Slide 1: Murphy USA Investor Deck 2025
Murphy USA Investor Deck 2025 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: We are Murphy USA
We are Murphy USA 1,760+ 27 2.0M+ Locations States Customers per Day Transformational investments positioning us to win in any …enabling future shareholder make our business better… environment… value creation Murphy USA Inc. 3
Slide 4: The Murphy USA strategies are foundational and resilient
The Murphy USA strategies are foundational and resilient From 2014 Murphy Analyst Day 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 Position Market Volatility Strength: Str
Slide 5: Transformative investments make our business better
Transformative investments make our business better Key Initiatives Since Spin Raising our potential • Digital Transformation Enhanced Overall Competitiveness • In-Store Experience • Retail Pricing • Store Productivity Excellence Excellence • Advantaged Fuel Endeared Supply Customer Loyalty • Format
Slide 6: A demonstrated ability to win in evolving environments
A demonstrated ability to win in evolving environments Environment – “Accelerators” • 50% COVID Demand Shock • Doubling of Industry Fuel Margins • Record Fuel Price Volatility MUSA Outcome • Disintegration of the Refiner / Marketer Model • Maintained / Grew Share with EDLP Pricing Strategy • Rampant
Slide 7: Enhanced capabilities reinforce the virtuous cycle
Enhanced capabilities reinforce the virtuous cycle Murphy USA Fuel Volume vs. OPIS Market and MUSA Margin Vicious Cycle of the Marginal Per-Store Fuel Volume vs. Same-Quarter 2019; CPG Convenience Store Retailer MUSA Vol % OPIS Vol % MUSA CPG 99 98 96 93 95 90 86 85 81 78 34.3 31.4 30.5 25.2 26.3 20
Slide 8: Expanding our reach and enhancing our network
Expanding our reach and enhancing our network NTIs exceeding expectations Larger formats expanding offer R&R and remodels enriching base Murphy USA NTI Performance Murphy USA Store Type Shift Trend Murphy USA Format Comparison 2021-23 MUSA Only Build Classes, 2024 APSM Square Footage by Year 2024 AP
Slide 9: Generating cash flow to enable effective capital allocation
Generating cash flow to enable effective capital allocation Resilient earnings stream in each environment faced Shareholder returns well above major indices Adjusted EBITDA Cumulative Shareholder Return By Year, In Millions As of 12/31/2024 MUSA $1,191 S&P 500 1,222% $1,059 $1,007 $1,060 Russell 200
Slide 10: Leading to a proven, winning playbook
Leading to a proven, winning playbook 1 Highly Productive, Low-Cost Stores 2 Structurally Resilient Fuel Margin Cents 21.2 17.3 -4.8 Ramp from increasing Per 31.5 -3.3 -1.3 NTIs creates an Gallon asynchronous impact to -1.0 15.6 Fuel Breakeven; Cents Steady State Gap +0.3 Gap Fuel MC$ Payment Non-Di
Slide 11: Delivering exceptional shareholder value
Delivering exceptional shareholder value MUSA High and Low Closing Share Price with Annual Our 2028 Target Remains Average by Year Since Spin 4-year view As of 2/28/2025 $600 2028 $555 Target High $516 $500 Avg EBITDA $486 ~$1,300 (M) Low $461 $446 Shares $400 $379 ~17 (M)(1) $318 $353 $300 $305 Mul
Slide 12: Appendix
Appendix a IY Murphy USA Inc. “7
Slide 13: 2025 Guidance
2025 Guidance Guidance Metrics 2024 Guidance Range 2024 Actual Results 2025 Guidance Range Organic Growth New Stores 30-35 32 Up to 50 Raze and Rebuilds More than 40 47 Up to 30 Fuel Contribution Retail fuel volume per store (K gallons APSM) 240 to 245 241 240 to 245 Store Profitability Merchandise
Slide 14: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Full-Year 2019 to 2024 – GAAP to non-GAAP Reconciliation Year Ended December 31, (Millions of dollars) 2019 2020 2021 2022 2023 2024 Net Income $ 154.8 $ 386.1 $ 396.9 $ 672.9 $ 556.8 $ 502.5 Income taxes 47.6 123.0 125.0 210.9 177.6 149.1 Interest expense, ne
Slide 15: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation 2025 Mid-Point and 2028 Target – GAAP to non-GAAP Reconciliation 2025 2028 Mid-Point Target (Millions of dollars) Net Income $516 $662 Income taxes 163 210 Interest expense, net of interest income 105 105 Depreciation and amortization 275 322 Other operating a