Murphy USA Inc. reported a decline in financial performance for the first quarter of 2025, with net income of $53.2 million, or $2.63 per diluted share, compared to $66.0 million, or $3.12 per diluted share, in the same period of 2024. Total operating revenues decreased to $4.5 billion from $4.8 billion year-over-year, primarily driven by a 6.0% drop in retail fuel sales prices and a 1.9% decrease in fuel sales volumes. The company's total fuel contribution increased slightly to $287.3 million, reflecting higher retail fuel margins, while merchandise sales remained stable at approximately $999.4 million.
In terms of operational metrics, Murphy USA's total retail fuel contribution rose by 0.4% compared to the previous year, attributed to improved retail fuel margins, which increased to 23.7 cents per gallon from 21.7 cents. However, the company faced challenges with higher store operating expenses, which rose by 5.6% due to increased employee-related costs and maintenance expenses. Additionally, depreciation and amortization expenses increased by 16.2%, reflecting the impact of new store formats and technology investments.
Strategically, Murphy USA continues to expand its footprint, operating a total of 1,761 stores across 27 states as of March 31, 2025, with 1,607 branded as Murphy and 154 under the QuickChek brand. The company has also been active in its share repurchase program, buying back 321,119 shares for approximately $151.2 million during the quarter, with $787.8 million remaining under its $1.5 billion repurchase authorization.
Looking ahead, Murphy USA anticipates capital expenditures for 2025 to range between $450 million and $500 million, focusing on new store construction and maintenance capital. The company expects to fund these initiatives primarily through operating cash flow, supplemented by borrowings under its revolving credit facility. Following a recent refinancing of its credit agreement, Murphy USA has access to a $750 million revolving credit facility, which it plans to utilize for working capital and other corporate purposes. The company remains optimistic about its growth prospects, particularly in expanding its food and beverage offerings within its retail network.
About Murphy USA Inc.
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