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Possible new Murphy USA shares

MUSADilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($7.8B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Dec 9, 2025: not limited by the baby-shelf rule, because the $7.8B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Dec 9, 2025, effective Dec 9, 2025 · public float, as of Jun 30, 2025.

What could become new Murphy USA (MUSA) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

Murphy USA dilution ladder

Every source of new shares on record, from the filings that created it.

18.1M outstanding; up to 18.4M fully diluted, +2%

  1. Outstandingas of Sep 30, 2026 (10-Q filed Oct 30) · share count on the cover page
    18.1M
  2. Options and RSUs251K options, 38K RSUs10-Q Oct 30, 2025 · securities left out of diluted EPS
    +289K

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Oct 30, 2025.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.

Shares outstanding

18.1M

Jan 2025 to Sep 2026: from 20.0M to 18.1M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.