		0.2		(0.2)		—		—
Purchase of treasury stock	—	—		(203.6)		—		—		—		(203.6)
Issuance of treasury stock	—	—		2.5		(2.6)		—		—		(0.1)
Amounts related to share-based compensation	—	—		—		(5.3)		—		—		(5.3)
Share-based compensation expense	—	—		—		4.1		—		—		4.1
Balance as of June 30, 2022	46,767,164	$	0.5	$	(2,183.4)	$	513.1	$	2,433.3	$	(0.8)	$	762.7
Net income	—	—		—		—		219.5		—		219.5
Amortization of unrealized loss on interest rate hedge, net of tax	—	—		—		—		—		0.1		0.1
Cash dividends declared ($0.32 per share)	—	—		—		—		(7.5)		—		(7.5)

Purchase of treasury stock	—	—		(211.5)		—		—		—		(211.5)

Issuance of treasury stock	—	—		0.9		(0.8)		—		—		0.1
Amounts related to share-based compensation	—	—		—		(2.1)		—		—		(2.1)
Share-based compensation expense	—	—		—		4.7		—		—		4.7
Balance as of September 30, 2022	46,767,164	$	0.5	$	(2,394.0)	$	514.9	$	2,645.3	$	(0.7)	$	766.0


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
(Millions of dollars)	Marketing		Corporate and Other Assets		Consolidated		Marketing		Corporate and Other Assets		Consolidated
Petroleum product sales (at retail) 1	$	4,134.8	$	—	$	4,134.8	$	4,550.4	$	—	$	4,550.4
Petroleum product sales (at wholesale) 1	524.0		—		524.0		528.2		—		528.2
Total petroleum product sales	4,658.8		—		4,658.8		5,078.6		—		5,078.6
Merchandise sales	1,055.6		—		1,055.6		1,027.2		—		1,027.2
Other operating revenues:
RINs	81.7		—		81.7		87.6		—		87.6
Other revenues 2	1.7		0.1		1.8		1.0		0.3		1.3
Total revenues	$	5,797.8	$	0.1	$	5,797.9	$	6,194.4	$	0.3	$	6,194.7


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
(Millions of dollars)	Marketing		Corporate and Other Assets		Consolidated		Marketing		Corporate and Other Assets		Consolidated
Petroleum product sales (at retail) 1	$	11,693.7	—		$	11,693.7	$	13,361.7	$	—	$	13,361.7
Petroleum product sales (at wholesale) 1	1,409.9		—		1,409.9		1,555.6		—		1,555.6
Total petroleum product sales	13,103.6		—		13,103.6		14,917.3		—		14,917.3
Merchandise sales	3,070.8		—		3,070.8		2,913.8		—		2,913.8
Other operating revenues:
RINs	281.2		—		281.2		243.6		—		243.6
Other revenues 2	4.7		0.2		4.9		4.7		0.4		5.1
Total revenues	$	16,460.3	$	0.2	$	16,460.5	$	18,079.4	$	0.4	$	18,079.8


(Millions of dollars)	September 30, 2023		December 31, 2022
Petroleum products - FIFO basis	$	430.5	$	367.0
Store merchandise for resale - FIFO basis	203.6		192.1
Less LIFO reserve	(313.7)		(250.7)
Total petroleum products and store merchandise inventory	320.4		308.4
Materials and supplies	15.0		10.7
Total inventories	$	335.4	$	319.1


	September 30, 2023
(Millions of dollars)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses	Estimated Fair Value
Available-for-sale securities:

Marketable securities current
U.S. Government bonds	$	5.9	$	—	—	$	5.9
U.S. Corporate bonds	2.5		—		—	2.5

Investment income receivable	0.1		—		—	0.1
	8.5		—		—	8.5


	December 31, 2022
(Millions of dollars)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:

Marketable securities current
U.S. Government bonds	$	8.8	$	—	$	—	$	8.8
U.S. Corporate bonds	6.0		—		—		6.0
Non U.S. Corporate bonds	3.0		—		—		3.0
Investment income receivable	0.1		—		—		0.1
	17.9		—		—		17.9

Marketable securities non-current
U.S. Corporate bonds	4.4		—		—		4.4



Total marketable securities	$	22.3	$	—	$	—	$	22.3


(Millions of dollars)	Amortized Cost		Fair Value
Less than 1 year	$	15.8	$	15.8
1 to 2 years	—		—

Total	$	15.8	$	15.8


	Remaining Useful Life (in years)	September 30, 2023				December 31, 2022
(Millions of dollars)		Cost		Net		Cost		Net
Intangible assets subject to amortization:
Pipeline space	31.9	$	39.6	$	31.9	$	39.6	$	32.7
Intangible lease liability	10.7	(9.1)		(7.4)		(9.1)		(7.9)
Total intangible assets subject to amortization		30.5		24.5		30.5		24.8
Intangible assets not subject to amortization, indefinite lives:
Trade name		115.4		115.4		115.4		115.4
Liquor licenses		—		—		0.2		0.2
Total intangible assets not subject to amortization		115.4		115.4		115.6		115.6
Intangible assets, net of amortization		$	145.9	$	139.9	$	146.1	$	140.4


	2023	2022
Three months ended September 30,	24.9%	24.5%
Nine months ended September 30,	24.4%	24.2%



MURPHY USA INC.

TABLE OF CONTENTS


(Millions of dollars)	September 30, 2023		December 31, 2022
5.625% senior notes due 2027 (net of unamortized discount of $1.3 at September 30, 2023 and $1.6 at December 31, 2022)	$	298.7	$	298.4
4.75% senior notes due 2029 (net of unamortized discount of $3.7 at September 30, 2023 and $4.2 at December 31, 2022)	496.3		495.8

3.75% senior notes due 2031 (net of unamortized discount of $4.6 at September 30, 2023 and $5.1 at December 31, 2022)	495.4		494.9
Term loan due 2028 (effective interest rate of 7.22% at September 30, 2023 and 5.95% at December 31, 2022 and net of unamortized discount of $0.6 at September 30, 2023 and $0.7 at December 31, 2022)	390.4		393.3
Capitalized lease obligations, autos and equipment, due through 2026	2.9		2.3
Capitalized lease obligations, buildings, due through 2059	125.4		131.3
Less unamortized debt issuance costs	(7.7)		(9.1)
Total long-term debt	1,801.4		1,806.9
Less current maturities	15.0		15.0
Total long-term debt, net of current	$	1,786.4	$	1,791.9


Assumptions used to value awards:
Dividend yield	0.53		%
Expected volatility	33.1		%
Risk-free interest rate	3.8		%
Expected life (years)	4.9
Stock price at valuation date	$	263.48


2013 Plan — Options	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2022	313,950	$	112.06
Granted	38,100	$	263.48
Exercised	(54,450)	$	76.08

Outstanding at September 30, 2023	297,600	$	138.02	4.1	$	60.6

Exercisable at September 30, 2023	167,100	$	97.47	3.1	$	40.8


2013 Plan — Employee RSUs	Number of units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022	149,366	$	125.51
Granted	34,600	$	256.84
Vested and issued	(60,735)	$	80.07	$	16.0
Forfeited	(2,642)	$	176.19
Outstanding at September 30, 2023	120,589	$	198.08	$	41.2


2013 Plan — Employee PSUs	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022	106,001	$	160.03
Granted	62,275	$	292.52
Vested and issued	(72,799)	$	121.83	$	19.0

Outstanding at September 30, 2023	95,477	$	218.97	$	32.6


2013 Plan — Director RSUs and DSUs	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022	26,923	$	132.38
Granted	6,584	$	258.35
Vested and issued	(9,880)	$	110.19	$	2.7


Outstanding at September 30, 2023, including DSUs	23,627	$	177.98	$	8.1


2023 Plan — RSUs and Director DSUs	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022	—	$	—
Granted	692	$	325.32
Vested and issued	0	$	—	$	—


Outstanding at September 30, 2023, including DSUs	692	$	325.32	$	0.2


	Three Months Ended March 31,				Nine Months Ended September 30,
(Millions of dollars, except share and per share amounts)	2023		2022		2023		2022
Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	167.7	$	219.5	$	406.8	$	555.2

Weighted average common shares outstanding (in thousands)	21,401		23,206		21,635		23,963
Common equivalent shares:
Dilutive share-based awards	389		444		385		435
Weighted average common shares outstanding - assuming dilution (in thousands)	21,790		23,650		22,020		24,398

Earnings per common share assuming dilution	$	7.69	$	9.28	$	18.47	$	22.76


	Three Months Ended September 30,		Nine Months Ended September 30,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive	2023	2022	2023	2022
Stock Options	38,100	—	38,100	3,250
PSUs	—	—	12,800	1,353
Total anti-dilutive shares	38,100	—	50,900	4,603


	September 30, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Fair Value
Financial assets

Marketable securities, current
U.S. Government bonds	$	—	$	5.9	$	—	$	5.9
U.S. Corporate bonds	—		2.6		—		2.6



Prepaid expenses and other current assets:
Fuel derivative	—		—		0.2		0.2
Marketable securities, non-current
U.S. Corporate bonds	—		5.9		—		5.9
Non U.S. Corporate bonds	—		1.5		—		1.5
Other assets
Deferred compensation plan assets	11.5		—		—		11.5

Financial liabilities



Deferred credits and other liabilities
Deferred compensation plan liabilities	(18.7)		—		—		(18.7)
	$	(7.2)	$	15.9	$	0.2	$	8.9


	At September 30, 2023				At December 31, 2022
	Carrying				Carrying
(Millions of dollars)	Amount		Fair Value		Amount		Fair Value
Financial liabilities
Current and long-term debt, excluding finance leases	$	(1,673.1)	$	(1,644.8)	$	(1,673.3)	$	(1,643.0)


(Millions of dollars)	Classification	September 30, 2023		December 31, 2022
Assets
Operating (Right-of-use)	Operating lease right-of-use assets, net	$	451.9	$	449.6
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $38.9 at September 30, 2023 and $30.5 at December 31, 2022	116.3		124.6
Total leased assets		$	568.2	$	574.2

Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	21.6	$	20.5
Finance	Current maturities of long-term debt	11.0		11.0
Noncurrent
Operating	Non-current operating lease liabilities	449.8		444.2
Finance	Long-term debt, including capitalized lease obligations	117.3		122.6
Total lease liabilities		$	599.7	$	598.3


(Millions of dollars)	Operating leases		Finance leases
2023	$	12.9	$	4.9
2024	52.2		18.8
2025	51.1		17.7
2026	50.4		16.5
2027	49.6		15.8
After 2027	568.4		122.2
Total lease payments	784.6		195.9
less: interest	313.2		67.6
Present value of lease liabilities	$	471.4	$	128.3


	Nine Months Ended September 30,
	2023
Weighted average remaining lease term (years)
Finance leases	12.4
Operating leases	15.2
Weighted average discount rate
Finance leases	6.7	%
Operating leases	6.5	%


			Three Months Ended
			September 30, 2023				September 30, 2022
(Millions of dollars)	Total Assets at September 30, 2023		External Revenues		Income (Loss)		External Revenues		Income (Loss)
Marketing	$	4,042.0	$	5,797.8	$	187.2	$	6,194.4	$	236.8
Corporate and other assets	263.3		0.1		(19.5)		0.3		(17.3)
Total	$	4,305.3	$	5,797.9	$	167.7	$	6,194.7	$	219.5


	Nine Months Ended
	September 30, 2023				September 30, 2022
	External Revenues		Income (Loss)		External Revenues		Income (Loss)
(Millions of dollars)
Marketing	$	16,460.3	$	464.8	$	18,079.4	$	605.0
Corporate and other assets	0.2		(58.0)		0.4		(49.8)
Total	$	16,460.5	$	406.8	$	18,079.8	$	555.2


(Millions of dollars, except revenue per store month (in thousands) and store counts)	Three Months Ended September 30,				Nine Months Ended September 30,
Marketing Segment	2023		2022		2023		2022
Operating Revenues
Petroleum product sales	$	4,658.8	$	5,078.6	$	13,103.6	$	14,917.3
Merchandise sales	1,055.6		1,027.2		3,070.8		2,913.8
Other operating revenues	83.4		88.6		285.9		248.3
Total operating revenues	5,797.8		6,194.4		16,460.3		18,079.4
Operating expenses
Petroleum products cost of goods sold	4,322.5		4,699.3		12,273.1		13,903.3
Merchandise cost of goods sold	843.8		821.5		2,465.1		2,335.7
Store and other operating expenses	265.5		254.5		760.5		729.4
Depreciation and amortization	53.3		50.4		158.9		152.9
Selling, general and administrative	60.0		52.4		178.4		150.8
Accretion of asset retirement obligations	0.7		0.6		2.2		2.0
Total operating expenses	5,545.8		5,878.7		15,838.2		17,274.1

Gain (loss) on sale of assets	(0.4)		0.1		(0.5)		(0.6)
Income (loss) from operations	251.6		315.8		621.6		804.7

Other income (expense)
Interest expense	(2.2)		(2.2)		(6.7)		(6.7)
Other nonoperating income (expense)	0.1		—		0.1		—
Total other income (expense)	$	(2.1)	$	(2.2)	$	(6.6)	$	(6.7)


	Three Months Ended September 30,				Nine Months Ended September 30,
Key Operating Metrics	2023		2022		2023		2022
Total retail fuel contribution ($ Millions)	$	348.6	$	489.5	$	948.0	$	1,063.8
Total PS&W contribution ($ Millions)	(11.4)		(109.0)		(114.5)		(46.7)
RINs (included in Other operating revenues on Consolidated Statements of Income) ($ Millions)	81.8		87.6		281.2		243.6
Total fuel contribution ($ Millions)	$	419.0	$	468.1	$	1,114.7	$	1,260.7


	Variance from prior year				Variance from prior year
	Three months ended				Nine months ended
	September 30, 2023				September 30, 2023
	SSS1		APSM2		SSS1		APSM2
Retail fuel volume per month	(4.7)	%	(4.2)	%	(1.8)	%	(0.9)	%

Merchandise sales	1.0	%	1.4	%	3.2	%	3.3	%
Tobacco sales	2.6	%	2.1	%	3.6	%	2.9	%
Non-tobacco sales	(1.6	%)	0.4	%	2.4	%	4.1	%

Merchandise margin	1.2	%	1.6	%	2.9	%	2.7	%
Tobacco margin	3.1	%	1.7	%	3.3	%	1.6	%
Non-tobacco margin	(0.3	%)	1.9	%	2.6	%	4.3	%
1Includes store-level discounts for MDR redemptions and excludes change in value of unredeemed MDR points
2Includes all MDR activity


	Issuer Purchases of Equity Securities
				Total Number	Approximate
				of Shares	Dollar Value of
				Purchased as	Shares That May
	Total Number	Average		Part of Publicly	Yet Be Purchased
	of Shares	Price Paid		Announced Plans	Under the Plans
Period Duration	Purchased	Per Share		or Programs	or Programs 1,2
July 1, 2023 to July 31, 2023	25,264	$	308.44	25,264	$	97,948,756
August 1, 2023 to August 31, 2023	60,250	315.34		60,250	78,949,442
September 1, 2023 to September 30, 2023	115,580	328.77		115,580	40,950,327
Three Months Ended September 30, 2023	201,094	$	322.19	201,094	$	40,950,327


MURPHY USA INC.
(Registrant)

By			__/s/ Donald R. Smith Jr.___________
			Donald R. Smith Jr., Vice President
			and Controller (Chief Accounting Officer
			and Duly Authorized Officer)


			EXHIBIT INDEX
Exhibit Number			Description
31.1*			Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer
31.2*			Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer
32.1*			Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer
32.2*			Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer
101. INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101. SCH*			Inline XBRL Taxonomy Extension Schema Document
101. CAL*			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF*			Inline XBRL Taxonomy Extension Definition Linkbase Document
101. LAB*			Inline XBRL Taxonomy Extension Labels Linkbase Document
101. PRE*			Inline XBRL Taxonomy Extension Presentation Linkbase
104			Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document