Murphy USA reports $176 million net income for Q3 2026

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

17 unchanged paragraphs

Number of shares of Common Stock, $0.01 par value, outstanding at June September 30, 2026 was 18,380,347 18,099,913 .

1 unchanged paragraph

Financial Statements (Unaudited) 5 changes

Consolidated Balance Sheets as of June September 30, , 2026 (unaudited) and December 31, 2025

Consolidated Statements of Income for the three and six nine months ended June September 30, , 2026 and 2025 (unaudited)

Consolidated Statements of Changes in Equity Comprehensive Income for the three and six nine months ended June September 30, , 2026 and 2025 (unaudited)

Consolidated Statements of Cash Flows for the s ix nine months ended June 3 0 , September 30, 2026 and 2025 (unaudited)

Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2026 and 2025 (unaudited)

Financial statements 130 changes

1 unchanged paragraph

June September 30, December 31,

1 unchanged paragraph

Cash and cash equivalents $ 175.4 161.8 $ 28.9

Marketable securities, net 34.2 —

Accounts receivable—trade, less allowance for doubtful accounts of $ 0.4 0.2 and $ 0.3 at 2026 and 2025, respectively

Inventories, at lower of cost or market 417.4 397.8 413.0

Prepaid expenses and other current assets 35.9 38.9 29.7

Total current assets 1,007.9 1,010.6 747.8

Property, plant and equipment, at cost less accumulated depreciation and amortization of $ 2,313.4 2,365.1 and $ 2,173.5 at 2026 and 2025, respectively

Operating lease right of use assets, net 539.1 551.7 526.3

2 unchanged paragraphs

Other assets 33.9 21.6

Other assets 32.5 21.6

Total assets $ 5,085.0 5,180.8 $ 4,725.8

1 unchanged paragraph

Current maturities of long-term debt $ 19.1 20.1 $ 19.0

Trade accounts payable and accrued liabilities 1,015.0 1,055.2 865.2

Income taxes payable 55.6 82.2 44.9

Total current liabilities 1,089.7 1,157.5 929.1

Long-term debt, including capitalized lease obligations 2,167.0 2,167.4 2,163.6

Deferred income taxes 404.2 406.6 388.5

Asset retirement obligations 54.4 55.4 52.5

Non-current operating lease liabilities 549.4 563.7 534.6

Deferred credits and other liabilities 37.6 36.4 34.0

Total liabilities 4,302.3 4,387.0 4,102.3

3 unchanged paragraphs

Treasury stock ( 28,386,817 28,667,251 and 28,201,581 shares held at 2026 and 2025, respectively)

Additional paid in capital (APIC) 450.3 454.5 482.4

Retained earnings 4,494.0 4,658.1 4,172.3

Accumulated other comprehensive income (loss) (AOCI) ( 0.1 ) —

Total stockholders' equity 782.7 793.8 623.5

Total liabilities and stockholders' equity $ 5,085.0 5,180.8 $ 4,725.8

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

2 unchanged paragraphs

Merchandise sales 1,132.1 1,092.4 2,181.3 2,091.8

Other operating revenues 126.0 61.2 199.3 97.4

Total operating revenues 6,806.1 5,005.0 11,625.4 9,530.4

Merchandise sales 1,155.0 1,122.3 3,336.3 3,214.1

Other operating revenues 135.6 63.0 334.9 160.4

Total operating revenues 6,889.7 5,110.0 18,515.1 14,640.4

1 unchanged paragraph

Merchandise cost of goods sold 904.7 873.7 1,743.7 1,677.2

Store and other operating expenses 308.7 275.2 588.5 541.3

Depreciation and amortization 72.2 66.0 144.3 134.2

Selling, general and administrative 60.5 50.9 117.1 111.0

Accretion of asset retirement obligations 0.9 0.8 1.8 1.7

Total operating expenses 6,501.9 4,785.8 11,116.3 9,222.9

Income (loss) from operations 304.9 219.2 510.1 307.2

Merchandise cost of goods sold 920.5 881.1 2,664.2 2,558.3

Store and other operating expenses 317.9 285.9 906.4 827.2

Depreciation and amortization 75.1 69.9 219.4 204.1

Selling, general and administrative 59.6 55.3 176.7 166.3

Restructuring expense — 12.6 — 12.6

Accretion of asset retirement obligations 1.0 0.9 2.8 2.6

Total operating expenses 6,629.2 4,908.3 17,745.5 14,131.2

Gain (loss) on sale of assets 0.7 — 0.1 1.0 ( 0.3 0.2 )

Income (loss) from operations 260.5 201.8 770.6 509.0

1 unchanged paragraph

Interest expense ( 29.3 ) ( 27.8 ) ( 58.3 ) ( 53.2 )

Total other income (expense) ( 27.3 ) ( 26.7 ) ( 56.3 ) ( 52.8 )

Income before income taxes 277.6 192.5 453.8 254.4

Income tax expense (benefit) 68.5 46.9 108.4 55.6

Net Income $ 209.1 $ 145.6 $ 345.4 $ 198.8

Investment income (expense) 1.0 1.8 0.1 1.3 — 3.1 0.1

Interest expense ( 28.4 ) ( 29.1 ) ( 86.7 ) ( 82.3 )

Other nonoperating income (expense) 1.0 1.0 0.7 ( 0.3 ) 0.6 0.4 1.0

Total other income (expense) ( 26.9 ) ( 28.4 ) ( 83.2 ) ( 81.2 )

Income before income taxes 233.6 173.4 687.4 427.8

Income tax expense (benefit) 57.6 43.5 166.0 99.1

Net Income $ 176.0 $ 129.9 $ 521.4 $ 328.7

1 unchanged paragraph

Basic $ 11.34 $ 7.44 $ 18.69 $ 10.07

Diluted $ 11.27 $ 7.36 $ 18.54 $ 9.95

Basic $ 9.65 $ 6.83 $ 28.30 $ 16.83

Diluted $ 9.59 $ 6.76 $ 28.09 $ 16.64

1 unchanged paragraph

Basic 18,438 19,546 18,478 19,738

Diluted 18,552 19,765 18,628 19,985

Basic 18,249 19,029 18,425 19,525

Diluted 18,360 19,232 18,562 19,758

3 unchanged paragraphs

Consolidated Statements of Comprehensive Income (Loss)

(Millions of dollars) Three Months Ended

September 30, Nine Months Ended

Net income $ 176.0 $ 129.9 $ 521.4 $ 328.7

Other comprehensive income (loss), net of tax

Marketable securities:

Unrealized gain (loss) ( 0.1 ) — ( 0.1 ) —

Other comprehensive income (loss) ( 0.1 ) — ( 0.1 ) —

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

20 unchanged paragraphs

17 unchanged paragraphs

1 unchanged paragraph

and 50 more changes in the filing

Note 1: Description of Business and Basis of Presentation 4 changes

Description of business — Murphy USA Inc. and its consolidated subsidiaries ("Murphy USA", "we", "our", "us", or the "Company") markets refined products through a network of retail gasoline stores and to unbranded wholesale customers. The Company owns and operates a chain of retail stores under the brand names of Murphy USA ® and Murphy Express, most of which are located in close proximity to Walmart stores, and also has a mix of convenience stores with and without retail gasoline that operate under the brand name of QuickChek. ® . At June September 30, 2026, the Company had a total of 1,806 1,808 Company stores of which 1,659 1,662 were branded as Murphy and 147 146 were the QuickChek brand. The Company also has certain fuel supply assets, including product distribution terminals and pipeline positions.

1 unchanged paragraph

In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. The Company does not have any components of comprehensive income; therefore, comprehensive income is equal to net income (loss) reported in the Consolidated Statements of Income for all periods presented.

4 unchanged paragraphs

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements." This ASU is intended to more closely align financial reporting with the economics of some of an entity's risk management activities. The changes are in response to stakeholder feedback from implementing ASU 2017-12 and the effects of LIBOR cessation. The main amendments relate to cash flow hedging, but some of the amendments affect certain fair value and net investment hedges. The amendments will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted, and the amendments are to be applied prospectively. The Company is currently assessing evaluating the impact of the standard on the consolidated financial statements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270)—Narrow-Scope Improvements". This ASU clarifies the interim reporting requirements by improving navigability of Topic 270 and

Note 2: Revenues 1 change

2 unchanged paragraphs

The following tables disaggregate our revenues by major source for the three and six months ended June 30, 2026 and 2025, respectively:

Note 3: Inventories 9 changes

1 unchanged paragraph

Total inventories $ 417.4 $ 413.0

At June 30, 2026 and December 31, 2025, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value for petroleum products by $ 337.0 million and $ 162.6 million, respectively.

(Millions of dollars) June September 30,

Petroleum products - FIFO basis $ 480.1 560.1 $ 305.8

Store merchandise for resale - FIFO basis 258.0 262.7 254.7

Less LIFO reserve ( 337.0 443.4 ) ( 162.6 )

Total petroleum products and store merchandise inventory 401.1 379.4 397.9

Materials and supplies 16.3 18.4 15.1

Total inventories $ 397.8 $ 413.0

Note 4: Marketable Securities 15 changes

1 unchanged paragraph

The Company held no marketable securities at June 30, 2026 or December 31, 2025.

Securities are generally required to have a final maturity of 24 months or less with a weighted average maturity for the portfolio of no longer than 12 months and must have an active secondary market. Investments may include U.S. Treasury bills, notes and bonds, U.S. Agency securities, repurchase agreements, certificates of deposit, institutional, government money market funds that maintain a stable $ 1.00 net asset value, domestic and foreign commercial paper, municipal securities, domestic and foreign debt issued by corporations or financial institutions with the primary objective of minimizing the potential risk of principal loss. The Company determines the classification of its marketable securities based on its investment strategy at the time of purchase. All marketable securities in the periods presented have been classified as available-for-sale.

The amortized cost and carrying value (fair value) of marketable securities and the balance sheet location at September 30, 2026 is provided in the table below. The Company held no marketable securities at December 31, 2025.

(Millions of dollars) Amortized

Available-for-sale securities:

Marketable securities, net

U.S. Government bonds 20.6 — — 20.6

U.S. Corporate bonds 13.6 — ( 0.1 ) 13.5

Investment income receivable 0.1 — — 0.1

Total marketable securities $ 34.3 $ — $ ( 0.1 ) $ 34.2

The amortized cost basis and fair value of the Company's available-for-sale marketable securities, excluding Investment income receivable, at September 30, 2026, by contractual maturity, are as follows:

(Millions of dollars )

Amortized Cost Fair Value

Less than 1 year $ 34.2 $ 34.1

There was no impairment on any available-for-sale marketable securities as of September 30, 2026.

Note 5: Goodwill and Intangible Assets 11 changes

1 unchanged paragraph

(Millions of dollars) June September 30,

1 unchanged paragraph

We amortize intangible assets subject to amortization on a straight-line basis based on the period for which the economic benefits of the asset or liability are expected to be realized. The intangible assets subject to amortization includes pipeline space, which is being amortized over a 40 -year life, and the intangible lease liability acquired from QuickChek that is being amortized over the remaining life of the underlying leases.

Intangible assets subject to amortization at June 30, 2026 and December 31, 2025 consisted of the following:

Remaining Useful Life (in years) June 30, 2026 December 31, 2025 (Millions of dollars) Cost Net Cost Net

Intangible assets subject to amortization:

Pipeline space 29.2 $ 39.6 $ 29.2 $ 39.6 $ 29.7

Intangible lease liability 8.3 ( 9.1 ) ( 5.4 ) ( 9.1 ) ( 5.8 )

Total intangible assets subject to amortization 30.5 23.8 30.5 23.9

Intangible assets not subject to amortization, indefinite lives:

Trade name 115.4 115.4 115.4 115.4

Intangible assets, net of amortization $ 145.9 $ 139.2 $ 145.9 $ 139.3

Note 6: Long-Term Debt 15 changes

1 unchanged paragraph

(Millions of dollars) June September 30,

5.625 % senior notes due 2027 (net of unamortized discount of zero at June 30, 2026 and $ 0.5 at December 31, 2025)

4.75 % senior notes due 2029 (net of unamortized discount of $ 2.0 1.9 at June September 30, 2026 and $ 2.3 at December 31, 2025)

3.75 % senior notes due 2031 (net of unamortized discount of $ 2.9 2.7 at June September 30, 2026 and $ 3.2 at December 31, 2025)

5.875 % senior notes due 2034 (net of unamortized discount of $ 4.9 4.8 at June September 30, 2026)

Term loan due 2032 (effective interest rate of 5.39 5.50 % at June September 30, 2026) net of unamortized discount of $ 0.9 at June September 30, 2026 and $ 1.0 at December 31, 2025

Revolving credit facility, due 2030 (weighted average interest rate of — % at June September 30, 2026 and 5.88 % at December 31, 2025)

2 unchanged paragraphs

On January 29, 2021, MOUSA, issued $ 500 million of 3.75 % Senior Notes due 2031 (the "2031 Senior Notes"). The net proceeds from the issuance of the 2031 Senior Notes were used, in part, to fund the acquisition of QuickChek and other obligations related to that transaction. The 2031 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities. The indenture governing the 2031 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2029 Senior Notes.

On May 27, 2026, MOUSA issued $ 500 million of 5.875 % Senior Notes due 2034 (the "2034 Senior Notes" and, together with the 2029 Senior Notes and the 2031 Senior Notes, the "Senior Notes"). The net proceeds from the issuance of the 2034 Senior Notes were used to fund the redemption in full of the $ 300 million of 5.625 % Senior Notes due 2027 (the "2027 Senior Notes") and to pay down outstanding amounts on its revolving credit facility. The 2034 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities. The indenture governing the 2034 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2029 and 2031 Senior Notes.

The Senior Notes and related guarantees rank equally with all of our and the guarantors' existing and future senior unsecured indebtedness and effectively junior to our and the guarantors' existing and future secured indebtedness (including indebtedness with respect to the Credit Facilities) to the extent of the value of the assets

Unamortized debt issuance costs ( 12.4 11.8 ) ( 11.9 )

Total long-term debt 2,186.1 2,187.5 2,182.6

Less current maturities 19.1 20.1 19.0

Total long-term debt, net of current $ 2,167.0 2,167.4 $ 2,163.6

On September 13, 2019, Murphy Oil USA, Inc. ("MOUSA"), our primary operating subsidiary, issued $ 500 million of 4.75 % Senior Notes due 2029 (the "2029 Senior Notes"). The net proceeds from the issuance of the 2029 Senior Notes were used to fund, in part, the tender offer and redemption of a prior note issuance. The 2029 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities (as defined below). The indenture governing the 2029 Senior Notes contains restrictive covenants that limit, among other things, the ability of the Company, MOUSA, and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities.

Note 7: Asset Retirement Obligations (ARO) 6 changes

The majority of the ARO recognized by the Company at June September 30, 2026 and December 31, 2025 is related to the estimated costs to dismantle and abandon certain of its retail gasoline stores. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation.

1 unchanged paragraph

(Millions of dollars) June September 30,

1 unchanged paragraph

Accretion expense 1.8 2.8 3.4

Settlements of liabilities ( 0.2 0.3 ) ( 1.0 )

Liabilities incurred 0.3 0.4 1.0

Balance at end of period $ 54.4 55.4 $ 52.5

1 unchanged paragraph

Note 8: Income Taxes 18 changes

June 30, Six Months Ended

The pretax income (loss) and income tax expense (benefit), both from continuing operations for the three and six nine months ended June September 30, 2026 and 2025 are as follows:

September 30, Nine Months Ended

1 unchanged paragraph

Income (loss) before income taxes $ 277.6 $ 192.5 $ 453.8 $ 254.4

Income (loss) before income taxes $ 233.6 $ 173.4 $ 687.4 $ 427.8

1 unchanged paragraph

Federal - Current $ 48.5 $ 36.6 $ 71.4 $ 42.7

Federal - Deferred 5.1 1.2 15.1 2.2

State - Current and deferred 14.9 9.1 21.9 10.7

Total income tax expense (benefit) $ 68.5 $ 46.9 $ 108.4 $ 55.6

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three and six months ended June 30, 2026 and 2025, the Company's approximate effective tax rates were as follows:

Three Months Ended June 30, 24.7 % 24.4 %

Six Months Ended June 30, 23.9 % 21.9 %

In the six months ended June 30, 2026, the Company recognized approximately $ 2.3 million of excess tax benefits related to stock compensation for employees and $ 4.6 million of benefit for purchased Federal energy tax credits. For the six months ended June 30, 2025, the Company recognized approximately $ 3.5 million of excess tax benefits related to stock compensation for employees, $ 3.8 million of benefit for purchased Federal energy tax credits and $ 1.3 million in other discrete tax benefits.

As of June 30, 2026, the earliest year remaining open for Federal audits and/or settlement is 2022 and for state audits and/or settlement is 2021. Although the Company believes that recorded liabilities for unsettled issues are

Federal - Current $ 42.6 $ 12.0 $ 114.0 $ 54.7

Federal - Deferred 1.8 22.1 16.9 24.3

State - Current and deferred 13.2 9.4 35.1 20.1

Total income tax expense (benefit) $ 57.6 $ 43.5 $ 166.0 $ 99.1

Note 9: Incentive Plans 6 changes

4 unchanged paragraphs

Assumptions used to value awards:

Dividend yield 0.66 %

Expected volatility 28.9 %

Risk-free interest rate 3.8 %

Expected life (years) 5.1

Stock price at valuation date $ 380.92

Note 10: Financial Instruments and Risk Management 2 changes

DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company's senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange ("NYMEX"). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Income. As of September 30, 2026, all current commodity derivative activity is immaterial.

There were $ 0.6 million cash deposits at September 30, 2026 and nominal cash deposits at December 31, 2025 related to commodity derivative contracts reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets. These cash deposits have not been used to increase the reported net assets or reduce the reported net liabilities on the derivative contracts at September 30, 2026 or December 31, 2025.

Note 11: Earnings Per Share 11 changes

1 unchanged paragraph

For the six months ended June 30, 2026, the Company repurchased 312,087 shares of common stock for an average price of $ 473.40 per share including brokerage fees and excise tax. For the six months ended June 30, 2025, 791,827 shares were repurchased for an average price of $ 458.58 per share.

June 30, Six Months Ended

On May 2, 2023, the Board of Directors approved a share repurchase authorization of up to $ 1.5 billion, excluding excise taxes, that expires which was scheduled to expire on December 31, 2028. As of June 30, 2026, approximately This $ 145.1 million remained under the 2023 1.5 billion authorization was completed in September 2026. On October 29, 2025, the Company announced that the Board of Directors had approved a new share repurchase authorization of up to $ 2.0 billion, excluding excise taxes, to be executed by December 31, 2030. This authorization will commence at The conclusion new authorization commenced upon completion of the existing 2023 authorization.

During the nine months ended September 30, 2026, the Company repurchased a total of 599,189 common shares for approximately $ 305.4 million, at an average price of $ 509.73 per share, including accrued excise taxes. These repurchases included 577,763 common shares for approximately $ 294.2 million, at an average price of $ 509.24 per share, including accrued excise taxes, which completed the 2023 authorization, and 21,426 common shares at an average price of $ 522.96 per share, for approximately $ 11.2 million, including accrued excise taxes, was purchased against the $ 2.0 billion 2025 authorization. For the nine months ended September 30, 2025, 1,361,255 shares were repurchased for approximately $ 584.5 million, at an average price of $ 429.39 per share.

The following tables provide a reconciliation of basic and diluted earnings per share computations for the three and six nine months ended June September 30, 2026 and 2025:

September 30, Nine Months Ended

3 unchanged paragraphs

Net income attributable to common stockholders $ 209.1 $ 145.6 $ 345.4 $ 198.8

Earnings per common share $ 11.34 $ 7.44 $ 18.69 $ 10.07

Net income attributable to common stockholders $ 176.0 $ 129.9 $ 521.4 $ 328.7

Weighted average common shares outstanding (in thousands) 18,438 19,546 18,478 19,738 18,249 19,029 18,425 19,525

Earnings per common share $ 9.65 $ 6.83 $ 28.30 $ 16.83

Note 12: Other Financial Information 10 changes

CASH FLOW DISCLOSURES — Interest paid, net of amounts capitalized, was $ 56.5 87.0 million and $ 50.3 84.5 million for the six-month nine-month periods ended June September 30, 2026 and 2025, respectively. Non-cash investing activities related to the purchase of property, plant and equipment included in accounts payable was $ 43.6 million and $ 37.0 million for the nine-month periods ended September 30, 2026 and 2025, respectively.

2 unchanged paragraphs

Accounts receivable $ ( 103.3 ) $ ( 28.0 )

Inventories ( 4.4 ) 4.1

Income taxes payable 10.7 ( 12.1 )

Accounts receivable $ ( 102.0 ) $ ( 36.0 )

Inventories 15.2 14.4

Prepaid expenses and other current assets ( 5.8 8.6 ) 3.6 3.5

Accounts payable and accrued liabilities 147.2 69.5 188.1 ( 4.7 )

Income taxes payable 37.3 ( 3.4 )

Net (increase) decrease in noncash operating working capital $ 44.4 130.0 $ 37.1 ( 26.2 )

Note 13: Assets and Liabilities Measured at Fair Value 12 changes

1 unchanged paragraph

The Company's available-for-sale marketable securities consist of high quality, investment grade securities from diverse issuers. We value these securities at the closing price in the principal active markets as of the last business day of the reporting period. The fair values of the Company's marketable securities by asset class are described in Note 4 "Marketable Securities" in these consolidated financial statements for the period ended June September 30, 2026. We value the deferred compensation plan assets, which consist of money market and mutual funds, based on quoted prices in active markets at the measurement date. For additional information on deferred compensation plans see also Note 13 "Employee and Retirement Benefit Plans" in the audited consolidated financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K for more information.

At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values. The carrying value of the Company's Cash and cash equivalents, Accounts receivable-trade, Trade accounts payable, and accrued liabilities approximates fair value. See also Note 10 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended June September 30, 2026, for more information.

1 unchanged paragraph

The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, as of June September 30, 2026 and December 31, 2025:

1 unchanged paragraph

Prepaid expenses and other current assets:

Fuel derivative $ — $ — $ 0.8 $ 0.8

Marketable securities, current

U.S. Government bonds $ — $ 20.6 $ — $ 20.6

U.S. Corporate bonds — 13.6 — 13.6

Accounts receivable—trade, less allowance for doubtful accounts:

Fuel futures contracts 0.6 — — 0.6

Deferred compensation plan assets 29.8 28.3 — — 29.8 28.3

2 unchanged paragraphs

Deferred compensation plan liabilities ( 30.9 29.5 ) — — ( 30.9 29.5 )

Note 14: Contingencies 1 change

2 unchanged paragraphs

The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. In connection with these activities, hazardous substances may have

Notes to the financial statements 3 changes

The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. In connection with these activities, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company's control. Under existing laws, the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. With respect to the previously owned refinery properties, Murphy Oil retained those liabilities in the Separation and Distribution agreement that was entered into related to the separation on August 30, 2013. With respect to any remaining potential liabilities, based on information currently available to the Company, the Company believes costs related to these properties will not have a material adverse effect on Murphy USA's net income, financial position or liquidity in a future period.

While it is possible that certain environmental expenditures could be recovered by the Company from other sources, primarily environmental funds maintained by certain states, no assurance can be given that future recoveries from other sources will occur. As such, the Company has not recorded a benefit for likely recoveries at June September 30, 2026, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at one Superfund site. As to the site, the potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at June September 30, 2026. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. Based on information currently available to the Company, the Company believes that its share of the ultimate costs to clean up this site will be immaterial and will not have a material adverse effect on its net income, financial position or liquidity in a future period.

2 unchanged paragraphs

INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $ 1.0 million per occurrence, general liability insurance with a deductible of $ 3.0 million per occurrence, and auto liability insurance with a deductible of $ 0.3 million per occurrence. As of June September 30, 2026, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $ 61.3 62.5 million will be sufficient to cover the related liability and that the ultimate disposition of these claims will have no material effect on the Company's financial position and results of operations.

Note 15: Lease Accounting 1 change

3 unchanged paragraphs

Lessee — We lease land for 484 481 stores, one terminal, and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 103 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Note 17: Restructuring Expenses 3 changes

1 unchanged paragraph

A reconciliation of the changes in the restructuring liability for the six nine months ended June September 30, 2026, is as follows:

3 unchanged paragraphs

Cash payments ( 1.1 1.8 )

1 unchanged paragraph

Balance as of June September 30, 2026

MD&A 2 changes

1 unchanged paragraph

• Results of Operations — This section provides an analysis of our results of operations, including the results of our operating segment for the three and six nine months ended June September 30, 2026 and 2025.

• Capital Resources and Liquidity — This section provides a discussion of our financial condition and cash flows as of and for the three and six nine months ended June September 30, 2026 and 2025. It also includes a discussion of our capital structure and available sources of liquidity.

2 unchanged paragraphs

Business 219 changes

The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA ® and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores in New Jersey and New York that operate under the QuickChek ® brand, comprising our Northeast region. At June September 30, 2026, we had a total of 1,806 1,808 Company stores in 27 states, of which 1,659 1,662 were Murphy branded and 147 146 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals.

4 unchanged paragraphs

The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company's cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q2 Q3 2026, WTI Spot prices experienced increased volatility remained volatile with prices ranging from $70 per barrel to $115 $107 per barrel with an average price of $96 $87 per barrel in Q2 Q3 2026, compared to an average price of $65 $66 per barrel in Q2 Q3 2025. Total fuel contribution (retail fuel margin plus fuel supply results which include Renewable Identification Numbers ("RINs")) was 40.6 37.0 cents per gallon ("cpg") in Q2 Q3 2026, compared to 32.0 30.7 cpg in Q2 Q3 2025.

Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency ("EPA") is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can offset the revenue received for RINs on a company-wide basis either favorably or unfavorably. The Renewable Fuel Standard ("RFS") program continues to be unpredictable and prices received by us for ethanol RINs averaged $2.06 $2.15 per RIN in Q2 Q3 2026 compared to $1.01 $1.07 per RIN in Q2 Q3 2025. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in "Other operating revenues" in the Consolidated Statements of Income.

As of June September 30, 2026, we had $1.5 billion of Senior Notes and a $597.0 $595.5 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. At June September 30, 2026, we had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings, which is currently undrawn. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see "Significant Sources of Capital" in the "Capital Resources and Liquidity" section.

2 unchanged paragraphs

Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and six nine months ended June September 30, 2026, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2026.

The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and fuel supply assets. For additional operating segment information, see Note 22 "Business Segments" in the audited consolidated financial statements for the year ended December 31, 2025 included with our Annual Report on Form 10-K and Note 16 "Business Segments" in the accompanying unaudited consolidated financial statements for the three and six nine months ended June September 30, 2026.

2 unchanged paragraphs

For the three months ended June September 30, 2026, the Company reported net income of $209.1 $176.0 million, or $11.27 $9.59 per diluted share, on revenue of $6.8 $6.9 billion. Net income was $145.6 $129.9 million for the same period in 2025, or $7.36 $6.76 per diluted share, on $5.0 $5.1 billion of revenue. In the current year quarter, the Company experienced higher total fuel and merchandise contribution coupled with the absence of any restructuring expenses compared to the prior year period. This The strong fuel performance was partially offset by increased store and other operating expenses including payment fees, combined with higher income taxes, increased general and administrative expenses, lower merchandise contribution, higher depreciation and amortization and higher interest expense increased general and administrative expenses period over period.

For the six nine months ended June September 30, 2026, the Company reported net income of $345.4 $521.4 million, or $18.54 $28.09 per diluted share, on revenue of $11.6 $18.5 billion. Net income for the same period in 2025 was $198.8 $328.7 million, or $9.95 $16.64 per diluted share, on $9.5 $14.6 billion of revenue. For the year-to-date period, the Company generated higher total fuel and merchandise contribution compared to the same period in 2025, while also benefiting from the absence of restructuring expenses incurred in the prior period. Higher income tax expense, higher payment fees, increased store operating expenses, greater depreciation and amortization, increased general and administrative expenses and higher interest expense partially offset these benefits resulting in higher net income for the 2026 year-to-date period.

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

Revenues for Q2 Q3 2026 increased $1.8 billion, or 36.0%, 34.8%, compared to the same quarter in 2025. The increase in revenues was primarily due to a 37.4% 35.5% increase in the average retail fuel sales price during the quarter in addition to an increase of 3.9% 3.3% in retail fuel volumes, higher fuel supply revenues and a 3.6% 2.9% increase in merchandise sales revenue.

Cost of sales in Q2 Q3 2026 increased $1.7 billion, or 37.9%, 37.7%, when compared to Q2 Q3 2025. In the current-year quarter, the increase was primarily the result of higher fuel cost coupled with higher fuel volumes sold, and which accounted for 97.7% of the increased cost, with the remainder attributable to higher merchandise costs.

Store and other operating expenses increased $33.5 $32.0 million, or 12.2%, 11.2%, in Q2 Q3 2026 compared to Q2 Q3 2025. The increase was primarily due to increases in higher payment fees that are proportionally driven by the increased retail fuel prices, which accounted for approximately two-thirds three-fourths of the increase, and coupled with higher employee related expenses at existing stores combined with increases from net new store operating expenses.

Selling, general and administrative ("SG&A") expenses for Q2 Q3 2026 increased $9.6 $4.3 million, or 18.9%, 7.8%, versus Q2 Q3 2025. The increase in SG&A costs is primarily due to higher employee related expenses and incentive accruals partly offset by lower wages and benefits in the current quarter.

The current-year quarter benefitted from the absence of any restructuring expenses when compared to the prior-year quarter.

Depreciation and amortization expense increased $6.2 $5.2 million in Q2 Q3 2026, or 9.4%, 7.4%, when compared to the same period of 2025, primarily due to the increased number of Murphy branded new stores with larger formats in the quarter.

The effective income tax rate was approximately 24.7% 24.6% for Q2 Q3 2026 compared to 24.4% 25.1% in Q2 Q3 2025.

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

Year-to-date revenues increased $2.1 $3.9 billion, or 22.0%, 26.5%, compared to the same period in 2025. The increase in revenues was due to the result of a 21.4% 26.1% increase in the average retail fuel sales prices, which increased 60 73 cpg, a 3.0% 3.1% increase in retail fuel volumes, higher fuel supply revenues and a 4.3% 3.8% increase in merchandise sales revenue. and higher fuel supply revenues.

Year-to-date cost of sales increased $1.8 $3.5 billion, or 21.7%, 27.3%, compared to the same period in 2025. In the current-year period, the higher costs were primarily due to higher fuel cost, which increased 26.1%, 33.0%, and a 4.0% 4.1% increase in merchandise cost of goods sold.

Year-to-date store and other operating expenses increased $47.2 $79.2 million, or 8.7%, 9.6%, compared to the same period in 2025, primarily due to increases in payment fees, which accounts for over 60% approximately two-thirds of the increase and coupled with higher employee related expenses at existing stores combined with increase in increases from net new store operating expenses.

SG&A expenses for the first six nine months of 2026 increased $6.1 $10.4 million, or 5.5%, 6.3%, compared to the first six nine months of 2025. The increase in SG&A costs is primarily due to higher incentive accruals versus the same period of 2025.

The year-to-date period benefitted from the absence of any restructuring expenses when compared to the prior-year quarter.

Depreciation and amortization expense increased $10.1 $15.3 million, or 7.5%, year-to-date from the same period of 2025 primarily due to the increased number of Murphy branded new stores with larger formats in the period.

The effective income tax rate was approximately 23.9% 24.1% for the six nine months ended June September 30, 2026 versus approximately 21.9% 23.2% for the same period of 2025.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Marketing segment $ 232.8 $ 167.9 $ 394.7 $ 247.0

Corporate and other assets (23.7) (22.3) (49.3) (48.2)

Net Income $ 209.1 $ 145.6 $ 345.4 $ 198.8

Marketing segment $ 199.9 $ 163.9 $ 594.6 $ 410.9

Corporate and other assets (23.9) (34.0) (73.2) (82.2)

Net Income $ 176.0 $ 129.9 $ 521.4 $ 328.7

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

Marketing segment net income for the three months ended June September 30, 2026 was higher compared to the same period in 2025 primarily due to:

2 unchanged paragraphs

• Higher merchandise contribution;

3 unchanged paragraphs

• Higher SG&A expenses;

• Lower merchandise contribution;

1 unchanged paragraph

• Higher SG&A expenses

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

Marketing segment net income for the six nine months ended June September 30, 2026 was higher compared to the same six-month nine-month period in 2025 primarily due to:

3 unchanged paragraphs

• Higher income tax expense;

The items below partially offset the increase in net income in the six-month nine-month period:

1 unchanged paragraph

• Higher income tax expense;

3 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Petroleum product sales $ 5,548.0 $ 3,851.4 $ 9,244.8 $ 7,341.2

Merchandise sales 1,132.1 1,092.4 2,181.3 2,091.8

Other operating revenues 125.9 61.2 199.2 97.3

Total operating revenues 6,806.0 5,005.0 11,625.3 9,530.3

Petroleum product cost of goods sold 5,154.9 3,519.2 8,520.9 6,757.5

Merchandise cost of goods sold 904.7 873.7 1,743.7 1,677.2

Store and other operating expenses 308.6 275.2 588.4 541.2

Depreciation and amortization 65.8 59.6 131.7 121.1

Selling, general and administrative 60.5 50.9 117.1 111.0

Accretion of asset retirement obligations 0.9 0.8 1.8 1.7

Total operating expenses 6,495.4 4,779.4 11,103.6 9,209.7

Income (loss) from operations 311.3 225.6 522.7 320.3

Other income (expense)

Interest expense (1.9) (2.0) (3.9) (3.9)

Total other income (expense) (1.9) (2.0) (3.9) (3.9)

Income (loss) before income taxes 309.4 223.6 518.8 316.4

Income tax expense (benefit) 76.6 55.7 124.1 69.4

June 30, Six Months Ended

Petroleum product sales $ 5,599.1 $ 3,924.7 $ 14,843.9 $ 11,265.9

Merchandise sales 1,155.0 1,122.3 3,336.3 3,214.1

Other operating revenues 135.6 63.0 334.8 160.3

Total operating revenues 6,889.7 5,110.0 18,515.0 14,640.3

Petroleum product cost of goods sold 5,255.1 3,602.6 13,776.0 10,360.1

Merchandise cost of goods sold 920.5 881.1 2,664.2 2,558.3

Store and other operating expenses 317.9 285.8 906.3 827.0

Depreciation and amortization 68.5 63.5 200.2 184.6

Selling, general and administrative 59.6 55.3 176.7 166.3

Accretion of asset retirement obligations 1.0 0.9 2.8 2.6

Total operating expenses 6,622.6 4,889.2 17,726.2 14,098.9

Gain (loss) on sale of assets 0.7 — 0.1 1.0 (0.3) (0.2)

Income (loss) from operations 267.1 220.9 789.8 541.2

Net income (loss) from operations $ 232.8 $ 167.9 $ 394.7 $ 247.0 (Millions of dollars, except revenue per same store sales (in thousands) and store counts) Three Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Other income (expense)

Interest expense (2.0) (2.0) (5.9) (5.9)

5 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

4 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

5 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

and 139 more changes in the filing

Market risk 3 changes

2 unchanged paragraphs

As described in Note 10 "Financial Instruments and Risk Management" in the accompanying unaudited consolidated financial statements, there were short-term commodity derivative contracts in place at June September 30, 2026 to hedge the purchase price of refined products. A 10% increase or decrease in the respective benchmark price of the commodities underlying these derivative contracts would have been immaterial to the Company. Changes in the fair value of these derivative contracts generally offset the changes in the value for an equivalent volume of these products.

We have exposure to interest rate risks related to volatility of our floating rate term loan of $597 $595.5 million and to our revolving credit facility which had no outstanding borrowings at June September 30, 2026. Both of these loans are tied to the Adjusted Term SOFR Rate or Prime Rate which can move in either direction and cause fluctuations in our interest expense recognized in any period and in our cash flows related to interest payments made. We make limited use of interest rate swaps to hedge a portion of our exposure to these rate movements. The acquisition of any interest rate derivatives is undertaken by senior management when appropriate with delegated authority from the appropriate Board level committee. A 10% increase or decrease in the interest rate would have an immaterial impact on the financial statements of the Company at June September 30, 2026.

For additional information about our use of derivative instruments, see Note 14 "Financial Instruments and Risk Management" in our audited consolidated financial statements for the year ended December 31, 2025 included in the Form 10-K and Note 10 "Financial Instruments and Risk Management" in the accompanying unaudited consolidated financial statements for the six nine months ended June September 30, 2026.

Controls and procedures 2 changes

1 unchanged paragraph

Our management has evaluated, with the participation of our principal executive and financial officers, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934) as of the end of the period covered by this report, and has concluded that our disclosure controls and procedures were effective and appropriately allowed for timely decisions regarding required disclosures as of June September 30, 2026.

1 unchanged paragraph

There have been no changes in the Company's internal control over financial reporting during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Legal proceedings 1 change

As of June September 30, 2026, the Company was engaged in a number of legal proceedings, all of which the Company considers routine and incidental to its business. See Note 14 "Contingencies" in the accompanying consolidated financial statements. Based on information currently available to the Company, the ultimate resolution of matters referred to in this Item is not expected to have a material adverse effect on the Company's net income, financial condition or liquidity in a future period.

1 unchanged paragraph

Unregistered sales of stock 9 changes

8 unchanged paragraphs

April 1, 2026 to April 30, 2026 46,521 $ 505.25 46,521 $ 197,846,368

May 1, 2026 to May 31, 2026 34,763 $ 551.40 34,763 $ 178,678,199

June 1, 2026 to June 30, 2026 61,840 $ 542.52 61,840 $ 145,128,699

Three Months Ended June 30, 2026 143,124 $ 532.56 143,124 $ 145,128,699

July 1, 2026 to July 31, 2026 31,170 $ 584.31 31,170 $ 126,915,743

August 1, 2026 to August 31, 2026 153,050 $ 552.49 153,050 $ 42,356,805

September 1, 2026 to September 30, 2026 102,882 $ 518.91 102,882 $ 1,988,970,208

Three Months Ended September 30, 2026 287,102 $ 543.91 287,102 $ 1,988,970,208

1 Terms of the repurchase plan authorized by the Murphy USA Inc. Board of Directors and announced on May 2, 2023 include included authorization for the Company to acquire up to $1.5 billion of its common shares by December 31, 2028, and does not include excise tax on stock repurchases. This 2023 authorization was completed in September 2026. Terms of the repurchase plan authorized by the Murphy USA Inc. Board of Directors and announced on October 29, 2025 included authorization for the Company to acquire up to $2.0 billion of its common shares by December 31, 2030, and does not include excise tax on stock repurchases. Repurchases under the 2025 authorization commenced in September 2026 at the conclusion of the 2023 authorization.