musa-20250331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 001-35914

MURPHY USA INC.

(Exact name of registrant as specified in its charter)



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)

(870) 875-7600

(Registrant's telephone number, including area 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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Number of shares of Common Stock, $0.01 par value, outstanding at March 31, 2025 was 19,761,644.



MURPHY USA INC.

TABLE OF CONTENTS



			Page
Part I – Financial Information


			Item 1. Financial Statements (Unaudited)


	Consolidated Balance Sheets as of March 3 1 , 202 5 (unaudited) and December 31, 202 4	2
	Consolidated Statements of Income for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	3
	Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	5
	Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	6
	Notes to Consolidated Financial Statements (unaudited)	7
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	36
	Item 4. Controls and Procedures	37
Part II – Other Information
	Item 1. Legal Proceedings	38
	Item 1A. Risk Factors	38
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	38
	Item 5. Other Information	38
	Item 6. Exhibits	38
Signatures		39

ITEM 1. FINANCIAL STATEMENTS

Murphy USA Inc.

Consolidated Balance Sheets


	March 31,		December 31,
(Millions of dollars, except share amounts)	2025		2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	49.4	$	47.0

Accounts receivable—trade, less allowance for doubtful accounts of $0.7 and $0.3 at 2025 and 2024, respectively	272.1		268.5
Inventories, at lower of cost or market	364.4		401.6
Prepaid expenses and other current assets	30.5		31.0

Total current assets	716.4		748.1

Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,988.5 and $1,931.4 at 2025 and 2024, respectively	2,808.1		2,813.2

Operating lease right of use assets, net	490.3		492.9
Intangible assets, net of amortization	139.5		139.5
Goodwill	328.0		328.0
Other assets	20.2		19.9

Total assets	$	4,502.5	$	4,541.6

Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	15.6	$	15.7
Trade accounts payable and accrued liabilities	855.6		874.4
Income taxes payable	20.6		57.8


Total current liabilities	891.8		947.9

Long-term debt, including capitalized lease obligations	1,974.2		1,832.7
Deferred income taxes	342.0		343.4
Asset retirement obligations	49.3		49.1
Non-current operating lease liabilities	494.4		496.3
Deferred credits and other liabilities	31.2		32.1
Total liabilities	3,782.9		3,701.5
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 2025 and 2024, respectively)	0.5		0.5
Treasury stock (27,005,520 and 26,750,846 shares held at 2025 and 2024, respectively)	(3,534.1)		(3,391.3)
Additional paid in capital (APIC)	466.5		487.5
Retained earnings	3,786.7		3,743.4

Total stockholders' equity	719.6

SEC Form 10-Q filed by Murphy USA Inc.