Murphy USA Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Murphy USA Inc. filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

Murphy USA Inc. (MUSA) filed a Annual Report (10-K) with the SEC on February 16, 2024. Murphy USA Inc. reported its fiscal year 2023 results on February 16, 2024. The company operates in the retail auto dealers & gasoline stations sector. The filing covers the period ending December 31, 2023. Murphy USA Inc. is incorporated in Delaware. The company's principal business address is in El Dorado, Arkansas.

Why It Matters

For investors and stakeholders tracking Murphy USA Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Murphy USA's financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook in the retail gasoline and convenience store market.

Risk Assessment

Risk Level: medium — Murphy USA Inc. shows moderate risk based on this filing. The company operates in the highly competitive retail gasoline and convenience store market, which is subject to fluctuations in fuel prices and consumer demand, as evidenced by its SIC code and business description.

Analyst Insight

Monitor Murphy USA's upcoming earnings reports and investor calls for insights into strategies for navigating fuel price volatility and expanding market share.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 2024-02-16 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Murphy USA Inc. (company) — Filer of the 10-K report
• El Dorado, Arkansas (location) — Business and mailing address

FAQ

Industry Context

Murphy USA Inc. operates within the retail gasoline and convenience store industry, a sector characterized by high volume sales and sensitivity to fuel prices.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's competitive landscape and market position within the retail gasoline sector.
3. Track future SEC filings for updates on operational performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, covering the fiscal year 2023.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value MUSA New York Stock Exchange
• $311.11 — ed on the closing price on that date of $311.11 was $ 6,675,692,000 . Number of share
• $3.0 billion — through share repurchases approximately $3.0 billion of our common stock in a little more th
• $333.2 m — a total of 1,026,300 common shares for $333.2 million, for an average price of $324.62
• $324.62 — $333.2 million, for an average price of $324.62 per share. Repurchases in 2023 were mad
• $1 billion — were made pursuant to our now completed $1 billion 2021 authorization and our $1.5 billion
• $1.5 billion — d $1 billion 2021 authorization and our $1.5 billion 2023 authorization. As of December 31,
• $1.4 billion — December 31, 2023, we had approximately $1.4 billion remaining under our 2023 authorization.
• $0.35 — ly dividend four times during 2023 from $0.35 per share in Q4 2022 to $0.41 per share
• $0.41 — 2023 from $0.35 per share in Q4 2022 to $0.41 per share, or $1.64 per share on an ann
• $1.64 — share in Q4 2022 to $0.41 per share, or $1.64 per share on an annualized basis as of

Filing Documents

• musa-20231231.htm (10-K) — 2201KB
• exh44descriptionofsecuriti.htm (EX-4.4) — 31KB
• exhibit10242019_incentivep.htm (EX-10.24) — 72KB
• exh212023listofsubsidiaries.htm (EX-21) — 15KB
• exh222023listofsubsidiaryg.htm (EX-22) — 11KB
• exh2312023consent.htm (EX-23.1) — 2KB
• exh311-3022023certificatio.htm (EX-31.1) — 8KB
• exh312-3022023certificatio.htm (EX-31.2) — 8KB
• exh321-9062023certificatio.htm (EX-32.1) — 4KB
• exh322-9062023certificatio.htm (EX-32.2) — 4KB
• exhibit971musa-2023clawbac.htm (EX-97.1) — 45KB
• musa-20231231_g1.jpg (GRAPHIC) — 47KB
• musa-20231231_g2.jpg (GRAPHIC) — 109KB
• 0001573516-24-000007.txt (&nbsp;) — 12109KB
• musa-20231231.xsd (EX-101.SCH) — 76KB
• musa-20231231_cal.xml (EX-101.CAL) — 121KB
• musa-20231231_def.xml (EX-101.DEF) — 334KB
• musa-20231231_lab.xml (EX-101.LAB) — 955KB
• musa-20231231_pre.xml (EX-101.PRE) — 619KB
• musa-20231231_htm.xml (XML) — 1952KB

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27 Supplemental Information. Information About Our Executive Officers 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 48

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49

Controls and Procedures

Item 9A. Controls and Procedures 49

Other Information

Item 9B. Other Information 49

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 50

Executive Compensation

Item 11. Executive Compensation 50

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 50

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 50

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 50 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 51

Form 10-K Summary

Item 16. Form 10-K Summary 54

Signatures

Signatures 55 1 Part I

BUSINESS

Item 1. BUSINESS Murphy USA Inc. ("Murphy USA", the "Company", "we", "us", or "our") was incorporated in Delaware on March 1, 2013 and holds, through its subsidiaries, the former U.S. retail marketing business of its former parent company, Murphy Oil Corporation ("Murphy Oil"), plus other assets and liabilities of Murphy Oil that supported the activities of the U.S. retail marketing operations. In addition, on January 29, 2021, the Company acquired Quick Chek Corporation ("QuickChek"), a privately held convenience store chain. Our business consists primarily of the marketing of retail motor fuel products and convenience merchandise through a network of 1,733 (as of December 31, 2023) retail stores located in 27 states, of which, 1,577 were branded as Murphy stores and 156 were branded as QuickChek stores. The majority of our existing and new-to-industry ("NTI") retail gasoline stores operate under the brand names of Murphy USA and Murphy Express. Plans are under development to transition all Murphy Express branded stores to the Murphy USA brand name. These locations operate within close proximity to Walmart stores or within preferred markets across 25 states in the Southeast, Southwest, and Midwest areas of the United States. We also operate a combination of convenience stores and convenience stores with retail gasoline under the brand name of QuickChek, which are located in New Jersey and New York. In addition, we market fuel to unbranded wholesale customers through a mixture of Company owned and third-party product distribution terminals and pipeline positions. We are an independent publicly traded company, with low-price, high volume fuel retail outlets selling convenience merchandise through low-cost small store formats and kiosks, as well as larger format stores that have a broader range of merchandise and food and beverage offerings which are driven by key strategic relationships and experienced management. Our business is subject to various risks. For a

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View this 10-K filing on SEC EDGAR