MUSA

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“Management’s Discussion and Analysis” or "MD&A") is the Company’s analysis of its financial performance and of significant trends that may affect future performance. It should be read in conjunction with the consolidated financial statements and notes included in this Quarterly Report on Form 10-Q. The MD&A contains forward-looking statements and the Company does not undertake to update, revise or correct any of the forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the Company’s disclosures under “Forward-Looking Statements” and “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. For purposes of this Management’s Discussion and Analysis, references to “Murphy USA”, the “Company”, “we”, “us” and “our” refer to Murphy USA Inc. and its subsidiaries on a consolidated basis. Management’s Discussion and Analysis is organized as follows: •Executive Overview — This section provides an overview of our business and the results of operations and financial condition for the periods presented. It includes information on the basis of presentation with respect to the amounts presented in the Management’s Discussion and Analysis and a discussion of the trends affecting our business. •Results of Operations — This section provides an analysis of our results of operations, including the results of our operating segment for the three and six months ended June 30, 2026 and 2025. •Capital Resources and Liquidity — This section provides a discussion of our financial condition and cash flows as of and for the three and six months ended June 30, 2026 and 2025. It also includes a discussion of our capital structure and available sources of liquidity. •Critical Accounting Policies — This section describes the accounting policies and estimates that we consider most important for our business and that require significant judgment. Executive Overview The following MD&A is intended to help the reader understand our results of operations and financial condition. This section is provided to supplement, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to these financial statements contained elsewhere in this Quarterly Report on Form 10-Q, this MD&A section and the consolidated financial statements in our Annual Report on Form 10-K. Our Form 10-K contains a discussion of matters not included within this document, such as disclosures regarding critical accounting policies and estimates, and contractual obligations. Our Business The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA® and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores in New Jersey and New York that operate under the QuickChek® brand, comprising our Northeast region. At June 30, 2026, we had a total of 1,806 Company stores in 27 states, of which 1,659 were Murphy branded and 147 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals. Basis of Presentation Murphy USA was incorporated in March 2013, and until the separation from Murphy Oil Corporation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities or commitments. The financial information presented in this Management’s Discussion and Analysis is derived from the consolidated financial statements of Murphy USA Inc. and its subsidiaries for all periods presented. 29 Trends Affecting Our Business Our operations are significantly impacted by the gross margins we receive on our fuel and merchandise sales. The fuel gross margins are commodity-based, change daily and are volatile. While we generally expect our volumes and gross margins to remain stable in a normalized environment, they can change rapidly due to many factors. These factors include, but are not limited to, the price of refined products, geopolitical events that disrupt the global supply including the impact of potential tariffs, overall demand and prices of crude oil, interruptions in our fuel and merchandise supply chain caused by severe weather or pandemics, the effects from pandemics such as travel restrictions and stay-at-home orders imposed during a pandemic, new or changing legislation around nicotine products as well as fuel economy and vehicle emission standards, severe refinery mechanical failures for an extended period of time, cyber-attacks against the Company or our vendors, changing economic conditions that lower consumer purchasing power such as inflation, and competition in the local markets in which we operate. The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company’s cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q2 2026, WTI Spot prices experienced increased volatility with prices ranging from $70 per barrel to $115 per barrel with an average price of $96 per barrel in Q2 2026, compared to an average price of $65 per barrel in Q2 2025. Total fuel contribution (retail fuel margin plus fuel supply results which include Renewable Identification Numbers ("RINs")) was 40.6 cents per gallon ("cpg") in Q2 2026, compared to 32.0 cpg in Q2 2025. Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency (“EPA”) is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can offset the revenue received for RINs on a company-wide basis either favorably or unfavorably. The Renewable Fuel Standard ("RFS") program continues to be unpredictable and prices received by us for ethanol RINs averaged $2.06 per RIN in Q2 2026 compared to $1.01 per RIN in Q2 2025. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in “Other operating revenues” in the Consolidated Statements of Income. As of June 30, 2026, we had $1.5 billion of Senior Notes and a $597.0 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. At June 30, 2026, we had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings, which is currently undrawn. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see "Significant Sources of Capital" in the "Capital Resources and Liquidity" section. The Company currently anticipates total capital expenditures (including land for future developments) for the full year 2026 to range from approximately $475 million to $525 million depending on new store construction activity and planned maintenance capital investments. We intend to fund the remainder of our capital program in 2026 primarily using operating cash flow but will supplement funding where necessary through borrowings under our revolving credit facility. We believe that our business will continue to grow in the future as we maintain a pipeline of desirable future store locations for development. The pace of this growth is continually monitored by our management, and these plans 30 can be altered based on operating cash flows generated and the availability of debt facilities. In addition, the Company looks to expand additional capabilities such as food and beverage within our network. Seasonality Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and six months ended June 30, 2026, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2026. Business Segment The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and fuel supply assets. For additional operating segment information, see Note 22 “Business Segments” in the audited consolidated financial statements for the year ended December 31, 2025 included with our Annual Report on Form 10-K and Note 16 “Business Segments” in the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2026. Results of Operations Consolidated Results For the three months ended June 30, 2026, the Company reported net income of $209.1 million, or $11.27 per diluted share, on revenue of $6.8 billion. Net income was $145.6 million for the same period in 2025, or $7.36 per diluted share, on $5.0 billion of revenue. In the current year quarter, the Company experienced higher total fuel and merchandise contribution compared to the prior year period. This strong performance was partially offset by increased store and other operating expenses including payment fees, higher income taxes, increased general and administrative expenses, higher depreciation and amortization and higher interest expense period over period. For the six months ended June 30, 2026, the Company reported net income of $345.4 million, or $18.54 per diluted share, on revenue of $11.6 billion. Net income for the same period in 2025 was $198.8 million, or $9.95 per diluted share, on $9.5 billion of revenue. For the year-to-date period, the Company generated higher total fuel and merchandise contribution compared to the same period in 2025. Higher income tax expense, higher payment fees, increased store operating expenses, greater depreciation and amortization, increased general and administrative expenses and higher interest expense partially offset these benefits resulting in higher net income for the 2026 year-to-date period. Three Months Ended June 30, 2026 versus Three Months Ended June 30, 2025 Revenues for Q2 2026 increased $1.8 billion, or 36.0%, compared to the same quarter in 2025. The increase in revenues was primarily due to a 37.4% increase in the average retail fuel sales price during the quarter in addition to an increase of 3.9% in retail fuel volumes and a 3.6% increase in merchandise sales revenue. Cost of sales in Q2 2026 increased $1.7 billion, or 37.9%, when compared to Q2 2025. In the current-year quarter, the increase was primarily the result of higher fuel cost coupled with higher fuel volumes sold and higher merchandise costs. Store and other operating expenses increased $33.5 million, or 12.2%, in Q2 2026 compared to Q2 2025, primarily due to increases in payment fees, driven by increased retail fuel prices, which accounted for approximately two-thirds of the increase and higher employee related expenses at existing stores combined with increases from net new store operating expenses. Selling, general and administrative ("SG&A") expenses for Q2 2026 increased $9.6 million, or 18.9%, versus Q2 2025. The increase in SG&A costs is primarily due to higher employee related expenses and incentive accruals in the current quarter. 31 Depreciation and amortization expense increased $6.2 million in Q2 2026, or 9.4%, when compared to the same period of 2025, primarily due to the increased number of Murphy branded stores with larger formats in the quarter. The effective income tax rate was approximately 24.7% for Q2 2026 compared to 24.4% in Q2 2025. Six Months Ended June 30, 2026 versus Six Months Ended June 30, 2025 Year-to-date revenues increased $2.1 billion, or 22.0%, compared to the same period in 2025. The increase in revenues was due to a 21.4% increase in the average retail fuel sales prices, which increased 60 cpg, a 3.0% increase in retail fuel volumes, a 4.3% increase in merchandise sales revenue and higher fuel supply revenues. Year-to-date cost of sales increased $1.8 billion, or 21.7%, compared to the same period in 2025. In the current-year period, the higher costs were primarily due to higher fuel cost, which increased 26.1%, and a 4.0% increase in merchandise cost of goods sold. Year-to-date store and other operating expenses increased $47.2 million, or 8.7%, compared to the same period in 2025, primarily due to increases in payment fees, which accounts for over 60% of the increase, and higher employee related expenses at existing stores combined with increase in net new store operating expenses. SG&A expenses for the first six months of 2026 increased $6.1 million, or 5.5%, compared to the first six months of 2025. The increase in SG&A costs is primarily due to higher incentive accruals versus the same period of 2025. Depreciation and amortization expense increased $10.1 million, or 7.5%, year-to-date from the same period of 2025 primarily due to the increased number of Murphy branded stores with larger formats in the period. The effective income tax rate was approximately 23.9% for the six months ended June 30, 2026 versus approximately 21.9% for the same period of 2025. Segment Results A summary of the Company’s net income by business function follows: Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Marketing segment $ 232.8 $ 167.9 $ 394.7 $ 247.0 Corporate and other assets (23.7) (22.3) (49.3) (48.2) Net Income $ 209.1 $ 145.6 $ 345.4 $ 198.8 Marketing Three Months Ended June 30, 2026 versus Three Months Ended June 30, 2025 Marketing segment net income for the three months ended June 30, 2026 was higher compared to the same period in 2025 primarily due to: •Higher total fuel contribution; •Higher retail fuel volumes; •Higher merchandise contribution; The items below partially offset the increase in net income in the current period: •Higher store and other operating expenses including payment fees; •Higher income tax expense; •Higher SG&A expenses; •Higher depreciation and amortization expenses 32 Six Months Ended June 30, 2026 versus Six Months Ended June 30, 2025 Marketing segment net income for the six months ended June 30, 2026 was higher compared to the same six-month period in 2025 primarily due to: •Higher total fuel contribution; •Higher retail fuel volumes; •Higher merchandise contribution; The items below partially offset the increase in net income in the six-month period: •Higher income tax expense; •Higher store and other operating expenses including payment fees; •Higher depreciation and amortization expenses; •Higher SG&A expenses (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 2026 2025 2026 2025 Operating revenues Petroleum product sales $ 5,548.0 $ 3,851.4 $ 9,244.8 $ 7,341.2 Merchandise sales 1,132.1 1,092.4 2,181.3 2,091.8 Other operating revenues 125.9 61.2 199.2 97.3 Total operating revenues 6,806.0 5,005.0 11,625.3 9,530.3 Operating expenses Petroleum product cost of goods sold 5,154.9 3,519.2 8,520.9 6,757.5 Merchandise cost of goods sold 904.7 873.7 1,743.7 1,677.2 Store and other operating expenses 308.6 275.2 588.4 541.2 Depreciation and amortization 65.8 59.6 131.7 121.1 Selling, general and administrative 60.5 50.9 117.1 111.0 Accretion of asset retirement obligations 0.9 0.8 1.8 1.7 Total operating expenses 6,495.4 4,779.4 11,103.6 9,209.7 Gain (loss) on sale of assets 0.7 — 1.0 (0.3) Income (loss) from operations 311.3 225.6 522.7 320.3 Other income (expense) Interest expense (1.9) (2.0) (3.9) (3.9) Total other income (expense) (1.9) (2.0) (3.9) (3.9) Income (loss) before income taxes 309.4 223.6 518.8 316.4 Income tax expense (benefit) 76.6 55.7 124.1 69.4 Net income (loss) from operations $ 232.8 $ 167.9 $ 394.7 $ 247.0 33 (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 2026 2025 2026 2025 Total nicotine sales revenue same store sales1,2 $ 135.9 $ 133.1 $ 132.1 $ 128.1 Total non-nicotine sales revenue same store sales1,2 76.1 77.4 72.3 73.4 Total merchandise sales revenue same store sales1,2 $ 212.0 $ 210.5 $ 204.4 $ 201.5 12025 amounts not revised for 2026 raze-and-rebuild activity (see SSS definition below) 2Includes store-level discounts redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) Store count at end of period 1,806 1,766 1,806 1,766 Total store months during the period 5,388 5,229 10,780 10,488 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, 2025 for the stores being compared in the 2026 versus 2025 comparison). Acquired stores are not included in the calculation of same stores for the first 12 months after the acquisition. When prior period SSS volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds, asset acquisitions and asset dispositions. Fuel Three Months Ended June 30, Six Months Ended June 30, Key Operating Metrics 2026 2025 2026 2025 Total retail fuel contribution ($ Millions) $ 448.9 $ 359.1 $ 741.9 $ 626.8 Total fuel supply contribution ($ Millions) (54.9) (25.9) (15.9) (41.2) RINs (included in Other operating revenues on Consolidated Statements of Income) ($ Millions) 124.8 59.8 196.7 94.7 Total fuel contribution ($ Millions) $ 518.8 $ 393.0 $ 922.7 $ 680.3 Retail fuel volume - chain (Million gal) 1,277.6 1,229.3 2,432.1 2,360.5 Retail fuel volume - (K gal APSM)1,3 242.4 241.6 230.8 231.4 Retail fuel volume - (K gal SSS)2,3 242.6 239.3 231.1 229.7 Total fuel contribution (cpg) 40.6 32.0 37.9 28.8 Retail fuel margin (cpg) 35.1 29.2 30.5 26.6 Fuel supply including RINs contribution (cpg) 5.5 2.8 7.4 2.2 1APSM metric includes all stores open through the date of calculation 22025 amounts not revised for 2026 raze-and-rebuild activity 3All amounts are on a per store per month basis 34 The reconciliation of the total fuel contribution to the Consolidated Statements of Income is as follows: Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Petroleum product sales $ 5,548.0 $ 3,851.4 $ 9,244.8 $ 7,341.2 Less Petroleum product cost of goods sold (5,154.9) (3,519.2) (8,520.9) (6,757.5) Plus RINs and other (included in Other Operating Revenues line) 125.7 60.8 198.8 96.6 Total fuel contribution $ 518.8 $ 393.0 $ 922.7 $ 680.3 Merchandise Three Months Ended June 30, Six Months Ended June 30, Key Operating Metrics 2026 2025 2026 2025 Total merchandise contribution ($ Millions) $ 227.4 $ 218.7 $ 437.6 $ 414.6 Total merchandise sales ($ Millions) $ 1,132.1 $ 1,092.4 $ 2,181.3 $ 2,091.8 Total merchandise sales ($K SSS)1,2,3 $ 212.0 $ 210.5 $ 204.4 $ 201.5 Merchandise unit margin (%) 20.1 % 20.0 % 20.1 % 19.8 % Nicotine contribution ($K SSS)1,2,3 $ 20.6 $ 20.0 $ 20.4 $ 19.3 Non-nicotine contribution ($K SSS)1,2,3 $ 22.7 $ 22.8 $ 21.2 $ 21.3 Total merchandise contribution ($K SSS)1,2,3 $ 43.3 $ 42.8 $ 41.6 $ 40.6 12025 amounts not revised for 2026 raze-and-rebuild activity 2Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) 3All amounts are on a per store per month basis Same store sales information compared to APSM metrics: Variance from prior year Variance from prior year Three months ended Six months ended June 30, 2026 June 30, 2026 SSS1 APSM2 SSS1 APSM2 Fuel gallons per month 0.5 % 0.3 % (0.1) % (0.2) % Merchandise sales 1.0 % 0.6 % 1.9 % 1.5 % Nicotine sales 2.4 % 1.9 % 3.6 % 3.0 % Non-nicotine sales (1.4 %) (1.5 %) (1.2 %) (1.1 %) Merchandise margin 2.2 % 0.9 % 3.5 % 2.7 % Nicotine margin 4.6 % 3.0 % 7.4 % 5.8 % Non-nicotine margin 0.2 % (0.2 %) — % — % 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) Three Months Ended June 30, 2026 versus Three Months Ended June 30, 2025 Net income in the Marketing segment for Q2 2026 increased $64.9 million, to $232.8 million when compared to the Q2 2025 period. Contributions from both fuel and merchandise were higher in the current quarter, driven by increased total fuel contribution margins, higher total fuel volumes and improved merchandise sales and unit margins. The exceptional performance in these areas was partially offset by increased store and other operating expenses including payment fees, higher income taxes, increased general and administrative expenses and greater depreciation and amortization in Q2 2026 compared to the Q2 2025 period. 35 Total fuel contribution for Q2 2026, was $518.8 million, an increase of $125.8 million, or 32.0%, compared to Q2 2025. This increase was due to higher retail fuel contribution and fuel volumes sold coupled with higher fuel supply margins in the period when compared to Q2 of 2025. Retail fuel margins on a cpg basis increased 20.2% in Q2 2026 to 35.1 cpg, compared to 29.2 cpg in the prior year period. Total retail fuel volumes increased 3.9% and fuel sales volumes on an SSS basis increased 0.5% in Q2 2026 when compared to Q2 2025. Total fuel supply contribution dollars, including RINs, increased $36.0 million in Q2 2026 when compared to Q2 2025, primarily due to the impact of market-driven pricing and the timing of inventory activity during the period. Total merchandise sales increased $39.7 million, or 3.6%, in Q2 2026 vs Q2 2025, coming in at approximately $1.1 billion in both quarters. Total merchandise contribution in Q2 2026 improved 4.0% compared to Q2 2025, primarily due to favorable sales mix and unit growth, combined with increased store count compared to the prior year period. Total SSS merchandise contribution dollars grew by 2.2%, which included an increase of 4.6% in nicotine products and a 0.2% increase in non-nicotine products. Store and other operating expenses increased $33.4 million in Q2 2026 compared to Q2 2025, primarily due to increases in payment fees driven by increased retail fuel prices, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent were 1.1% higher (2.4% higher on a same store APSM basis), primarily attributable to increased employee related expenses. SG&A expenses in Q2 2026 were $9.6 million higher compared to Q2 2025, due primarily to higher employee related expenses and incentive accruals in the current quarter. Depreciation and amortization expense increased $6.2 million, or 10.4%, in Q2 2026 compared to Q2 2025 due to the increased number of larger format Murphy branded stores in the quarter. Six Months Ended June 30, 2026 versus Six Months Ended June 30, 2025 Net income in the Marketing segment for the six months ended June 30, 2026 increased $147.7 million compared to the six months ended June 30, 2025. The increase was primarily due to higher total fuel contribution, higher fuel sales volumes and higher overall merchandise contributions, which were partially offset by higher payment fees, increased store operating expenses, higher income tax expense, increased SG&A expenses and greater depreciation and amortization. Total fuel contribution for the six-month period ended June 30, 2026 was $922.7 million, an increase of $242.4 million, or 35.6%, compared to the first six months of 2025. This was primarily due to higher retail fuel contribution and higher fuel volumes sold coupled with higher contribution from fuel supply margins in the period when compared to the first six months of 2025. Retail fuel margins on a cpg basis increased 14.7%, to 30.5 cpg, for the six-month period ended June 30, 2026, compared to 26.6 cpg in the same period of 2025. Total retail fuel sales volumes increased 3.0%, and volumes on an SSS basis decreased 0.1% in the six-month period ended June 30, 2026 when compared to the same six-month period of 2025. Total fuel supply contribution dollars, including RINs, increased $127.3 million compared to the first six months of 2025, primarily due to pricing impacts related to market conditions and timing of inventory movements. Total merchandise sales were up 4.3% in the six months ended June 30, 2026 to approximately $2.2 billion compared to $2.1 billion in the first six months of 2025. Year-to-date 2026 total merchandise contribution increased 5.5% compared to the same period of 2025, primarily due to favorable sales mix, higher retail prices and promotional activity, combined with increased store count compared to the prior year period. Total year-to-date SSS merchandise contribution dollars improved 3.5% compared to the same period of 2025 with an increase of 7.4% in nicotine products margins and a flat performance to the prior year period in non-nicotine product margins. Store and other operating expenses increased $47.2 million, or 8.7%, in the current year compared to the same six-month period of 2025, primarily due to increases in payment fees, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent increased 0.8%, primarily due to employee related expenses. 36 SG&A expenses increased $6.1 million in 2026 compared to the same six-month period of 2025 due primarily to higher incentive accruals. Depreciation and amortization expense increased $10.6 million, or 8.8%, in the first six months of 2026 due to new larger store formats for Murphy branded stores. Corporate and Other Assets Three Months Ended June 30, 2026 versus Three Months Ended June 30, 2025 Loss from continuing operations for Corporate and other assets for Q2 2026 was $23.7 million, compared to a loss of $22.3 million in Q2 2025. The increase from the prior year quarter was primarily due to a $1.5 million increase in net interest expense and a $0.8 million decrease in the income tax benefits, partially offset by a $0.9 million increase in investment income. Six Months Ended June 30, 2026 versus Six Months Ended June 30, 2025 Loss from continuing operations for Corporate and other assets was $49.3 million for the six months ended June 30, 2026, compared to a loss of $48.2 million in the same period of 2025. The year-over-year increase was primarily due to $5.1 million increase in net interest expense, partially offset by a $1.8 million increase in the income tax benefit, a $1.3 million increase in investment income, a $0.7 million increase in other nonoperating income and a $0.5 million reduction in depreciation and amortization expense period over period. Non-GAAP Measures The following table sets forth the Company’s EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. 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, restructuring expenses, 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. 37 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) 2026 2025 2026 2025 Net income $ 209.1 $ 145.6 $ 345.4 $ 198.8 Income tax expense (benefit) 68.5 46.9 108.4 55.6 Interest expense, net of investment income 28.3 27.7 57.0 53.2 Depreciation and amortization 72.2 66.0 144.3 134.2 EBITDA $ 378.1 $ 286.2 655.1 441.8 Accretion of asset retirement obligations 0.9 0.8 1.8 1.7 (Gain) loss on sale of assets (0.7) — (1.0) 0.3 Other nonoperating (income) expense (1.0) (1.0) (0.7) (0.4) Adjusted EBITDA $ 377.3 $ 286.0 $ 655.2 $ 443.4 Capital Resources and Liquidity Significant Sources of Capital As of June 30, 2026, we had $175.4 million of cash and cash equivalents. Our cash management policy provides that cash balances in excess of a certain threshold may be reinvested in certain types of low-risk investments. We have a committed cash flow revolving credit facility providing for aggregate borrowings of $750 million, which can be utilized for working capital and other general corporate purposes, including supporting our operating model as described herein. As of June 30, 2026, there were no outstanding borrowings under our Revolving Facility reported in Long-term debt in the Consolidated Balance Sheet. The Revolving Facility had $183.0 million of outstanding borrowings at December 31, 2025. We believe our existing cash on hand and future borrowing capacity of our existing facilities is adequate to fund not only our operations, but also our anticipated near-term and long-term funding requirements, including capital spending programs, execution of announced share repurchase programs, potential dividend payments, repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies. Operating Activities Net cash provided by operating activities was $555.0 million for the six months ended June 30, 2026 and was $383.6 million for the same period of 2025, an increase of $171.4 million, or 44.7%. The increase for the six months ended June 30, 2026 is mainly due to an increase in net income of $146.6 million, higher deferred and noncurrent tax charges of $15.8 million, increased depreciation of $10.1 million and an increase in the amount of cash provided from changes in non-cash working capital of $7.3 million, partially offset by a decrease in other operating activities of $6.1 million compared to the same period in 2025. For the six months ended June 30, 2026, operating cash provided by changes in non-cash operating working capital of $44.4 million was due to an increase in accounts payable and accrued liabilities of $147.2 million which was related to the timing of payments and an increase of $10.7 million in income taxes payable due to changes in accrued income tax liabilities and timing of income tax payments, partially offset by an increase in accounts receivable of $103.3 million due to the timing of collecting receipts, an increase in prepaid expenses of $5.8 million and an increase in inventory of $4.4 million due to higher volume levels in the current year period. Investing Activities For the six months ended June 30, 2026, cash required by investing activities was $199.8 million compared to $204.3 million in 2025. The $4.5 million decrease in cash required by investing activities in the current year period was primarily due to other investing activities providing $9.8 million, which was partially offset by an 38 increase of $4.2 million in capital expenditures due to the timing of payments for projects and lower proceeds from the sale of assets of $1.1 million. Financing Activities Financing activities in the six months ended June 30, 2026 required cash of $208.7 million compared to cash of $172.2 million in the six months ended June 30, 2025, an increase of $36.5 million. The first six months of 2026 included payments of $152.8 million for the repurchase of common shares, which was a decrease of $211.0 million compared to repurchases of $363.8 million in the 2025 period. Dividend payments increased $3.9 million in 2026 compared to amounts paid in the first six months of 2025. Net borrowings of debt provided $2.4 million in 2026 compared to net borrowings of debt providing $239.3 million in 2025. Debt issuance cost related to financing activities decreased $7 million. Amounts related to share-based compensation required $13.7 million more in cash during 2026 than in 2025. Dividends During the six months ended June 30, 2026, the Company paid cash dividend payments of $1.27 per common share, for a total of $23.5 million, compared to the period ended June 30, 2025, in which dividends of $0.99 per common share were paid for total cash dividend payments of $19.6 million. As a part of our capital allocation strategy, the Company's intention is to deliver targeted double-digit growth in the per share dividend over time. Share Repurchase Program On May 2, 2023, our Board of Directors approved a share repurchase authorization of up to $1.5 billion. The authorization value excludes any excise tax that may be incurred. During the six months ended June 30, 2026, the Company repurchased a total of 312,087 common shares for approximately $147.7 million, at an average price of $473.40 per share, including accrued excise taxes. As of June 30, 2026, we had approximately $145.1 million remaining under our 2023 authorization. On October 29, 2025, the Company announced that the Board of Directors approved a share repurchase authorization of up to $2.0 billion to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization. The authorization value excludes any excise tax that may be incurred. Purchases may be effected in the open market, through privately negotiated transactions, through one or more accelerated stock repurchase programs, through a combination of the foregoing or in any other manner in the discretion of management. Purchases will be made subject to available cash, market conditions and compliance with our financing arrangements at any time during the period of authorization. We may use cash from operations as well as draws under our credit facilities to effect purchases. 39 Debt Our long-term debt at June 30, 2026 and December 31, 2025 was as set forth below: (Millions of dollars) June 30, 2026 December 31, 2025 5.625% senior notes due 2027 (net of unamortized discount of zero at June 30, 2026 and $0.5 at December 31, 2025) $ — $ 299.5 4.75% senior notes due 2029 (net of unamortized discount of $2.0 at June 30, 2026 and $2.3 at December 31, 2025) 498.0 497.7 3.75% senior notes due 2031 (net of unamortized discount of $2.9 at June 30, 2026 and $3.2 at December 31, 2025) 497.1 496.8 5.875% senior notes due 2034 (net of unamortized discount of $4.9 at June 30, 2026) 495.1 — Term loan due 2032 (effective interest rate of 5.39% at June 30, 2026) net of unamortized discount of $0.9 at June 30, 2026 and $1.0 at December 31, 2025 596.1 599.0 Revolving credit facility, due 2030 (weighted average interest rate of —% at June 30, 2026) — 183.0 Capitalized lease obligations, autos and equipment, due through 2031 8.1 7.7 Capitalized lease obligations, buildings, due through 2059 104.1 110.8 Unamortized debt issuance costs (12.4) (11.9) Total long-term debt 2,186.1 2,182.6 Less current maturities 19.1 19.0 Total long-term debt, net of current $ 2,167.0 $ 2,163.6 Senior Notes On September 13, 2019, Murphy Oil USA, Inc. ("MOUSA"), our primary operating subsidiary, issued $500 million of 4.75% Senior Notes due 2029 (the “2029 Senior Notes”). The net proceeds from the issuance of the 2029 Senior Notes were used to fund, in part, the tender offer and redemption of a prior note issuance. The 2029 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities (as defined below). The indenture governing the 2029 Senior Notes contains restrictive covenants that limit, among other things, the ability of the Company, MOUSA, and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities. On January 29, 2021, MOUSA, issued $500 million of 3.75% Senior Notes due 2031 (the "2031 Senior Notes"). The net proceeds from the issuance of the 2031 Senior Notes were used, in part, to fund the acquisition of QuickChek and other obligations related to that transaction. The 2031 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities. The indenture governing the 2031 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2029 Senior Notes. On May 27, 2026, MOUSA issued $500 million of 5.875% Senior Notes due 2034 (the "2034 Senior Notes" and, together with the 2029 Senior Notes and the 2031 Senior Notes, the "Senior Notes"). The net proceeds from the issuance of the 2034 Senior Notes were used to fund the redemption in full of the $300 million of 5.625% Senior Notes due 2027 (the "2027 Senior Notes") and to pay down outstanding amounts on its revolving credit facility. The 2034 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit Facilities. The indenture governing the 2034 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2029 and 2031 Senior Notes. The Senior Notes and related guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the Credit Facilities) to the extent of the value of the assets securing such indebtedness. The Senior Notes are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the notes. 40 Revolving Credit Facility and Term Loan Our credit agreement consists of both a cash flow revolving credit facility and a senior secured term loan. The credit agreement provides for a senior secured term loan in an aggregate principal amount of $600.0 million (the "Term Facility") (which was borrowed in full on April 7, 2025) and revolving credit commitments in an aggregate amount equal to $750.0 million (the "Revolving Facility", and together with the Term Facility, the "Credit Facilities"). The outstanding balance of the term loan was $597.0 million at June 30, 2026 and $600.0 million at December 31, 2025. The term loan is due April 2032, and we are required to make quarterly principal payments of $1.5 million, which began on January 1, 2026. As of June 30, 2026, we had no outstanding borrowings under the Revolving Facility and $6.2 million of outstanding letters of credit (which reduces the amount available to borrow under the Revolving Facility). The Term Facility amortizes in quarterly installments, with the first amortization payment being due on January 1, 2026, at a rate of 1.00% per annum. Pursuant to the credit agreement, the applicable margin, (A) in the case of Adjusted SOFR Rate borrowings, (i) with respect to the Revolving Facility, ranges from 1.25% to 2.00% per annum depending on a total debt to EBITDA ratio and (ii) with respect to the Term Facility, is 1.75% per annum and (B) in the case of Alternate Base Rate borrowings (i) with respect to the Revolving Facility, ranges from 0.25% to 1.00% per annum depending on a total debt to EBITDA ratio or (ii) with respect to the Term Facility, is 0.75% per annum. The credit agreement contains certain covenants that limit, among other things, the ability of the Company and certain of its subsidiaries to incur additional indebtedness or liens, to make certain investments, to enter into sale-leaseback transactions, to make certain restricted payments, to enter into consolidations, mergers or sales of material assets and other fundamental changes, to transact with affiliates, to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends, or to make certain accounting changes. The Revolving Facility credit agreement also imposes total leverage ratio and secured net leverage ratio financial maintenance covenants which are tested quarterly. Pursuant to the total leverage ratio financial maintenance covenant, the Company must maintain a total leverage ratio of not more than 5.0 to 1.0 with an ability in certain circumstances to temporarily increase that limit to 5.5 to 1.0 and a consolidated cash interest coverage ratio of not less than 2.5 to 1.0. The credit agreement also contains customary events of default. Pursuant to the credit agreement's covenant limiting certain restricted payments, certain payments in respect of our equity interests, including dividends, when the total leverage ratio, calculated on a pro forma basis, is greater than 3.0 to 1.0 could be limited. At June 30, 2026, our total leverage ratio was 1.76 to 1.0 which meant our ability at that date to make restricted payments was not limited. If our total leverage ratio, on a pro forma basis, exceeds 3.0 to 1.0, any restricted payments made following that time until the ratio is once again, on a pro forma basis, below 3.0 to 1.0 would be limited by the covenant, which contains certain exceptions, including an ability to make restricted payments in cash in an aggregate amount not to exceed the greater of (a) $400.0 million or (b) 15.0% of consolidated net tangible assets, estimated at $457.4 million as of June 30, 2026, over the life of the credit agreement. All obligations under the credit agreement are guaranteed by Murphy USA and the subsidiary guarantors party thereto, and all obligations under the credit agreement, including the guarantees of those obligations, are secured by certain assets of Murphy USA, Murphy Oil USA, Inc. and the guarantors party to the guarantee and collateral agreement in respect thereof. Supplemental Guarantor Financial Information The following is a description of the guarantees with respect to the Senior Notes and the Credit Facilities, for which MOUSA is primary obligor, and for which the Company and certain subsidiaries provide full and unconditional guarantees on a joint and several basis. See "—Debt" above for additional information concerning the Company's outstanding indebtedness, all of which is guaranteed as described below. See also Note 6 "Long Term Debt" in the accompanying consolidated financial statements. The Senior Notes and related guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the Credit Facilities) to the extent of the value of the assets 41 securing such indebtedness. The Senior Notes and related guarantees are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the notes. All obligations under the Credit Facilities are guaranteed by the Company and the same subsidiary guarantors that guarantee the Senior Notes. All obligations under the Credit Facilities, including the guarantees of those obligations, are secured by certain assets of the Company, MOUSA, and the other guarantors. The combined assets, liabilities and results of operations of MOUSA and the guarantors are not materially different from corresponding amounts presented in the consolidated financial statements included herein. MOUSA is our primary operating subsidiary and generated the vast majority of our revenues for the three and six months ended June 30, 2026, and accounted for the vast majority of our total assets as of June 30, 2026. In the event MOUSA itself were unable to service the Company's consolidated debt obligations, our business and financial condition would be materially adversely impacted. Capital Spending Capital spending and investments in our Marketing segment relate primarily to the acquisition of land and the construction of new Company operating locations. Our Marketing capital is also deployed to improve our existing stores, which we refer to as maintenance capital. We use maintenance capital in this business as needed to ensure reliability and continued performance of our stores. The remainder of our capital spending and investment activity, which is primarily technology related, is attributable to Corporate and other assets. The following table outlines our capital spending and investments for the three and six month periods ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2026 2025 2026 2025 Marketing: Company stores $ 92.9 $ 91.0 $ 170.3 $ 140.3 Terminals 0.4 — 0.4 0.2 Maintenance capital 29.1 17.0 38.6 28.3 Corporate and other assets 5.9 4.6 9.9 7.8 Total $ 128.3 $ 112.6 $ 219.2 $ 176.6 We currently expect capital expenditures for the full year 2026 to range from approximately $475 million to $525 million, including $375 million to $400 million for retail growth, approximately $80 million to $95 million for maintenance capital, with the remaining funds earmarked for other corporate investments and other strategic initiatives. See Note 18 “Commitments” in the audited consolidated financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K for more information. Critical Accounting Policies There has been no material update to our critical accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2025. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies” in the Form 10-K. FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain statements or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including, but not limited to our 2026 financial and operating performance, 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 42 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 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, 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.