Murphy USA operates over 1,800 locations across 27 states, serving nearly 2.0 million customers daily. The company is accelerating its new store program, with new builds continuing to be accretive to chain comparisons and driving returns above business case expectations. Merchandise growth is fueled by expanding assortment and new store initiatives, with a focus on diversifying the mix to non-nicotine categories while strengthening leadership in nicotine. Total Store Operating Expense grew by 5.8% in 2025 to $763 million, driven by new and bigger stores, with APSM OpEx increasing 3.1% to $36.1K. Fuel performance remained strong in 2025, growing volume by 28 million gallons and holding margins flat despite a low volatility and price environment. The company provided 2026 guidance including 45 to 55 new stores, up to 30 raze and rebuilds, retail fuel volume per store (APSM) of 233 to 237K gallons, merchandise contribution of $890 to $900 million, and capital expenditures of $475 to $525 million. Projected Adjusted EBITDA (Base SS+NTIs) is $1.00 billion for 2026, growing to $1.12 billion by 2030.