Murphy USA Inc 2025年季度报告

For the quarterly period endedMarch31, 2025OR For the transition period from _______________ to _______________ 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 revisedfinancial 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 March31, 2025 was19,761,644. Item 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market Risk 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. In addition, we operatenon-fuel convenience stores in select markets. The Company owns and operates a chain of retail stores under the brand names of Murphy USAand Murphy Express, most of which are located in close proximity to Walmart stores, and also has a mix of conveniencestores with and without retail gasoline that operate under the brand name of QuickChek. At March31, 2025, the Company had a totalof1,761Company stores of which1,607were branded as Murphy and154were the QuickChek brand. The Company also has certainproduct supply and wholesale assets, including product distribution terminals and pipeline positions.®® Basis of Presentation— Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued100shares of common stock, par value $0.01per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of100% of the common stock of Murphy USA to holders ofMurphy Oil stock.Murphy USA Inc., Murphy Oil USA, Inc. and certain of its subsidiaries operate on a calendar year basis, while the 2024, the QuickChek results covered the period December30, 2023 to March29, 2024. The difference in timing of the period ends isimmaterial to the overall consolidated results.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 andthe disclosure of contingent assets and liabilities. Actual results may differ from these estimates. These interim consolidated financial statements should be read together with our audited financial statements for the years endedDecember 31, 2024, 2023 and 2022, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securitiesand Exchange Commission under the Securities Exchange Act of 1934 on February20, 2025. In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures." This ASU intends to enhance incometaxdisclosures,under Topic 740,to address investor requests for more transparency about income tax information throughimprovementsto income tax disclosures primarily related to the rate reconciliation and income taxes paid information.The amendments should be applied on a prospective basis, with retrospective application permitted. The Company has determined thiswill not have a material impact on the Company's consolidated financial statements. future cash flows, and comparability over time and with other entities. The primary goal is to improve the decision-usefulness ofexpense information on public companies’ income statements through disaggregation of relevant expense captions in the notes to the 7 either prospectively or retrospectively. The Company is assessing the impact of the standard on the Company's consolidated financialstatements.Note2 —Revenues The following tables disaggregate our revenues by major source for the three months ended March31, 2025 and 2024, respectively: (Millions of dollars)Petroleum product sales Petroleum product sales(at wholesale)334.9—334.9384.1—Total petroleum product sales3,489.8—3,489.83,811.7—Merchandise sales999.4—999.41,000.7—1 Total revenues$4,525.3$0.1$4,525.4$4,843.6$0.1$Includes excise and sales taxes that remain eligible for inclusion under Topic 606Primarily includes collection allowance on excise and sales taxes combined with other miscellaneous items Petroleum product sales (at retail).For our retail store locations, the revenue related to petroleum product sales is recognized as the With respect to merchandise sales revenue we must determine whether we are the principal or agent for some categories ofmerchandise such as scratch-off lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off gross basis. We have some categories of merchandise (such as lot