Murphy USA Inc. (NYSE:MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and six months ended June 30, 2025.

Key Highlights:

Net income was $145.6 million, or $7.36 per diluted share, in Q2 2025 compared to net income of $144.8 million, or $6.92 per diluted share, in Q2 2024.
Total fuel contribution for Q2 2025 was 32.0 cpg, compared to 31.7 cpg in Q2 2024.
Total retail gallons decreased 0.2%, and volumes on a same store sales ("SSS") basis declined 3.2%, in Q2 2025 compared to Q2 2024.
Merchandise contribution dollars for Q2 2025 increased 1.0% to $218.7 million on average unit margins of 20.0%, compared to Q2 2024 contribution dollars of $216.5 million on unit margins of 20.0%.
During Q2 2025, the Company repurchased approximately 470.7 thousand common shares for $211.9 million at an average price of $450.25 per share.
The Company paid a quarterly cash dividend of $0.50 per share, or $2.00 per share on an annualized basis, on June 2, 2025, a 2.0% increase from March of 2025, for a total cash payment of $9.8 million.

"Second quarter results highlighted the resiliency of Murphy USA's advantaged model, delivering stronger financial results despite relatively low fuel price volatility and slightly weaker customer traffic," said President and CEO Andrew Clyde. "Supply margins improved modestly in the second quarter, driving all-in fuel margins of 32 cents per gallon, up 30 basis points versus the prior-year quarter. We remain focused on store profitability, as evidenced by favorable sequential and y-o-y comparisons in store operating expenses and general and administrative costs. Our NTI store program is gaining momentum, and we are poised to deliver 50 new stores over the next 12 month period, which will help drive EBITDA growth into 2026 and beyond."

Consolidated Results

	Three Months Ended June 30,				Six Months Ended June 30,
Key Operating Metrics		2025		2024		2025		2024
Net income (loss) ($ Millions)	$	145.6	$	144.8	$	198.8	$	210.8
Earnings per share (diluted)	$	7.36	$	6.92	$	9.95	$	10.02
Adjusted EBITDA ($ Millions)	$	286.0	$	278.6	$	443.4	$	442.9

Both Net income and Adjusted EBITDA for Q2 2025 were improved versus the prior-year quarter. Contribution for both fuel and merchandise were higher in the current year quarter and general and administrative expenses, payment fees, and income taxes were each lower in the current year quarter. These benefits were partially offset by higher depreciation and amortization, higher store operating expenses, and higher interest expense resulting in higher net income for Q2 2025 versus the prior-year. Adjusted EBITDA was $7.4 million higher in the current-year quarter.

Fuel

	Three Months Ended June 30,						Six Months Ended June 30,
Key Operating Metrics		2025			2024			2025			2024
Total retail fuel contribution ($ Millions)	$	359.1		$	365.2		$	626.8		$	615.2
Total PS&W contribution ($ Millions)		(25.9	)		(3.8	)		(41.2	)		2.9
RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions)		59.8			28.9			94.7			58.3
Total fuel contribution ($ Millions)	$	393.0		$	390.3		$	680.3		$	676.4
Retail fuel volume - chain (Million gal)		1,229.3			1,231.6			2,360.5			2,384.7
Retail fuel volume - per store (K gal APSM)¹		241.6			247.2			231.4			238.6
Retail fuel volume - per store (K gal SSS)²		239.3			244.3			229.7			235.7
Total fuel contribution (cpg)		32.0			31.7			28.8			28.4
Retail fuel margin (cpg)		29.2			29.7			26.6			25.8
PS&W including RINs contribution (cpg)		2.8			2.0			2.2			2.6

¹Average Per Store Month ("APSM") metric includes all stores open through the date of calculation
²2024 amounts not revised for 2025 raze-and-rebuild activity

Total fuel contribution dollars of $393.0 million increased $2.7 million, or 0.7%, in Q2 2025 compared to Q2 2024 primarily due to higher total fuel contribution margins partially offset by lower retail fuel volumes sold during the quarter. Retail fuel contribution dollars decreased $6.1 million, or 1.7%, to $359.1 million compared to Q2 2024 due to lower retail fuel margins combined with slightly lower volumes sold. In Q2 2025, retail fuel margins were 29.2 cpg, a 1.7% decrease versus the prior-year quarter, and overall retail volumes were 0.2% lower compared to the prior-year quarter. PS&W contribution including RINs increased $8.8 million when compared to Q2 2024, primarily due to timing of inventory movements and pricing impacts related to market conditions.

Merchandise

	Three Months Ended June 30,						Six Months Ended June 30,
Key Operating Metrics		2025			2024			2025			2024
Total merchandise contribution ($ Millions)	$	218.7		$	216.5		$	414.6		$	408.1
Total merchandise sales ($ Millions)	$	1,092.4		$	1,080.4		$	2,091.8		$	2,081.1
Total merchandise sales ($K SSS)^1,2	$	210.5		$	211.3		$	201.5		$	203.2
Merchandise unit margin (%)		20.0	%		20.0	%		19.8	%		19.6	%
Nicotine contribution ($K SSS)^1,2	$	20.0		$	20.0		$	19.3		$	19.2
Non-nicotine contribution ($K SSS)^1,2	$	22.8		$	22.8		$	21.3		$	21.1
Total merchandise contribution ($K SSS)^1,2	$	42.8		$	42.8		$	40.6		$	40.3

¹2024 amounts not revised for 2025 raze-and-rebuild activity
²Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s)

Total merchandise contribution increased $2.2 million, or 1.0%, to $218.7 million in Q2 2025 compared to the prior-year quarter, primarily driven by higher overall merchandise sales volumes. Total nicotine contribution dollars increased 1.4% and non-nicotine contribution dollars increased 0.6% in Q2 2025 compared to Q2 2024.

Other Areas

	Three Months Ended June 30,				Six Months Ended June 30,
Key Operating Metrics		2025		2024		2025		2024
Total store and other operating expenses ($ Millions)	$	275.2	$	269.9	$	541.3	$	522.0
Store OPEX excluding payment fees and rent ($K APSM)	$	36.1	$	35.5	$	35.6	$	34.4
Total SG&A cost ($ Millions)	$	50.9	$	59.1	$	111.0	$	121.2

Total store and other operating expenses were $5.3 million higher in Q2 2025 versus Q2 2024, mainly due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores. Store OPEX excluding payment fees and rent on an APSM basis were 1.7% higher versus Q2 2024, primarily attributable to increased employee related expenses and maintenance costs. Total SG&A costs for Q2 2025 were $8.2 million lower than Q2 2024, primarily due to lower professional fees, lower incentive costs and lower employee related costs in the period.

Store Openings

The tables below reflect changes in our store portfolio in Q2 2025:

Net Change in Q2 2025	Murphy USA / Express		QuickChek		Total
New-to-industry ("NTI")	5		1		6
Closed	—		(1	)	(1	)
Net change	5		—		5

Raze-and-rebuilds reopened in Q2*	9		—		9

Under Construction at End of Q2
NTI	25		—		25
Raze-and-rebuilds*	14		—		14
Total under construction at end of Q2	39		—		39

Net Change YTD in 2025
NTI	13		1		14
Closed	(2	)	(3	)	(5	)
Net change	11		(2	)	9

Raze-and-rebuilds reopened YTD*	9		—		9

Store count at June 30, 2025*	1,612		154		1,766

*Store counts include raze-and-rebuild stores

Financial Resources

	As of June 30,
Key Financial Metrics		2025		2024
Cash and cash equivalents ($ Millions)	$	54.1	$	79.8
Marketable securities, current ($ Millions)	$	—	$	4.5
Marketable securities, non-current ($ Millions)	$	—	$	3.0
Long-term debt, including finance lease obligations ($ Millions)	$	2,066.7	$	1,781.4

As of June 30, 2025, cash balances totaled $54.1 million. Long-term debt consisted of approximately $299.1 million in carrying value of 5.625% senior notes due 2027, $496.9 million in carrying value of 4.75% senior notes due 2029, $495.7 million in carrying value of 3.75% senior notes due 2031, and $584.4 million of term debt due 2032, combined with approximately $102.6 million in long-term finance leases. In addition, long-term debt included $88.0 million in outstanding borrowings under the $750 million revolving credit facility due 2030.

Three Months Ended

June 30,

Six Months Ended

June 30,

Key Financial Metric

2025

2024

2025

2024

Average shares outstanding (diluted) (in thousands)

19,765

20,922

19,985

21,043

At June 30, 2025, the Company had common shares outstanding of 19,292,355. Common shares repurchased during the quarter were approximately 470.7 thousand shares for $211.9 million. As of June 30, 2025, approximately $578.0 million remained available under the existing $1.5 billion 2023 authorization.

The effective income tax rate was approximately 24.4% for Q2 2025 compared to 25.1% in Q2 2024.

The Company paid a quarterly cash dividend on June 2, 2025 of $0.50 per share, or $2.00 per share on an annualized basis, a 2.0% increase from March of 2025, for a total cash payment of $9.8 million. The total amount paid in dividends year-to-date is $19.6 million, or $0.99 per share.

Earnings Call Information

The Company will host a conference call on July 31, 2025 at 10:00 a.m. Central Time to discuss second quarter 2025 results. The call can be accessed via webcast through the Investor Relations section of the Murphy USA website at https://ir.corporate.murphyusa.com. If you are unable to attend via webcast, the conference call number is 1 (888) 330-2384 and the conference ID number is 6680883. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (https://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.

Source: Murphy USA Inc. (NYSE:MUSA)

Forward-Looking Statements

This news release contains certain statements or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings and associated capital expenditures, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, manage disruptions in our supply chain and our ability to control costs; geopolitical events, such as evolving international trade policies and the imposition of reciprocal tariffs and the conflicts in the Middle East, that impact the supply and demand and price of crude oil; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic and any governmental response thereto; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future nicotine or e-cigarette legislation and any other efforts that make purchasing nicotine products more costly or difficult could hurt our revenues and impact gross margins; our ability to successfully expand our food and beverage offerings; efficient and proper allocation of our capital resources, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form 10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Murphy USA Inc.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(Millions of dollars, except share and per share amounts)		2025			2024			2025			2024
Operating Revenues
Petroleum product sales¹	$	3,851.4		$	4,340.5		$	7,341.2		$	8,152.2
Merchandise sales		1,092.4			1,080.4			2,091.8			2,081.1
Other operating revenues		61.2			30.8			97.4			62.1
Total operating revenues		5,005.0			5,451.7			9,530.4			10,295.4

Operating Expenses
Petroleum product cost of goods sold¹		3,519.2			3,980.2			6,757.5			7,536.3
Merchandise cost of goods sold		873.7			863.9			1,677.2			1,673.0
Store and other operating expenses		275.2			269.9			541.3			522.0
Depreciation and amortization		66.0			59.3			134.2			118.0
Selling, general and administrative		50.9			59.1			111.0			121.2
Accretion of asset retirement obligations		0.8			0.8			1.7			1.6
Total operating expenses		4,785.8			5,233.2			9,222.9			9,972.1

Gain (loss) on sale of assets		—			(1.4	)		(0.3	)		(1.0	)
Income (loss) from operations		219.2			217.1			307.2			322.3

Other income (expense)
Investment income (expense)		0.1			0.9			—			2.1
Interest expense		(27.8	)		(24.9	)		(53.2	)		(49.8	)
Other nonoperating income (expense)		1.0			0.1			0.4			0.5
Total other income (expense)		(26.7	)		(23.9	)		(52.8	)		(47.2	)

Income before income taxes		192.5			193.2			254.4			275.1
Income tax expense (benefit)		46.9			48.4			55.6			64.3
Net Income	$	145.6		$	144.8		$	198.8		$	210.8

Basic and Diluted Earnings Per Common Share:
Basic	$	7.44		$	7.02		$	10.07		$	10.17
Diluted	$	7.36		$	6.92		$	9.95		$	10.02
Weighted-average Common shares outstanding (in thousands):
Basic		19,546			20,643			19,738			20,728
Diluted		19,765			20,922			19,985			21,043
Supplemental information:
¹Includes excise taxes of:	$	599.5		$	597.5		$	1,151.3		$	1,156.3

Murphy USA Inc.
Segment Operating Results
(Unaudited)

(Millions of dollars, except revenue per same store sales (in thousands) and store counts)	Three Months Ended June 30,						Six Months Ended June 30,
Marketing Segment		2025			2024			2025			2024

Operating Revenues
Petroleum product sales	$	3,851.4		$	4,340.5		$	7,341.2		$	8,152.2
Merchandise sales		1,092.4			1,080.4			2,091.8			2,081.1
Other operating revenues		61.2			30.8			97.3			62.0
Total operating revenues		5,005.0			5,451.7			9,530.3			10,295.3

Operating expenses
Petroleum products cost of goods sold		3,519.2			3,980.2			6,757.5			7,536.3
Merchandise cost of goods sold		873.7			863.9			1,677.2			1,673.0
Store and other operating expenses		275.2			269.8			541.2			521.9
Depreciation and amortization		59.6			55.7			121.1			110.6
Selling, general and administrative		50.9			59.1			111.0			121.2
Accretion of asset retirement obligations		0.8			0.8			1.7			1.6
Total operating expenses		4,779.4			5,229.5			9,209.7			9,964.6

Gain (loss) on sale of assets		—			(1.0	)		(0.3	)		(1.1	)
Income (loss) from operations		225.6			221.2			320.3			329.6

Other income (expense)
Interest expense		(2.0	)		(2.1	)		(3.9	)		(4.2	)
Total other income (expense)		(2.0	)		(2.1	)		(3.9	)		(4.2	)

Income (loss) before income taxes		223.6			219.1			316.4			325.4
Income tax expense (benefit)		55.7			55.3			69.4			76.1
Net income (loss) from operations	$	167.9		$	163.8		$	247.0		$	249.3

Total nicotine sales revenue same store sales^1,2	$	133.1		$	135.0		$	128.1		$	130.5
Total non-nicotine sales revenue same store sales^1,2		77.4			76.3			73.4			72.7
Total merchandise sales revenue same store sales^1,2	$	210.5		$	211.3		$	201.5		$	203.2
¹2024 amounts not revised for 2025 raze-and-rebuild activity
²Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s)

Store count at end of period		1,766			1,736			1,766			1,736
Total store months during the period		5,229			5,133			10,488			10,297

Same store sales information compared to APSM metrics

	Variance from prior year period
	Three months ended				Six months ended
	June 30, 2025				June 30, 2025
	SSS¹		APSM²		SSS¹		APSM²
Retail fuel volume per month	(3.2	)%	(2.3	)%	(3.7	%)	(3.0	%)

Merchandise sales	(1.0	)%	(0.7	)%	(1.3	%)	(1.3	%)
Nicotine sales	(1.0	)%	(1.4	)%	(1.3	%)	(2.0	%)
Non-nicotine sales	(1.0	)%	0.4	%	(1.3	%)	(0.2	%)

Merchandise margin	(0.9	)%	(0.9	)%	—	%	(0.3	%)
Nicotine margin	0.9	%	(0.5	)%	1.8	%	0.2	%
Non-nicotine margin	(2.4	)%	(1.2	)%	(1.6	%)	(0.6	%)
¹Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s)
²Includes all activity associated with our loyalty program(s)

Notes

Average Per Store Month (APSM) metric includes all stores open through the date of the calculation, including stores acquired during the period.

Same store sales (SSS) metric includes aggregated individual store results for all stores open throughout both periods presented. For all periods presented, the store must have been open for the entire calendar year to be included in the comparison. Remodeled stores that remained open or were closed for just a very brief time (less than a month) during the period being compared remain in the same store sales calculation. If a store is replaced either at the same location (raze-and-rebuild) or relocated to a new location, it will be excluded from the calculation during the period it is out of service. Newly constructed stores do not enter the calculation until they are open for each full calendar year for the periods being compared (open by January 1, 2024 for the stores being compared in the 2025 versus 2024 comparison). Acquired stores are not included in the calculation of same store sales for the first 12 months after the acquisition. When prior period same store sales volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds and asset dispositions.

QuickChek uses a weekly retail calendar where each quarter has 13 weeks. The QuickChek results for Q2 2025 covers the period March 29, 2025 to June 27, 2025 and the 2025 year-to-date covers the period December 28, 2024 to June 27, 2025. The QuickChek results for Q2 2024 covers the period March 30, 2024 to June 28, 2024 and the 2024 year-to-date covers the period December 30, 2023 to June 28, 2024. The difference in the timing of the period ends is immaterial to the overall consolidated results.

Murphy USA Inc.
Consolidated Balance Sheets

(Millions of dollars, except share amounts)	June 30, 2025			December 31, 2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	54.1		$	47.0
Accounts receivable—trade, less allowance for doubtful accounts of $0.4 and $0.3 at 2025 and 2024, respectively		296.3			268.5
Inventories, at lower of cost or market		397.5			401.6
Prepaid expenses and other current assets		28.5			31.0
Total current assets		776.4			748.1
Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,042.9 and $1,931.4 at 2025 and 2024, respectively		2,854.5			2,813.2
Operating lease right of use assets, net		503.2			492.9
Intangible assets, net of amortization		139.4			139.5
Goodwill		328.0			328.0
Other assets		20.7			19.9
Total assets	$	4,622.2		$	4,541.6

Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	14.5		$	15.7
Trade accounts payable and accrued liabilities		915.9			874.4
Income taxes payable		45.7			57.8
Total current liabilities		976.1			947.9

Long-term debt, including capitalized lease obligations		2,066.7			1,832.7
Deferred income taxes		343.3			343.4
Asset retirement obligations		50.3			49.1
Non-current operating lease liabilities		508.4			496.3
Deferred credits and other liabilities		31.3			32.1
Total liabilities		3,976.1			3,701.5
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)		—			—
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at 2025 and 2024, respectively)		0.5			0.5
Treasury stock (27,474,809 and 26,750,846 shares held at 2025 and 2024, respectively)		(3,745.9	)		(3,391.3	)
Additional paid in capital (APIC)		469.1			487.5
Retained earnings		3,922.4			3,743.4
Total stockholders' equity		646.1			840.1
Total liabilities and stockholders' equity	$	4,622.2		$	4,541.6

Murphy USA Inc.
Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(Millions of dollars)		2025			2024			2025			2024
Operating Activities
Net income	$	145.6		$	144.8		$	198.8		$	210.8
Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities
Depreciation and amortization		66.0			59.3			134.2			118.0
Deferred and noncurrent income tax charges (benefits)		1.3			(6.0	)		(0.1	)		(6.5	)
Accretion of asset retirement obligations		0.8			0.8			1.7			1.6
Amortization of discount on marketable securities		—			—			—			(0.1	)
(Gains) losses from sale of assets		—			1.4			0.3			1.0
Net (increase) decrease in noncash operating working capital		36.8			51.6			37.1			55.8
Other operating activities - net		4.6			8.9			11.6			16.2
Net cash provided (required) by operating activities		255.1			260.8			383.6			396.8
Investing Activities
Property additions		(118.0	)		(118.0	)		(205.8	)		(194.2	)
Proceeds from sale of assets		1.5			0.6			1.8			1.6
Redemptions of marketable securities		—			3.0			—			4.0
Other investing activities - net		(0.1	)		(0.1	)		(0.3	)		(0.8	)
Net cash provided (required) by investing activities		(116.6	)		(114.5	)		(204.3	)		(189.4	)
Financing Activities
Purchase of treasury stock		(213.8	)		(106.1	)		(363.8	)		(192.5	)
Dividends paid		(9.8	)		(9.1	)		(19.6	)		(17.9	)
Borrowings of debt		1,112.3			120.0			1,782.3			120.0
Repayments of debt		(1,013.0	)		(123.9	)		(1,543.0	)		(127.8	)
Debt issuance costs		(8.9	)		—			(8.9	)		—
Amounts related to share-based compensation		(0.6	)		(4.1	)		(19.2	)		(27.2	)
Net cash provided (required) by financing activities		(133.8	)		(123.2	)		(172.2	)		(245.4	)
Net increase (decrease) in cash, cash equivalents and restricted cash		4.7			23.1			7.1			(38.0	)
Cash, cash equivalents and restricted cash at beginning of period		49.4			56.7			47.0			117.8
Cash, cash equivalents and restricted cash at end of period	$	54.1		$	79.8		$	54.1		$	79.8

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three and six months ended June 30, 2025 and 2024. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with U.S. generally accepted accounting principles (GAAP).

We use Adjusted EBITDA in our operational and financial decision-making, believing that the measure is useful to eliminate certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. Adjusted EBITDA is also used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. We believe that the presentation of Adjusted EBITDA provides useful information to investors because it allows understanding of a key measure that we evaluate internally when making operating and strategic decisions, preparing our annual plan, and evaluating our overall performance. However, non-GAAP measures are not a substitute for GAAP disclosures, and EBITDA and Adjusted EBITDA may be prepared differently by us than by other companies using similarly titled non-GAAP measures.

The reconciliation of net income (loss) to EBITDA and Adjusted EBITDA is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(Millions of dollars)		2025			2024			2025			2024

Net income	$	145.6		$	144.8		$	198.8		$	210.8

Income tax expense (benefit)		46.9			48.4			55.6			64.3
Interest expense, net of investment income		27.7			24.0			53.2			47.7
Depreciation and amortization		66.0			59.3			134.2			118.0
EBITDA	$	286.2		$	276.5		$	441.8		$	440.8

Accretion of asset retirement obligations		0.8			0.8			1.7			1.6
(Gain) loss on sale of assets		—			1.4			0.3			1.0
Other nonoperating (income) expense		(1.0	)		(0.1	)		(0.4	)		(0.5	)
Adjusted EBITDA	$	286.0		$	278.6		$	443.4		$	442.9

View source version on businesswire.com: https://www.businesswire.com/news/home/20250730967626/en/

Investor Contact:

Christian Pikul

Vice President, Investor Relations and Financial Planning and Analysis

christian.pikul@murphyusa.com

Murphy USA Inc. Reports Second Quarter 2025 Results