Company News

Murphy USA 4th-Quarter, 2022 Earnings Up

C-store chain also updates growth goals for 2023
Murphy USA store
Photograph: Shutterstock

Murphy USA’s net income was $672.9 million for 2022, significantly up from 2021 when it was $396.9 million, the convenience-store chain said Feb. 2 in its fourth-quarter and full-year earnings report. Fourth-quarter earnings were up, too, with net income at $117.7 million, up from $108.8 million in fourth-quarter 2021.

The performance in 2022 demonstrates how far Murphy USA has come in the nearly 10 years since it first reported results as a public company in 2013, Murphy USA President Andrew Clyde said.

“We have invested in critical areas of the business to ensure our ongoing success, including assembling an engaged and experienced leadership team that has helped drive cultural and operational change,” he said. “We have consistently executed against our clear and coherent strategy to grow the network, improve store performance, enhance differentiated capabilities and optimize our cost structure to sustain and grow our competitive advantage in the market. We have allocated capital in a focused and disciplined manner, resulting in significant store growth and more than 50% reduction in outstanding shares since our spin.”

Total retail gallons increased 7.8% to 1.2 billion gallons in fourth-quarter 2022, while volumes on a same-store basis increased 4%. Merchandise contribution dollars were up 4.2% at $189 million.

Murphy USA opened 36 new stores and 32 raze-and-rebuilds in 2022. For 2023, it expects up to 45 new stores and up to 30 raze-and-rebuilds.

“Looking out over the next decade, we continue to see an equally attractive opportunity set of growth and capability building investments to further improve the business,” Clyde said.

2022 breakdown:

  • Net income: $396.9 million
  • Total retail gallons: 4.8 billion, up 9.2%
  • Merchandise contribution dollars: $767.1 million, up 9.3%
  • New stores and raze-and-rebuilds completed: 68

El Dorado, Ark.-based Murphy USA operates gas stations in 27 states primarily in the Southwest, Southeast, Midwest and Northeast. Most of Murphy USA's sites are located adjacent to Walmart stores. The company also markets gasoline and other products at standalone convenience stores under the Murphy Express and QuickChek brands.

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