墨菲美国 2025年度报告

PASSINGTHEBATON 2 0 2 5A N N U A L R E P O R T A N D2 0 2 6P R O X YS T A T E M E N T FINANCIAL HIGHLIGHTS LETTER TO SHAREHOLDERSPASSING THE BATON This year marks an important transition for Murphy USA,both for me personally and for the entire organization.When Andrew Clyde passed me the baton after 13 yearsof extraordinary leadership, I was humbly reminded, yethighly aware, of the unique strengths of this company: aproven and durable strategy that appeals to customers andinvestors alike, a culture built on discipline and collaboration,and a team with an unwavering commitment to serving ourcustomers. It is a privilege to lead Murphy USA into its nextchapter, and I am grateful for the strong foundation that hasbeen established as we continue our journey forward. To help drive thatcultural change, wehave introduced whatwe call our “ABC’s ofSuccess” to the team. Accountability:Being accountableto each other, to ourstores, to our customersand to our shareholders,Balance:Maintaining discipline in our processes but allowing the freedom to move quickly,Curiosity:As the spark that enables innovation, curiositykeeps us engaged and excited, and encouraging thatbehavior will help us learn and become stronger over time. A new CEO often brings change to an organization andinevitably, investors question how that change will impacttheir view of a company’s value creation potential. In ourcase, the better question to ask, one which I addressed inour fourth quarter 2025 earnings call, is “What will stay thesame”? As a Murphy USA investor, you will be pleased tohear that the fundamental strategies that have generatedour prior success all remain rooted firmly in place. This business has proven durable and able to deliver resultsduring periods of economic turmoil in the past. Today, thebusiness is even better prepared to withstand volatility.No doubt the events of the past few months have remindedus all how fragile the commodity ecosystem is that holdsthe world together and how interdependent and reliantwe are on a stable supply chain with unimpeded logistics.Nevertheless, as conditions normalize, we expect theMurphy USA model to benefit from the improvements wehave made to optimize performance, while better servingour value-seeking customers with low prices on the productsthey buy from us every day. As long as we remain focusedon delivering value to the customer, combined with acompelling shopping experience, Murphy USA will prosper. Our Every Day Low Price value proposition resonates withour customers and that will stay the same. Our continuousimprovement mindset that compels us to always make thebusiness better will stay the same. We will continue toinvest in high-quality organic growth, building new storesand growing our real estate pipeline to usher in the nextdecade of network expansion. Further, our commitmentto a balanced capital allocation program, leveragingour significant free cash flow to help generate long-termshareholder value, will also stay the same. These bedrockstrategies and principles do not need to be reinvented;they have stood the test of time and delivered shareholdervalue across a wide range of operating environments. As the baton is passed to a well-conditioned, energeticand engaged leadership team ready for the next leg ofthe race, we remain grounded in the principles that haveguided our success. We are confident in our ability togrow the network and find more ways to improve thebusiness. With a strong foundation and proven strategy,Murphy USA is prepared to deliver ongoing value for ourcustomers, our employees, and you — our shareholders. As CEO, receiving the leadership baton at this stage inour corporate lifecycle, my role is to ensure continuity andmaintain focus on executing our core strategies. At thesame time, I want to instill the company with fresh energy,enabling proven leaders to introduce more innovation, agilityand flexibility into the business. To achieve this outcome,we are refreshing the company culture and organizationalstructure, challenging ourselves to create a more nimbleand innovative work environment, while maintaining ourrelentless focus on delivering results. We are exploringnew technology, enhancing customer engagement, andempowering our people to think creatively about howwe serve customers and strengthen our business. Thank you for your trust and support. Our commitment to organic growth remainsour most powerful driver of shareholdervalue. We are building high-performingnew stores in strong markets, enhancingthe quality and attractiveness of ournetwork, winning with new customersand expanding our market share. In 2025, we added 43 net new stores,growing the network to 1,800 stores. Wealso completed 23 raze and rebuilds, whichtransforms a kiosk into a higher-performing1,400 square foot store. New stores remainthe primary driver of our growth strategy,bolstered by a high-quality, multi-yeardevelopment pipeline. We plan to openbetween 45 and 55 new stores in 202