Murphy Usa Inc. · NYSE:MUSA
Murphy Usa — Raymond James 47th Annual Institutional Investors Conference 2026
24 slides from Murphy Usa's conference presentation, March 2026
Slide 1: Murphy USA Investor Deck
Murphy USA Investor Deck Raymond James Institutional Investor Conference March 2026 Murphy USA Inc. 1
Slide 2: Cautionary statement
Cautionary statement This presentation contains forward-looking statements. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those express
Slide 3: Advantaged in a Large Market with Endless Trip Missions
Advantaged in a Large Market with Endless Trip Missions U.S. Convenience Store Count Industry Facts as of December 31, 2025 Large Market • 152K Convenience Stores in the U.S. • 160 Million Transactions per Day • 35% of all Brick-and-Mortar Retail Sales Long Tail • Industry remains highly fragmented
Slide 4: We are Murphy USA
We are Murphy USA Nearly 1,800+ 27 2.0M Locations States Customers per Day Repeatable High-Return Durable EDLP / EDLC Value Proposition for Long- Organic Growth Model Economics Term investors • Store base is transforming • Merch growth is fueled by • Our growth profile is ramping, expanding assortme
Slide 5: Resilient and Proven Strategic Framework
Resilient and Proven Strategic Framework The Strategies that have served us well since 2013 will continue to do so in the future Strategy 2: Strategy 3: Strategy 4: Strategy 1: Strategy 5: Diversify Sustain Cost Create Grow Invest for the Merchandise Leadership Advantage from Organically Long Term M
Slide 6: Building High-Performing New Stores
Building High-Performing New Stores Newest build classes continue to be accretive to chain comparisons Murphy USA NTI Performance 2021-23 MUSA Only Build Classes, 2025 APSM Chain Average 2021-2023 (74 New Stores) $45K $76K $38K $54K $36K $41K $48K $66K Merchandise Fuel Store OpEx Adjusted EBITDA Con
Slide 7: New Formats Expanding Network Impact
New Formats Expanding Network Impact Murphy USA Square Footage Shift 5-Year Comparisons by Store Format +34% 3.4M 4% +111% 30% 2.5M 7% 32% 22% 1.2M 29% 18% 51% 44% 32% 31% 2020 2025 2030E Store Count: 1,505 1,800 ~2,050 Kiosk(1) MUSA 1400 QuickChek MUSA 2800 (1) Kiosk square footage includes walk-up
Slide 8: Cost-Neutral Refresh Elevates Customer Experience
Cost-Neutral Refresh Elevates Customer Experience Refreshed Store Design Opening 2H 2026 Modern Branding – Same EDLP Offer Cleaner, modern look Enhanced internal and Bright and attractive new inside and outside the external lighting and color scheme store signage Murphy USA Inc. 8
Slide 9: Merchandise Mix Evolving with Demand
Merchandise Mix Evolving with Demand Murphy USA Nicotine SOM Strengthen Leadership in Nicotine Categories 2019 vs 2025 Quarterly Average 2019 2025 +25% • Investment focused on Nicotine as a core traffic-driving category 20% • Industry-leading share of combustible products in our markets 16% 9% • Uni
Slide 10: OpEx Growth Driven by New and Bigger Stores
OpEx Growth Driven by New and Bigger Stores 2025 Total Store Operating Expense Growth +5.8% $763M 3.6% 2.2% $721M 2024 Same Store New & Bigger Stores 2025 APSM OpEx 2024 2025 Change $35.0K $36.1K 3.1% Source: MUSA Data Warehouse; Total Store Operating Expense includes all store expenses except for p
Slide 11: Balancing Efficiency and Effectiveness
Balancing Efficiency and Effectiveness Simplify Store Operations Invest in Store Maintenance Home Office Cost Leadership • Driving accountability in • Proactive lifecycle management • Home Office Restructuring achieving impactful goals • Expanding Self-Maintenance • Scaling G&A with store growth • S
Slide 12: Fuel Performance Strong Despite Low Volatility and Prices
Fuel Performance Strong Despite Low Volatility and Prices Gulf Coast Conventional Gasoline Spot Price Price per Gallon by Week since January 2019 4.5 4.0 3.5 3.0 This is what a “low-volatility” environment looks like 2.5 2.0 1.5 1.0 0.5 0.0 2019 2020 2021 2022 2023 2024 2025 2026 Despite the environ
Slide 13: Low Fuel Prices Reduce Price-Seeking Behavior
Low Fuel Prices Reduce Price-Seeking Behavior Relative Impact of Price Changes Price Point Elasticity Model: MUSA APSM Volume Change relative to Current Levels, 2015-2025 Fuel Volume Change Under $2.00 $2.00 to $2.20 $2.20 to $2.40 $2.40 to $2.60 $2.60 to $2.80 $2.80 to $3.00 $3.00 to $3.20 $3.20 to
Slide 14: Competitors Increasing Their Presence
Competitors Increasing Their Presence Relevant Competitive Entry in MUSA States Year over Year Store Count Change of Major Convenience Stores(1) Competitive Intrusion: -5 20 ~600 Stores opened within 3 Miles since 2020 (1) Major Convenience Stores includes # of Chain Stores opening within 3 Miles of
Slide 15: Predictable Patterns in Market Evolution
Predictable Patterns in Market Evolution Markets in Motion The Ebbs and Flows of Markets: Tracking market evolution over time Emerging Phase Stabilizing Phase Maturing Phase • Market expands with • Volumes normalize as new capacity and • Volumes steady with post-entry disruption customer options pre
Slide 16: Market Evolution Amplifies Scale-Driven Value
Market Evolution Amplifies Scale-Driven Value Markets in Motion The Impact of Markets Evolution by Phase 140% MUSA Fuel Contribution 120% Year Prior to Competitive Entry 100% 80% % Change vs. 60% 40% 20% C-Store Foot Traffic 0% MUSA Fuel -20% Volume -1 0 1 2 3 4 5 6 # of Years Since Competitive Intr
Slide 17: Supply Assets Support a High-Volume Operating Model
Supply Assets Support a High-Volume Operating Model Ratability Proprietary Positions & Wholesale Contracts Capabilities Pipeline Positions Sustainability Diesel Price Signs Terminals (Owned & 3 rd Party) Logistics Capabilities Network Optimization Low Cost Murphy USA Inc. 17
Slide 18: Growth and Returns Create Shareholder Value Since Spin
Growth and Returns Create Shareholder Value Since Spin Adjusted EBITDA By Year, In Millions $1,191 $1,059 $1,007 $1,019 $828 $723 $423 2019 2020 2021 2022 2023 2024 2025 Shares Outstanding By Year, In Millions -60% 46.8 30.5 27.2 24.9 21.7 20.8 20.0 18.8 2013 Spin 2019 2020 2021 2022 2023 2024 2025
Slide 19: Build, Optimize and Innovate to Drive Future Value
Build, Optimize and Innovate to Drive Future Value MUSA EBITDA Contribution Base Growth Drivers $ in Billions Base (SS+NTIs) Upside Grow Organically Targeting 2.5-3.5% new stores per year +7% $1.29 Diversify Merch Mix $1.23 $1.15 ~4% annual margin growth $1.08 $1.00 Sustain Cost Leadership Position
Slide 20: Our ABC's Drive Our Core Strategies
Our ABC’s Drive Our Core Strategies The Strategies that have served us well since 2013 will continue to do so in the future Strategy 2: Strategy 3: Strategy 4: Strategy 1: Strategy 5: Diversify Sustain Cost Create Grow Invest for the Merchandise Leadership Advantage from Organically Long Term Mix Po
Slide 21: Appendix
Appendix a IY Murphy USA Inc. “7
Slide 22: 2026 Guidance
2026 Guidance 2025 Updated Guidance Metrics 2025 Actual Results 2026 Guidance Range Guidance Range Organic Growth New Stores 45 or more 51 45 to 55 Raze and Rebuilds 23 to 24 23 Up to 30 Fuel Contribution Retail fuel volume per store (K gallons APSM) 235 to 237 236 233 to 237 New: Retail fuel volume
Slide 23: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Full-Year 2019 to 2025 – GAAP to non-GAAP Reconciliation Year Ended December 31, (Millions of dollars) 2019 2020 2021 2022 2023 2024 2025 Net Income $ 154.8 $ 386.1 $ 396.9 $ 672.9 $ 556.8 $ 502.5 $ 470.6 Income taxes 47.6 123.0 125.0 210.9 177.6 149.1 138.6 I
Slide 24: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Full-Year 2026 to 2030 – GAAP to non-GAAP Reconciliation Base (SS + NTI) Only 2026 2027 2028 2029 2030 (Billions of dollars) Net Income $0.44 $0.46 $0.47 $0.48 $0.49 Income taxes 0.15 0.15 0.16 0.16 0.17 Interest expense, net of interest income 0.12 0.12 0.12
Murphy USA — Raymond James 47th Annual Institutional Investors Conference 2026 on 6ix