8-K: Murphy USA Releases Preliminary Q2 Operational Update Ahead of Investor Conferences

Murphy USA Inc. released preliminary second quarter-to-date operational metrics, including fuel margins, sales volumes, and merchandise performance, ahead of upcoming investor conferences.

Summary

• Second Quarter-To-Date (QTD) 2025 (April 1st to May 31st) all-in fuel margins were 31.7 cents, with retail margins at 29.6 cents.
• Total fuel volumes increased by 0.5% QTD 2025 compared to QTD 2024, but same store sales (SSS) fuel volumes decreased by 1.1%.
• Total merchandise sales were up 1.1% and total merchandise margin contribution dollars increased by 0.3% QTD 2025.
• On a SSS basis, nicotine sales were down 0.9% and margins down 0.1%, while non-nicotine sales were down 0.7% and margins down 2.5% QTD 2025.
• Operating expense was up 2.8% on an Average Per Store Month (APSM) basis QTD 2025.
• The company currently has 22 New to Industry (NTI) stores and 18 Raze and Rebuilds (R&R) under construction.

Sentiment

Score: 4

Explanation: The sentiment is mixed. While total sales and volumes show growth, same-store sales declines across fuel and merchandise categories, coupled with rising operating expenses, indicate underlying challenges. The ongoing store construction is a positive for future growth.

Positives

• Overall total fuel volumes increased by 0.5% QTD 2025.
• Total merchandise sales increased by 1.1% QTD 2025.
• Total merchandise margin contribution dollars increased by 0.3% QTD 2025.
• Ongoing expansion with 22 New to Industry stores and 18 Raze and Rebuilds currently under construction, indicating future growth.

Negatives

• Same store sales (SSS) fuel volumes decreased by 1.1% QTD 2025.
• Nicotine sales on a SSS basis were down 0.9% and nicotine margins were down 0.1% QTD 2025.
• Non-nicotine sales on a SSS basis were down 0.7% and non-nicotine margins were down 2.5% QTD 2025.
• Operating expense increased by 2.8% on an APSM basis QTD 2025.

Future Outlook

Murphy USA is actively expanding its retail footprint with 22 new-to-industry stores and 18 raze and rebuild projects currently under construction, indicating continued growth initiatives.

Management Comments

• Murphy USA is issuing this operational update in advance of executive attendance at two investor conferences in June, providing preliminary second quarter-to-date performance metrics to facilitate investor discussions.

Industry Context

The document provides specific company operational metrics without broader industry context or trends. It focuses solely on Murphy USA's performance within the gasoline and convenience retail sector.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to assess against global benchmarks or industry standards.

Stakeholder Impact

• Shareholders: The operational update provides key performance indicators that will influence investment decisions and potentially the stock price.
• Employees: The company's continued expansion with new store construction suggests stable or growing employment opportunities.
• Customers: The expansion of the store network (NTI and R&R) indicates improved access and modernized facilities for customers.
• Suppliers: Increased sales volumes and new store construction could lead to increased demand for goods and services from suppliers.
• Creditors: The operational performance and expansion plans could influence the company's creditworthiness and ability to service debt.

Next Steps

• Murphy USA executives will attend the Jefferies Consumer Conference on June 18, 2025.
• Murphy USA executives will attend the JP Morgan Energy, Power, Renewables, and Mining Conference on June 24, 2025.
• Continue construction of 22 New to Industry stores and 18 Raze and Rebuild projects.

Key Dates

Keywords

Murphy USA, MUSA, Operational Update, Q2 2025, Fuel Margins, Merchandise Sales, Same Store Sales, Convenience Store, Gasoline Retail, SEC Filing, 8-K