Company News

Murphy USA Reaches Highest Fourth-Quarter Net Income, Adjusted EBITDA in Company History

Convenience-store chain shares earnings, store growth goals in latest report
Murphy USA
Photograph: Shutterstock

Murphy USA reached its highest fourth-quarter net income and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in company history in 2023, the company said in its latest earnings report.

  • Murphy USA is No. 4 on CSP’s 2023 Top 202 ranking of U.S. c-store chains by total number of retail outlets.

The El Dorado, Arkansas-based convenience-store chain reported its financial results for fourth-quarter 2023 and full-year 2023 Wednesday.

“Net income and Adjusted EBITDA for fourth-quarter 2023 were higher versus the prior-year quarter, due primarily to higher total fuel contribution, higher overall merchandise contribution and lower general and administrative expenses, which were partially offset by increases in-store operating expenses,” Murphy USA said in its report.

Here’s a look at some of the highlights of the fourth-quarter 2023 results:

  • Net income was $150 million in fourth-quarter 2023 compared to net income of $117.7 million in fourth-quarter 2022.
  • Total fuel contribution was 32.5 cents per gallon compared to 30.6 CPG the previous year. Total retail gallons were 1.2 billion in the fourth quarters of 2023 and 2022, while volumes on a same-store sales basis declined 2% in the fourth quarter of 2023.
  • Merchandise contribution dollars increased 4.6% year-over-year to $197.7 million.
  • Adjusted EBITDA was $275.2 million.

For full-year 2023, net income was $556.8 million compared to 2022 net income of $672.9 million. And adjusted EBITDA for the full year was $1.1 billion.

The “2023 financial results and operational performance are a testament to the strong foundations we have built at Murphy USA over the last decade, successfully executing against our strategy and widening our advantage in the marketplace,” Murphy USA President and CEO Andrew Clyde said. “Structural resilience in fuel margins coupled with high volumes generated over $1.5 billion in fuel contribution in 2023. This performance in a less volatile environment increases our confidence in the longevity of elevated fuel margins that complements and helps strengthen our everyday low-price model, helping us to deliver more value to our customers.”

Murphy USA’s strategic focus remains rooted in new store growth and continuous improvement efforts to generate higher returns from its network of existing and new stores, Clyde said.

“Meaning we are investing in people, technology, and innovation to drive in-store performance,” he said.

The chain opened 28 new stores in 2023 and plans to open 30 to 35 new stores in 2024. It also completed 31 raze-and-rebuilds in 2023 and plans for 35 to 40 more this year.

Murphy USA completed its acquisition of QuickChek in January 2021. Murphy USA operates one of the nation’s largest convenience-store chains, with more than 1,700 stores in 27 states, located primarily in the Southwest, Southeast, Midwest and Northeast, the majority of which are next to Walmart Supercenters.

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