Murphy USA posts net income decline, announces leadership change

Third-quarter net income for El Dorado-based Murphy USA was $129.9 million, down 13% compared with the same quarter in 2024. The regional fuel and convenience store operator also reported a change in leadership and a $2 billion share buyback plan.

Per share earnings in the third quarter of $6.76 was below the consensus estimate of $6.95. Revenue in the quarter was $5.11 billion, down 2.4% compared with the $5.238 billion in the same quarter of 2024, but above the consensus estimate of $5.08 billion.

“We are very pleased with third quarter results, which reflect the resilience of our business model, the durability of our promotional capabilities, and the continued dedication of our customers,” CEO Andrew Clyde said in the report released Wednesday (Oct. 29). “Current new construction activity remains robust with 39 new stores and 2 raze and rebuilds under construction (with 1 NTI and 2 raze-and-rebuilds opened in October), which should generate operational momentum as we head into 2026.”

Net income in the first nine months of the year totaled $328.7 million, below the $360 million in the same quarter of 2024. Total revenue in the first nine months was $14.46 billion, below the $15.533 billion in the same period of 2024.

“Despite extremely low volatility and a flat price curve year to date in 2025, third quarter all-in margins remained above 30 cents per gallon,” Clyde said. “We remain steadfast in controlling what we can control, continuing to build highly productive new stores and investing in business and operational improvements, as evidenced by store level expense improvements and right-sizing home office costs.”

Following are other metrics included in the earnings report.
• Total fuel sales of $384.8 million decreased $19.4 million, or 4.8%, in the third quarter compared with the same quarter in 2024.

• Total fuel contribution for the third quarter was 30.7 cents per gallon, compared to 32.6 cents per gallon in the third quarter of 2024.

• Total merchandise sales were up $24.4 million, or 11.3%, to $241.2 million in the third quarter compared with the same quarter in 2024.

• Total nicotine contribution dollars increased 20.3% and non-nicotine contribution dollars increased 2.8% in the third quarter compared with the same quarter of 2024.

• Capital expenditures remain on track in 2025 for the original guided range of $450 million to $500 million.

• Murphy USA at the end of the third quarter had 1,772 stores in 27 states.

LEADERSHIP SHIFT, STOCK BUYBACK
The company also announced Wednesday that Chief Operating Officer Mindy West would be named president and replace Clyde effective Jan. 1.

West joined Murphy Oil Corp., Murphy USA’s former parent company, in 1996 and held various positions in finance, HR, and planning. She was named executive vice president, chief financial officer and treasurer of Murphy USA in 2013, and in 2017 was given the fuels leadership role.

As part of the board’s succession planning process, West was named chief operating officer in February 2024 and assumed responsibility for additional commercial and operating functions.

The Murphy board also announced Wednesday a 63-cent quarterly cash dividend payable Dec. 1 to shareholders of record on Nov. 10. The dividend is a 19% increase from the previous quarter, the company said.

The board also announced a new share repurchase authorization of up to $2 billion. The buyback will begin upon completion of the existing 2023 buyback plan, and expire Dec. 31, 2030.

Company shares (NYSE: MUSA) closed Wednesday at $392.26, down $4.19. The earnings report was posted after the markets closed. During the past 52 weeks the share price has ranged between $561.08 and $345.23.