MURPHY USA INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover
 3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 001-35914
Entity Registrant Name MURPHY USA INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 46-2279221
Entity Address, Address Line One 200 Peach Street
Entity Address, City or Town El Dorado,
Entity Address, State or Province AR
Entity Address, Postal Zip Code 71730-5836
City Area Code 870
Local Phone Number 875-7600
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol MUSA
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 18,470,685
Amendment Flag false
Entity Central Index Key 0001573516
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 118.6 $ 28.9
Accounts receivable—trade, less allowance for doubtful accounts of $0.2 and $0.3 at 2026 and 2025, respectively 354.1 276.2
Inventories, at lower of cost or market 363.3 413.0
Prepaid expenses and other current assets 35.1 29.7
Total current assets 871.1 747.8
Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,244.3 and $2,173.5 at 2026 and 2025, respectively 2,981.2 2,962.8
Operating lease right of use assets, net 523.7 526.3
Intangible assets, net of amortization 139.3 139.3
Goodwill 328.0 328.0
Other assets 23.1 21.6
Total assets 4,866.4 4,725.8
Current liabilities    
Current maturities of long-term debt 19.2 19.0
Trade accounts payable and accrued liabilities 1,018.6 865.2
Income taxes payable 12.0 44.9
Total current liabilities 1,049.8 929.1
Long-term debt, including capitalized lease obligations 2,137.3 2,163.6
Deferred income taxes 397.9 388.5
Asset retirement obligations 53.3 52.5
Non-current operating lease liabilities 532.6 534.6
Deferred credits and other liabilities 36.8 34.0
Total liabilities 4,207.7 4,102.3
Stockholders' Equity    
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) 0.0 0.0
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at 2026 and 2025, respectively) 0.5 0.5
Treasury stock (28,296,479 and 28,201,581 shares held at 2026 and 2025, respectively) (4,092.1) (4,031.7)
Additional paid in capital (APIC) 453.5 482.4
Retained earnings 4,296.8 4,172.3
Total stockholders' equity 658.7 623.5
Total liabilities and stockholders' equity $ 4,866.4 $ 4,725.8
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 0.2 $ 0.3
Property, plant and equipment, accumulated depreciation and amortization $ 2,244.3 $ 2,173.5
Stockholders' Equity    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 46,767,164 46,767,164
Treasury stock, shares held (in shares) 28,296,479 28,201,581
v3.26.1
Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Revenues    
Total operating revenues $ 4,819.3 $ 4,525.4
Operating Expenses    
Store and other operating expenses 279.8 266.1
Depreciation and amortization 72.1 68.2
Selling, general and administrative 56.6 60.1
Accretion of asset retirement obligations 0.9 0.9
Total operating expenses 4,614.4 4,437.1
Gain (loss) on sale of assets 0.3 (0.3)
Income (loss) from operations 205.2 88.0
Other income (expense)    
Investment income (expense) 0.3 (0.1)
Interest expense (29.0) (25.4)
Other nonoperating income (expense) (0.3) (0.6)
Total other income (expense) (29.0) (26.1)
Income before income taxes 176.2 61.9
Income tax expense (benefit) 39.9 8.7
Net Income $ 136.3 $ 53.2
Basic and Diluted Earnings Per Common Share:    
Basic (in dollars per share) $ 7.36 $ 2.67
Diluted (in dollars per share) $ 7.28 $ 2.63
Weighted-Average Common Shares Outstanding (in thousands):    
Basic (in shares) 18,518 19,929
Diluted (in shares) 18,708 20,204
Supplemental information:    
Excise taxes $ 565.0 $ 551.8
Petroleum product sales    
Operating Revenues    
Total operating revenues [1] 3,696.8 3,489.8
Operating Expenses    
Cost of goods sold [1] 3,366.0 3,238.3
Merchandise sales    
Operating Revenues    
Total operating revenues 1,049.2 999.4
Operating Expenses    
Cost of goods sold 839.0 803.5
Other operating revenues    
Operating Revenues    
Total operating revenues $ 73.3 $ 36.2
[1] Includes excise taxes of $565.0 million, $551.8 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Operating Activities      
Net income $ 136.3 $ 53.2  
Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities      
Depreciation and amortization 72.1 68.2  
Deferred and noncurrent income tax charges (benefits) 9.3 (1.4)  
Restructuring expense, net of cash paid (0.2) 0.0  
Accretion of asset retirement obligations 0.9 0.9 $ 3.4
(Gains) losses from sale of assets (0.3) 0.3  
Net (increase) decrease in noncash operating working capital 95.1 0.3  
Other operating activities - net 6.8 7.0  
Net cash provided (required) by operating activities 320.0 128.5  
Investing Activities      
Property additions (98.3) (87.8)  
Proceeds from sale of assets 0.2 0.3  
Other investing activities - net (0.4) (0.2)  
Net cash provided (required) by investing activities (98.5) (87.7)  
Financing Activities      
Purchase of treasury stock (70.5) (150.0)  
Dividends paid (11.7) (9.8)  
Borrowings of debt 590.0 670.0  
Repayments of debt (617.8) (530.0)  
Amounts related to share-based compensation (21.8) (18.6)  
Net cash provided (required) by financing activities (131.8) (38.4)  
Net increase (decrease) in cash, cash equivalents, and restricted cash 89.7 2.4  
Cash, cash equivalents, and restricted cash at beginning of period 28.9 47.0 47.0
Cash, cash equivalents, and restricted cash at end of period $ 118.6 $ 49.4 $ 28.9
v3.26.1
Consolidated Statements of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Common Stock
Treasury Stock
APIC
Retained Earnings
AOCI
Beginning balance (in shares) at Dec. 31, 2024   46,767,164        
Beginning balance at Dec. 31, 2024 $ 840.1 $ 0.5 $ (3,391.3) $ 487.5 $ 3,743.4 $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 53.2       53.2  
Cash dividends declared (9.8)       (9.8)  
Dividend equivalent units accrued 0.0     0.1 (0.1)  
Purchase of treasury stock (151.2)   (151.2)      
Issuance of treasury stock 0.0   8.4 (8.4)    
Amounts related to share-based compensation (18.6)     (18.6)    
Share-based compensation expense 5.9     5.9    
Ending balance (in shares) at Mar. 31, 2025   46,767,164        
Ending balance at Mar. 31, 2025 $ 719.6 $ 0.5 (3,534.1) 466.5 3,786.7 0.0
Beginning balance (in shares) at Dec. 31, 2025 46,767,164 46,767,164        
Beginning balance at Dec. 31, 2025 $ 623.5 $ 0.5 (4,031.7) 482.4 4,172.3 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 136.3       136.3  
Cash dividends declared (11.7)       (11.7)  
Dividend equivalent units accrued 0.0     0.1 (0.1)  
Purchase of treasury stock (70.9)   (70.9)      
Issuance of treasury stock (0.1)   10.5 (10.6)    
Amounts related to share-based compensation (21.8)     (21.8)    
Share-based compensation expense $ 3.4     3.4    
Ending balance (in shares) at Mar. 31, 2026 46,767,164 46,767,164        
Ending balance at Mar. 31, 2026 $ 658.7 $ 0.5 $ (4,092.1) $ 453.5 $ 4,296.8 $ 0.0
v3.26.1
Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.63 $ 0.49
v3.26.1
Description of Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
 
Description of business — Murphy USA Inc. and its consolidated subsidiaries (“Murphy USA”, "we", "our", "us", or the “Company”) markets refined products through a network of retail gasoline stores and to unbranded wholesale customers. The Company owns and operates a chain of retail stores under the brand names of Murphy USA® and Murphy Express, most of which are located in close proximity to Walmart stores, and also has a mix of convenience stores with and without retail gasoline that operate under the brand name of QuickChek®. At March 31, 2026, the Company had a total of 1,803 Company stores of which 1,655 were branded as Murphy and 148 were the QuickChek brand. The Company also has certain fuel supply assets, including product distribution terminals and pipeline positions.
 
Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock.  Murphy USA Inc., Murphy Oil USA, Inc. and its subsidiaries operate on a calendar year basis.
 
In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. The Company does not have any components of comprehensive income and comprehensive income is equal to net income (loss) reported in the Consolidated Statements of Income for all periods presented.

Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.
 
These interim consolidated financial statements should be read together with our audited financial statements for the years ended December 31, 2025, 2024 and 2023, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 on February 18, 2026.

Recently Issued Accounting Standards— 

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses." This ASU addresses investor requests for more granular information about an entity’s expenses, allowing investors to better understand performance, prospects for future cash flows, and comparability over time and with other entities. The primary goal is to improve the decision-usefulness of expense information on public companies’ income statements through disaggregation of relevant expense captions in the notes to the financial statements. The amendments in this update are effective for the Company for annual periods beginning after December 15, 2026, and interim periods in the year beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively or retrospectively. The Company is assessing the impact of the standard on the Company's consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements.” This ASU is intended to more closely align financial reporting with the economics of some of an entity’s risk management activities. The changes are in response to stakeholder feedback from implementing ASU 2017-12 and the effects of LIBOR cessation. The main amendments relate to cash flow hedging, but some of the amendments affect certain fair value and net investment hedges. The amendments will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted, and the amendments are to be applied prospectively. The Company is currently assessing the impact of the standard on the consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270)—Narrow-Scope Improvements". This ASU clarifies the interim reporting requirements by improving navigability of Topic 270 and more clearly specifying what disclosures are required in an interim reporting period. It is not intended to significantly change interim reporting or expand or reduce interim disclosure requirements. The amendments will be effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the consolidated financial statements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements". This ASU focuses on clarifying guidance, correcting unintended errors and making minor editorial refinements across the Codification and is not expected to have a significant effect on accounting practices. The amendments are effective for annual and interim periods in fiscal years beginning after December 15, 2026. Early adoption is permitted. Most amendments may be applied prospectively or retrospectively, except for the Topic 260 (earnings per share) amendments, which require retrospective application. The Company is currently evaluating the impact of the standard on the consolidated financial statements and does not expect the adoption to have a material impact.
v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis.

The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company accounts for such transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income.

The following tables disaggregate our revenues by major source for the three months ended March 31, 2026 and 2025, respectively:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(Millions of dollars)MarketingCorporate and Other AssetsConsolidatedMarketingCorporate and Other AssetsConsolidated
Petroleum product sales
(at retail)1
$3,322.8 $— $3,322.8 $3,154.9 $— $3,154.9 
Petroleum product sales
(at wholesale)1
374.0 — 374.0 334.9 — 334.9 
Total petroleum product sales3,696.8 — 3,696.8 3,489.8 — 3,489.8 
Merchandise sales1,049.2 — 1,049.2 999.4 — 999.4 
Other operating revenues:
RINs71.9 — 71.9 34.9 — 34.9 
Other revenues2
1.4 — 1.4 1.2 0.1 1.3 
Total revenues$4,819.3 $— $4,819.3 $4,525.3 $0.1 $4,525.4 
1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606
2 Primarily includes collection allowance on excise and sales taxes combined with other miscellaneous items
Marketing segment

Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two to seven days, depending on the terms with the particular credit/debit card providers. Payment fees retained by the credit/debit card providers are recorded as Store and other operating expenses in the Consolidated Statements of Income.

Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer.

Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted previously, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized.

With respect to merchandise sales revenue we must determine whether we are the principal or agent for some categories of merchandise such as scratch-off lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto tickets) where we are the agent and the revenues recorded for those transactions are our net commission only.

The Company offers loyalty programs through each of its branded retail locations. The customers earn rewards based on their spending or other promotional activities. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for free or discounted merchandise or cash discounts at all stores and on fuel purchases at Murphy branded stores. Earned rewards expire after an account is inactive for a period of 90 days at Murphy branded stores, while certain QuickChek rewards require use within the month. We recognize loyalty revenue when a customer redeems an earned reward. Deferred revenue associated with both rewards programs are included in Trade accounts payable and accrued liabilities in our Consolidated Balance Sheets. The deferred revenue balances at March 31, 2026 and December 31, 2025 were immaterial.

RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale.

Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed.

Accounts receivable

Trade accounts receivable on the balance sheet represents both receivables related to contracts with customers and other trade receivables. At March 31, 2026 and December 31, 2025, we had $178.0 million and $115.0 million of receivables, respectively, related to contracts with customers recorded. Typically, the trade accounts receivable related to contracts with customers outstanding at the end of each period were collected
during the succeeding quarter. These receivables were generally related to credit and debit card transactions along with short term bulk and wholesale sales to our customers, which have a very short settlement window.
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following:
(Millions of dollars)March 31,
2026		December 31,
2025
Petroleum products - FIFO basis$437.3 $305.8 
Store merchandise for resale - FIFO basis258.0 254.7 
Less LIFO reserve(347.0)(162.6)
Total petroleum products and store merchandise inventory348.3 397.9 
Materials and supplies15.0 15.1 
Total inventories$363.3 $413.0 
 
At March 31, 2026 and December 31, 2025, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value for petroleum products by $347.0 million and $162.6 million, respectively.
v3.26.1
Marketable Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company invests a portion of its excess operational cash in marketable securities. The goal of the Company's investment policy, in order of priority, are as follows: (1) preservation of principal, (2) maintaining a high degree of liquidity to meet cash flow requirements, and (3) deliver competitive returns subject to prevailing market conditions and the Company's stated objectives related to safety and liquidity. Nothing in the policy is intended to indicate that management must invest excess operational cash; it allows it to be subject to specific limitations.

Securities are generally required to have a final maturity of 24 months or less with a weighted average maturity for the portfolio of no longer than 12 months and must have an active secondary market. Investments may include U.S. Treasury bills, notes and bonds, U.S. Agency securities, repurchase agreements, certificates of deposit, institutional, government money market funds that maintain a stable $1.00 net asset value, domestic and foreign commercial paper, municipal securities, domestic and foreign debt issued by corporations or financial institutions with the primary objective of minimizing the potential risk of principal loss. The Company determines the classification of its marketable securities based on its investment strategy at the time of purchase.

The Company held no marketable securities at March 31, 2026 or December 31, 2025.
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The Company's goodwill is assigned to its Marketing segment and none of the goodwill is deductible for tax purposes.
(Millions of dollars)March 31,
2026		December 31,
2025
Goodwill$328.0 $328.0 

We amortize intangible assets subject to amortization on a straight-line basis based on the period for which the economic benefits of the asset or liability are expected to be realized. The intangible assets subject to amortization includes pipeline space, which is being amortized over a 40-year life, and the intangible lease liability acquired from QuickChek that is being amortized over the remaining life of the underlying leases.
Intangible assets subject to amortization at March 31, 2026 and December 31, 2025 consisted of the following:

Remaining Useful Life (in years)March 31, 2026December 31, 2025
(Millions of dollars)CostNetCostNet
Intangible assets subject to amortization:
Pipeline space29.4$39.6 $29.5 $39.6 $29.7 
Intangible lease liability8.4(9.1)(5.6)(9.1)(5.8)
Total intangible assets subject to amortization30.5 23.9 30.5 23.9 
Intangible assets not subject to amortization, indefinite lives:
Trade name115.4 115.4 115.4 115.4 
Intangible assets, net of amortization$145.9 $139.3 $145.9 $139.3 
v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
(Millions of dollars)March 31,
2026		December 31,
2025
5.625% senior notes due 2027 (net of unamortized discount of $0.4 at March 31, 2026 and $0.5 at December 31, 2025)
$299.6 $299.5 
4.75% senior notes due 2029 (net of unamortized discount of $2.2 at March 31, 2026 and $2.3 at December 31, 2025)
497.8 497.7 
3.75% senior notes due 2031 (net of unamortized discount of $3.0 at March 31, 2026 and $3.2 at December 31, 2025)
497.0 496.8 
Term loan due 2032 (effective interest rate of 5.43% at March 31, 2026) net of unamortized discount of $1.0 at March 31, 2026 and December 31, 2025
597.5 599.0 
Revolving credit facility, due 2030 (weighted average interest rate of 5.27% at March 31, 2026)
160.0 183.0 
Capitalized lease obligations, autos and equipment, due through 2030
8.2 7.7 
Capitalized lease obligations, buildings, due through 2059
107.7 110.8 
Unamortized debt issuance costs(11.3)(11.9)
Total long-term debt2,156.5 2,182.6 
Less current maturities19.2 19.0 
Total long-term debt, net of current$2,137.3 $2,163.6 

Senior Notes

On April 25, 2017, Murphy Oil USA, Inc. ("MOUSA"), our primary operating subsidiary, issued $300 million of 5.625% Senior Notes due 2027 (the "2027 Senior Notes") under its existing shelf registration statement. The 2027 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 2027 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 September 13, 2019, MOUSA, 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. The indenture governing the
2029 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2027 Senior Notes.

On January 29, 2021, MOUSA, issued $500 million of 3.75% Senior Notes due 2031 (the "2031 Senior Notes" and, together with the 2027 Senior Notes and the 2029 Senior Notes, the "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 2027 and 2029 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.

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 $598.5 million at March 31, 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 March 31, 2026, we had $160.0 million of 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 2.50 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 March 31, 2026, our total leverage ratio was 1.87 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 $427.8 million as of March 31, 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.
v3.26.1
Asset Retirement Obligations (ARO)
 3 Months Ended
Mar. 31, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations (ARO) Asset Retirement Obligations (ARO)
The majority of the ARO recognized by the Company at March 31, 2026 and December 31, 2025 is related to the estimated costs to dismantle and abandon certain of its retail gasoline stores. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation.
A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
 
(Millions of dollars)March 31,
2026		December 31,
2025
Balance at beginning of period$52.5 $49.1 
Accretion expense0.9 3.4 
Settlements of liabilities(0.2)(1.0)
Liabilities incurred0.1 1.0 
Balance at end of period$53.3 $52.5 
 
The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The pretax income (loss) and income tax expense (benefit), both from continuing operations for the three months ended March 31, 2026 and 2025 are as follows:
 Three Months Ended
March 31,
(Millions of dollars)20262025
Income (loss) before income taxes$176.2 $61.9 
Income tax expense (benefit)
Federal - Current$22.9 $6.1 
Federal - Deferred10.0 1.0 
State - Current and deferred7.0 1.6 
Total income tax expense (benefit)$39.9 $8.7 

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three months ended March 31, 2026 and 2025, the Company’s approximate effective tax rates were as follows:
 20262025
Three Months Ended March 31,22.6%14.1%

In the three months ended March 31, 2026, the Company recognized approximately $0.4 million of excess tax benefits related to stock compensation for employees and $4.6 million of benefit for purchased Federal energy tax
credits. For the three months ended March 31, 2025, the Company recognized approximately $2.6 million of excess tax benefits related to stock compensation for employees, $3.8 million of benefit for purchased Federal energy tax credits and $0.5 million in other discrete tax benefits.
 
As of March 31, 2026, the earliest year remaining open for Federal audits and/or settlement is 2022 and for state audits and/or settlement is 2020.  Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.
v3.26.1
Incentive Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Incentive Plans Incentive Plans
Equity Awards

The MUSA 2013 Plan authorized the Executive Compensation Committee of our Board of Directors (“the Committee”) to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), dividend equivalent units, cash awards, and performance awards to our employees. No more than 5.5 million shares of MUSA common stock may be delivered under the MUSA 2013 Plan and no more than 1 million shares of common stock may be awarded to any one employee, subject to adjustment for changes in capitalization. The maximum cash amount payable pursuant to any “performance-based” award to any participant in any calendar year is $5.0 million.

On May 4, 2023, the 2023 Omnibus Incentive Compensation Plan (the "MUSA 2023 Plan") was approved by the Company's shareholders and became effective for all future grants for both employees and directors. The MUSA 2023 Plan replaced the MUSA 2013 Plan and the 2013 Directors Plan, each of which expired on August 8, 2023. The MUSA 2023 Plan authorizes the Committee to grant to non-employee directors, employees, and consultants of the Company, or any of its subsidiaries, stock options (incentive stock options ("ISOs") and nonqualified stock options ("NQSO")), stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), performance awards or other cash-based awards and other stock-based awards. The maximum number of shares available for issuance under the MUSA 2023 Plan shall not exceed in the aggregate 1.725 million shares (subject to certain adjustments).

Beginning with its initial quarterly dividend in December 2020, the Company has issued dividend equivalent units ("DEUs") on all outstanding, unvested equity awards (except stock options) in an amount commensurate with regular quarterly dividends paid on common stock. The terms of the DEUs mirror the underlying awards and will only vest if the related award vests. DEUs issued are included with grants in each respective table as applicable.
 
STOCK OPTIONS – The Committee fixes the option price of each option granted at no less than fair market value ("FMV") on the date of the grant and fixes the option term at no more than 7 years from such date. Most of the nonqualified stock options granted in 2026 to certain employees by the Committee were granted in February 2026.  The Black-Scholes valuation for these awards was $116.18 per option.

Assumptions used to value awards:
Dividend yield0.66%
Expected volatility28.9%
Risk-free interest rate3.8%
Expected life (years)5.1
Stock price at valuation date$380.92
Changes in options outstanding for Company employees during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

OptionsNumber of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2025245,100 $222.54 
Granted24,569 $380.92 
Exercised(95,090)$117.07 
Forfeited(4,294)$434.31 
Outstanding at March 31, 2026170,285 $299.25 3.7$33.2 
Exercisable at March 31, 2026128,504 $261.30 2.9$29.9 

RESTRICTED STOCK UNITS – The Committee has granted time-based RSUs as part of the compensation plan for its executives and certain other employees since its inception. The awards granted in the current year were under the MUSA 2023 Plan, are valued at the grant date fair value, and vest over three years. The Committee has also granted time-based RSUs to the non-employee directors of the Company as part of their overall compensation package for being a member of the Board of Directors, which vest at the end of one year. For annual equity grants to non-employee directors, the directors may elect to defer receipt of their vested RSUs until their service ends. These RSUs are included in the RSU table below, will vest in one year, and will thereafter become deferred stock units.
Changes in RSUs outstanding during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202581,915 $376.60 
Granted26,360 $381.62 
Vested and issued(13,861)$303.32 $5.5 
Forfeited(4,287)$397.02 
Outstanding at March 31, 202690,127 $388.40 $44.5 

DIRECTOR DEFERRED STOCK UNITS (MUSA 2023 Plan) — Non-employee directors can elect to receive their annual cash retainers in the form of Deferred Stock Units ("DSUs"). The DSUs are recognized at their fair value on the date of the grant. Director fees which are deferred into DSUs are calculated and expensed each quarter by taking fees earned during the quarter and dividing by the closing price of our common stock on the last trading day of the quarter. Each DSU represents the right to receive one share of common stock following the completion of a director's service. During the three month period ended March 31, 2026, we granted 243 DSUs and recorded director expense of $0.1 million related to the grants. At March 31, 2026, there were 2,848 Director DSUs vested and outstanding with an average grant date fair value of $406.45 per unit under the MUSA 2023 Plan.

PERFORMANCE-BASED RESTRICTED STOCK UNITS – The Committee has granted performance-based restricted stock units (performance units or "PSUs") to its executives and certain other employees.  In February 2026, the Committee awarded PSUs to certain employees.  Half of the PSUs vest based on a three-year return on average capital employed ("ROACE") calculation and the other half vest based on a three-year total shareholder return ("TSR") calculation that compares MUSA to a group of 17 peer companies.  The portion of the awards that vest based on TSR qualify as a market condition and must be valued using a Monte Carlo valuation model.   For the TSR portion of the awards, the fair value was determined to be $467.85 per unit.  For the ROACE portion of the awards, the valuation was based on the grant date fair value of $380.92 per unit and the number of awards will be periodically assessed to determine the probability of vesting. 
Changes in PSUs outstanding for Company employees during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

Employee PSUsNumber of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202559,604 $438.28 
Granted30,031 $380.92 
Vested and issued(38,178)$303.84 $13.9 
Forfeited(3,293)$476.46 
Outstanding at March 31, 202648,164 $485.89 $23.8 
2013 Stock Plan for Non-employee Directors

Effective August 8, 2013, Murphy USA adopted the 2013 Murphy USA Stock Plan for Non-employee Directors (the “2013 Directors Plan”).  The directors for Murphy USA are compensated with a mixture of cash payments and equity-based awards.
 
RESTRICTED STOCK UNITS (2013 Directors Plan) – The Committee has also granted time based RSUs to the non-employee directors of the Company as part of their overall compensation package for being a member of the Board of Directors.  Awards prior to 2023 vest at the end of three years and those granted in 2023 vested at the end of one year.

Changes in Director RSUs outstanding for Company non-employee directors during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

2013 Plan — Director RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 20252,274 $261.51 
Granted4 $391.53 
Vested and issued0 $0.00 $0.0 
Outstanding at March 31, 20262,278 $261.51 $1.1 

DEFERRED STOCK UNITS (2013 Directors Plan) — Effective January 1, 2023, non-employee directors could elect to receive their annual cash retainers in the form of DSUs. Each DSU represents the right to receive one share of common stock following the completion of a director's service. One DEU share was granted and vested on the DSUs during the quarter. At March 31, 2026 there were 427 Director DSUs outstanding with an average grant date fair value of $260.11 per unit under the 2013 Directors Plan.

Share-based compensation for the three months ended March 31, 2026 and 2025, was $3.4 million and $5.9 million, respectively. Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements was $1.1 million and zero for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Financial Instruments and Risk Management
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments and Risk Management Financial Instruments and Risk Management
 
DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Income. Certain interest rate derivative contracts
were accounted for as hedges and gain or loss associated with recording the fair value of these contracts was deferred in AOCI until the anticipated transactions occurred. As of March 31, 2026, all current commodity derivative activity is immaterial.

There were $1.0 million cash deposits at March 31, 2026 and nominal cash deposits at December 31, 2025 related to commodity derivative contracts reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets. These cash deposits have not been used to increase the reported net assets or reduce the reported net liabilities on the derivative contracts at March 31, 2026 or December 31, 2025.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period.  Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive. 

On May 2, 2023, the Board of Directors approved a share repurchase authorization of up to $1.5 billion, excluding excise taxes, that expires December 31, 2028. As of March 31, 2026, approximately $221.4 million remained under the 2023 authorization. On October 29, 2025, the Company announced that the Board of Directors approved a new share repurchase authorization of up to $2.0 billion, excluding excise taxes, to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization.

For the three months ended March 31, 2026, the Company repurchased 168,963 shares of common stock for an average price of $419.87 per share including brokerage fees and excise tax. For the three months ended March 31, 2025, 321,119 shares were repurchased for an average price of $470.80 per share.
 
The following tables provide a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:

 Three Months Ended
March 31,
(Millions of dollars, except share and per share amounts)20262025
Earnings per common share:  
Net income per share - basic
Net income attributable to common stockholders$136.3 $53.2 
Weighted average common shares outstanding (in thousands)18,518 19,929 
Earnings per common share$7.36 $2.67 
Three Months Ended
March 31,
(Millions of dollars, except share and per share amounts)20262025
Earnings per common share - assuming dilution:  
Net income per share - diluted
Net income attributable to common stockholders$136.3 $53.2 
Weighted average common shares outstanding (in thousands)18,518 19,929 
Common equivalent shares:  
Dilutive share-based awards190 275 
Weighted average common shares outstanding - assuming dilution
(in thousands)		18,708 20,204 
Earnings per common share assuming dilution$7.28 $2.63 

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below.

Three Months Ended
March 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive20262025
Stock Options51,876 47,623 
RSUs— 4,912 
PSUs7,905 9,824 
Total anti-dilutive shares59,781 62,359 
v3.26.1
Other Financial Information
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Information Other Financial Information
  
CASH FLOW DISCLOSURES — Interest paid, net of amounts capitalized, was $35.7 million and $30.0 million for the three-month periods ended March 31, 2026 and 2025, respectively.  

CHANGES IN WORKING CAPITAL:
 Three Months Ended
March 31,
(Millions of dollars)20262025
Accounts receivable$(78.0)$(3.7)
Inventories49.7 37.2 
Prepaid expenses and other current assets(5.2)1.1 
Accounts payable and accrued liabilities161.5 2.9 
Income taxes payable(32.9)(37.2)
Net (increase) decrease in noncash operating working capital$95.1 $0.3 
v3.26.1
Assets and Liabilities Measured at Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value Assets and Liabilities Measured at Fair Value
 
The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.
The Company's available-for-sale marketable securities consist of high quality, investment grade securities from diverse issuers. We value these securities at the closing price in the principal active markets as of the last business day of the reporting period. The fair values of the Company's marketable securities by asset class are described in Note 4 "Marketable Securities" in these consolidated financial statements for the period ended March 31, 2026. We value the deferred compensation plan assets, which consist of money market and mutual funds, based on quoted prices in active markets at the measurement date. For additional information on deferred compensation plans see also Note 13 "Employee and Retirement Benefit Plans" 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.

At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade, Trade accounts payable, and accrued liabilities approximates fair value. See also Note 10 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended March 31, 2026, for more information.

Financial assets and liabilities measured at fair value on a recurring basis

The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025:  

 March 31, 2026
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $1.0 $1.0 
Other assets
Deferred compensation plan assets18.7 — — 18.7 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(28.9)— — (28.9)
$(10.2)$— $1.0 $(9.2)

 December 31, 2025
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $— $— 
Other assets
Deferred compensation plan assets18.6 — — 18.6 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(26.7)— — (26.7)
$(8.1)$— $— $(8.1)

Fair value of financial instruments not recognized at fair value
The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table below excludes Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying
amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2026 and December 31, 2025.

 At March 31, 2026At December 31, 2025
(Millions of dollars)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Financial liabilities    
Current and long-term debt, excluding finance leases$(2,040.6)$(2,050.1)$(2,064.1)$(2,081.2)
v3.26.1
Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies 
The Company’s operations and earnings have been and may be affected by various forms of governmental action. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; import and export controls; price controls; allocation of supplies of crude oil and petroleum products and other goods; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company.

ENVIRONMENTAL MATTERS AND LEGAL MATTERS — Murphy USA is subject to numerous federal, state and local laws, regulations and permit requirements dealing with the environment. Violation of such environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and other sanctions. A discharge of hazardous substances into the environment could, to the extent such event is not adequately insured, subject the Company to substantial expense, including the cost to comply with applicable laws and regulations, claims by neighboring landowners, governmental authorities and other third parties for any personal injury, property damage and other losses that might result.

The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. In connection with these activities, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company’s control. Under existing laws, the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. With respect to the previously owned refinery properties, Murphy Oil retained those liabilities in the Separation and Distribution agreement that was entered into related to the separation on August 30, 2013. With respect to any remaining potential liabilities, based on information currently available to the Company, the Company believes costs related to these properties will not have a material adverse effect on Murphy USA’s net income, financial position or liquidity in a future period.

While it is possible that certain environmental expenditures could be recovered by the Company from other sources, primarily environmental funds maintained by certain states, no assurance can be given that future recoveries from other sources will occur. As such, the Company has not recorded a benefit for likely recoveries at March 31, 2026, however certain jurisdictions provide reimbursement for these expenses which have been
considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at one Superfund site. As to the site, the potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at March 31, 2026. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. Based on information currently available to the Company, the Company believes that its share of the ultimate costs to clean up this site will be immaterial and will not have a material adverse effect on its net income, financial position or liquidity in a future period.

Based on information currently available to the Company, the amount of future remediation costs to be incurred to address known contamination sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. However, there is the possibility that additional environmental expenditures could be required to address contamination, including as a result of discovering additional contamination or the imposition of new or revised requirements applicable to known contamination, and such additional expenditures could be material.

Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. The State of Delaware filed a lawsuit against energy companies, including the Company, alleging damages as a result of climate change, seeking unspecified monetary damages and abatement under various tort theories. On January 9, 2024, the court in Delaware dismissed, in substantial part, the State of Delaware’s lawsuit on the merits. Its attempt to appeal that partial dismissal was denied, and it is now proceeding on narrowed claims. At this stage, the ultimate outcome of the State of Delaware matter remains uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined. Based on information currently available to the Company, the ultimate resolution of those other legal matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $1.0 million per occurrence, general liability insurance with a deductible of $3.0 million per occurrence, and auto liability insurance with a deductible of $0.3 million per occurrence. As of March 31, 2026, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $62.5 million will be sufficient to cover the related liability and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations.

The Company has obtained insurance coverage as appropriate for the business in which it is engaged but may incur losses that are not covered by insurance or reserves, in whole or in part, and such losses could adversely affect our results of operations and financial position.

TAX MATTERS — Murphy USA is subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities because of these audits may subject us to interest and penalties.

OTHER MATTERS — In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At March 31, 2026, the Company had contingent liabilities of $7.9 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote.
v3.26.1
Lease Accounting
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Lease Accounting Lease Accounting
The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 years or less to 34 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right-of-use assets and liabilities.

As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. We also have certain areas where we sublease building and land space to others. This lease income is immaterial.

Lessee — We lease land for 482 stores, one terminal, and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 103 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Leases are reflected in the following balance sheet accounts:
(Millions of dollars)ClassificationMarch 31,
2026		December 31,
2025
Assets
Operating
(Right-of-use)		Operating lease right-of-use assets, net$523.7 $526.3 
Finance
Property, plant, and equipment, at cost, less accumulated depreciation of $72.8 at March 31, 2026 and $69.0 at December 31, 2025
97.0 100.2 
Total leased assets$620.7 $626.5 
Liabilities
Current
OperatingTrade accounts payable and accrued liabilities$26.5 $25.8 
FinanceCurrent maturities of long-term debt 13.2 13.0 
Noncurrent
OperatingNon-current operating lease liabilities532.6 534.6 
FinanceLong-term debt, including capitalized lease obligations102.7 105.5 
Total lease liabilities$675.0 $678.9 
Lease Cost:Three Months Ended
March 31,
(Millions of dollars)Classification20262025
Operating lease costStore and other operating expenses$17.4 $15.7 
Finance lease cost
Amortization of leased assetsDepreciation and amortization 4.0 3.6 
Interest on lease liabilitiesInterest expense2.0 2.0 
Net lease costs$23.4 $21.3 

Cash Flow Information:Three Months Ended
March 31,
(Millions of dollars)20262025
Cash paid for amounts included in the measurement of liabilities
   Operating cash flows required by operating leases$15.7 $14.7 
   Operating cash flows required by finance leases$2.0 $2.0 
   Financing cash flows required by finance leases$3.3 $3.0 

Maturity of Lease Liabilities at March 31, 2026:
(Millions of dollars)Operating leasesFinance leases
2026$50.5 $15.5 
202767.3 19.7 
202866.3 18.7 
202964.7 16.5 
203063.1 14.2 
After 2030
670.8 84.4 
Total lease payments982.7 169.0 
 Less: interest423.6 53.1 
Present value of lease liabilities$559.1 $115.9 

Lease Term and Discount Rate:Three Months Ended March 31,
2026
Weighted average remaining lease term (years)
Finance leases10.6
Operating leases14.5
Weighted average discount rate
Finance leases6.9%
Operating leases7.3%
Lease Accounting Lease Accounting
The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 years or less to 34 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right-of-use assets and liabilities.

As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. We also have certain areas where we sublease building and land space to others. This lease income is immaterial.

Lessee — We lease land for 482 stores, one terminal, and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 103 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Leases are reflected in the following balance sheet accounts:
(Millions of dollars)ClassificationMarch 31,
2026		December 31,
2025
Assets
Operating
(Right-of-use)		Operating lease right-of-use assets, net$523.7 $526.3 
Finance
Property, plant, and equipment, at cost, less accumulated depreciation of $72.8 at March 31, 2026 and $69.0 at December 31, 2025
97.0 100.2 
Total leased assets$620.7 $626.5 
Liabilities
Current
OperatingTrade accounts payable and accrued liabilities$26.5 $25.8 
FinanceCurrent maturities of long-term debt 13.2 13.0 
Noncurrent
OperatingNon-current operating lease liabilities532.6 534.6 
FinanceLong-term debt, including capitalized lease obligations102.7 105.5 
Total lease liabilities$675.0 $678.9 
Lease Cost:Three Months Ended
March 31,
(Millions of dollars)Classification20262025
Operating lease costStore and other operating expenses$17.4 $15.7 
Finance lease cost
Amortization of leased assetsDepreciation and amortization 4.0 3.6 
Interest on lease liabilitiesInterest expense2.0 2.0 
Net lease costs$23.4 $21.3 

Cash Flow Information:Three Months Ended
March 31,
(Millions of dollars)20262025
Cash paid for amounts included in the measurement of liabilities
   Operating cash flows required by operating leases$15.7 $14.7 
   Operating cash flows required by finance leases$2.0 $2.0 
   Financing cash flows required by finance leases$3.3 $3.0 

Maturity of Lease Liabilities at March 31, 2026:
(Millions of dollars)Operating leasesFinance leases
2026$50.5 $15.5 
202767.3 19.7 
202866.3 18.7 
202964.7 16.5 
203063.1 14.2 
After 2030
670.8 84.4 
Total lease payments982.7 169.0 
 Less: interest423.6 53.1 
Present value of lease liabilities$559.1 $115.9 

Lease Term and Discount Rate:Three Months Ended March 31,
2026
Weighted average remaining lease term (years)
Finance leases10.6
Operating leases14.5
Weighted average discount rate
Finance leases6.9%
Operating leases7.3%
v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
We identify reportable segments based on how we manage the company's operations. Our operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our fuel supply group. As the primary purpose of the fuel supply group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the support functions played by these groups. As such, they are all treated as one segment for reporting purposes as they sell the same products and have similar economic characteristics. This Marketing segment contains essentially all of the revenue generating activities of the Company. Results not included in the reportable
segment are included in Corporate and Other Assets. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM), who is the Chief Executive Officer.

The CODM evaluates performance and allocates resources for its reportable segment using segment income or loss. This metric is used to evaluate the overall financial performance of the Marketing segment, make operational and strategic decisions, prepare our annual plan, and allocate resources.

The accounting policies for the Marketing segment are consistent with those described in the summary of significant accounting policies. No eliminations are required for the presentation below as virtually all corporate and other costs are allocated to the Marketing segment.
Marketing Segment InformationThree Months Ended
March 31,
(Millions of dollars)20262025
Revenues from external customers$4,819.3 $4,525.3 
Reconciliation of revenue
Other revenues1
— 0.1 
Total consolidated revenue$4,819.3 $4,525.4 
Less:2
Cost of goods sold4,205.0 4,041.8 
Store and other operating expenses279.8 266.0 
Selling, general and administrative56.6 60.1 
Depreciation and amortization65.9 61.5 
Other segment items3
0.6 1.2 
Interest expense2.0 1.9 
Segment income before income taxes$209.4 $92.8 
Reconciliation of income before income taxes
Income before income taxes$176.2 $61.9 
Other (revenues)1
— (0.1)
Other operating expenses— 0.1 
Depreciation and amortization6.2 6.7 
Investment (income) loss(0.3)0.1 
Interest expense27.0 23.5 
Other nonoperating (income) expense0.3 0.6 
Segment income before income taxes$209.4 $92.8 
1Revenues from corporate and other assets not included in the reportable segment results.
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense
Other specified segment disclosures
(Millions of dollars)Marketing
Totals
Reconciling Items4
Consolidated
Totals
Three Months Ended March 31, 2026
Accretion of asset retirement obligations$0.9 $— $0.9 
Deferred and noncurrent income taxes (benefits)$12.7 $(3.4)$9.3 
Additions to property, plant and equipment$86.9 $4.0 $90.9 
(Millions of dollars)Marketing
Totals
Reconciling Items4
Consolidated
Totals
Three Months Ended March 31, 2025
Accretion of asset retirement obligations$0.9 $— $0.9 
Deferred and noncurrent income taxes (benefits)$(2.0)$0.6 $(1.4)
Additions to property, plant and equipment$60.8 $3.2 $64.0 
4Corporate and other assets not included in the reportable segment results.
Reconciliation of Assets
March 31,December 31,
(Millions of dollars)20262025
Assets
Marketing assets$4,590.3 $4,534.6 
All other assets4
276.1 191.2 
Total consolidated assets$4,866.4 $4,725.8 
4Corporate and other assets not included in the reportable segment results.
v3.26.1
Restructuring Expenses
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Restructuring Expenses
During the third quarter of 2025, the Company incurred restructuring charges as part of its ongoing efforts to strengthen operational effectiveness, improve organizational efficiency and position the company for long-term success. These expenses, included in "Restructuring expense" in the Consolidated Statements of Income, consisted primarily of severance and other employee costs, including severance pay and other termination benefits, as well as other ancillary costs. These restructuring charges were recorded as Corporate costs and therefore excluded from the financial results of the reportable segment.
A reconciliation of the changes in the restructuring liability for the three months ended March 31, 2026, is as follows:

(Millions of dollars)
Balance as of December 31, 2025
$5.6 
Charges incurred during the period— 
Cash payments(0.2)
Changes in estimates and other adjustments— 
Balance as of March 31, 2026
$5.4 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Renee M. Bacon [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 23, 2026, Renee M. Bacon, Senior Vice President, Chief Retail Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Ms. Bacon's plan provides for the aggregate of (i) the exercise of 2,600 vested options and the sale of the resulting net shares, the actual number of shares sold will depend on the number of shares withheld by the Company to satisfy the option exercise price and income tax withholding obligations, (ii) the sale of 454 shares upon the vesting of certain RSUs and (iii) the sale of 908 shares upon the vesting of certain PSUs, each of which she will receive at the February 2027 vesting date,
the actual number of shares sold will depend on the vesting of certain performance-based equity awards and the number of shares withheld by the Company to satisfy its income tax withholding obligations. The plan will terminate at the earlier of the date all shares under the plan are sold or February 26, 2027.
Name Renee M. Bacon
Title Senior Vice President, Chief Retail Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 23, 2026
Expiration Date February 26, 2027
Arrangement Duration 368 days
Ms. Bacon's Trading Arrangement RSUs [Member] | Renee M. Bacon [Member]  
Trading Arrangements, by Individual  
Aggregate Available 454
Ms. Bacon's Trading Arrangement PSUs [Member] | Renee M. Bacon [Member]  
Trading Arrangements, by Individual  
Aggregate Available 908
v3.26.1
Description of Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock.  Murphy USA Inc., Murphy Oil USA, Inc. and its subsidiaries operate on a calendar year basis.
 
In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. The Company does not have any components of comprehensive income and comprehensive income is equal to net income (loss) reported in the Consolidated Statements of Income for all periods presented.

Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.
Recently Issued Accounting Standards
Recently Issued Accounting Standards— 

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses." This ASU addresses investor requests for more granular information about an entity’s expenses, allowing investors to better understand performance, prospects for future cash flows, and comparability over time and with other entities. The primary goal is to improve the decision-usefulness of expense information on public companies’ income statements through disaggregation of relevant expense captions in the notes to the financial statements. The amendments in this update are effective for the Company for annual periods beginning after December 15, 2026, and interim periods in the year beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively or retrospectively. The Company is assessing the impact of the standard on the Company's consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements.” This ASU is intended to more closely align financial reporting with the economics of some of an entity’s risk management activities. The changes are in response to stakeholder feedback from implementing ASU 2017-12 and the effects of LIBOR cessation. The main amendments relate to cash flow hedging, but some of the amendments affect certain fair value and net investment hedges. The amendments will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted, and the amendments are to be applied prospectively. The Company is currently assessing the impact of the standard on the consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270)—Narrow-Scope Improvements". This ASU clarifies the interim reporting requirements by improving navigability of Topic 270 and more clearly specifying what disclosures are required in an interim reporting period. It is not intended to significantly change interim reporting or expand or reduce interim disclosure requirements. The amendments will be effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the consolidated financial statements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements". This ASU focuses on clarifying guidance, correcting unintended errors and making minor editorial refinements across the Codification and is not expected to have a significant effect on accounting practices. The amendments are effective for annual and interim periods in fiscal years beginning after December 15, 2026. Early adoption is permitted. Most amendments may be applied prospectively or retrospectively, except for the Topic 260 (earnings per share) amendments, which require retrospective application. The Company is currently evaluating the impact of the standard on the consolidated financial statements and does not expect the adoption to have a material impact.
Revenue Recognition
Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis.

The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company accounts for such transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income.
Marketing segment

Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two to seven days, depending on the terms with the particular credit/debit card providers. Payment fees retained by the credit/debit card providers are recorded as Store and other operating expenses in the Consolidated Statements of Income.

Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer.

Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted previously, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized.

With respect to merchandise sales revenue we must determine whether we are the principal or agent for some categories of merchandise such as scratch-off lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto tickets) where we are the agent and the revenues recorded for those transactions are our net commission only.

The Company offers loyalty programs through each of its branded retail locations. The customers earn rewards based on their spending or other promotional activities. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for free or discounted merchandise or cash discounts at all stores and on fuel purchases at Murphy branded stores. Earned rewards expire after an account is inactive for a period of 90 days at Murphy branded stores, while certain QuickChek rewards require use within the month. We recognize loyalty revenue when a customer redeems an earned reward. Deferred revenue associated with both rewards programs are included in Trade accounts payable and accrued liabilities in our Consolidated Balance Sheets. The deferred revenue balances at March 31, 2026 and December 31, 2025 were immaterial.

RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale.

Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed.
Derivative Instruments
DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Income. Certain interest rate derivative contracts
were accounted for as hedges and gain or loss associated with recording the fair value of these contracts was deferred in AOCI until the anticipated transactions occurred.
Lease Accounting
The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 years or less to 34 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right-of-use assets and liabilities.
As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables disaggregate our revenues by major source for the three months ended March 31, 2026 and 2025, respectively:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(Millions of dollars)MarketingCorporate and Other AssetsConsolidatedMarketingCorporate and Other AssetsConsolidated
Petroleum product sales
(at retail)1
$3,322.8 $— $3,322.8 $3,154.9 $— $3,154.9 
Petroleum product sales
(at wholesale)1
374.0 — 374.0 334.9 — 334.9 
Total petroleum product sales3,696.8 — 3,696.8 3,489.8 — 3,489.8 
Merchandise sales1,049.2 — 1,049.2 999.4 — 999.4 
Other operating revenues:
RINs71.9 — 71.9 34.9 — 34.9 
Other revenues2
1.4 — 1.4 1.2 0.1 1.3 
Total revenues$4,819.3 $— $4,819.3 $4,525.3 $0.1 $4,525.4 
1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606
2 Primarily includes collection allowance on excise and sales taxes combined with other miscellaneous items
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
(Millions of dollars)March 31,
2026		December 31,
2025
Petroleum products - FIFO basis$437.3 $305.8 
Store merchandise for resale - FIFO basis258.0 254.7 
Less LIFO reserve(347.0)(162.6)
Total petroleum products and store merchandise inventory348.3 397.9 
Materials and supplies15.0 15.1 
Total inventories$363.3 $413.0 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
(Millions of dollars)March 31,
2026		December 31,
2025
Goodwill$328.0 $328.0 
Schedule of Intangible Assets Subject to Amortization
Intangible assets subject to amortization at March 31, 2026 and December 31, 2025 consisted of the following:

Remaining Useful Life (in years)March 31, 2026December 31, 2025
(Millions of dollars)CostNetCostNet
Intangible assets subject to amortization:
Pipeline space29.4$39.6 $29.5 $39.6 $29.7 
Intangible lease liability8.4(9.1)(5.6)(9.1)(5.8)
Total intangible assets subject to amortization30.5 23.9 30.5 23.9 
Intangible assets not subject to amortization, indefinite lives:
Trade name115.4 115.4 115.4 115.4 
Intangible assets, net of amortization$145.9 $139.3 $145.9 $139.3 
v3.26.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consisted of the following:
(Millions of dollars)March 31,
2026		December 31,
2025
5.625% senior notes due 2027 (net of unamortized discount of $0.4 at March 31, 2026 and $0.5 at December 31, 2025)
$299.6 $299.5 
4.75% senior notes due 2029 (net of unamortized discount of $2.2 at March 31, 2026 and $2.3 at December 31, 2025)
497.8 497.7 
3.75% senior notes due 2031 (net of unamortized discount of $3.0 at March 31, 2026 and $3.2 at December 31, 2025)
497.0 496.8 
Term loan due 2032 (effective interest rate of 5.43% at March 31, 2026) net of unamortized discount of $1.0 at March 31, 2026 and December 31, 2025
597.5 599.0 
Revolving credit facility, due 2030 (weighted average interest rate of 5.27% at March 31, 2026)
160.0 183.0 
Capitalized lease obligations, autos and equipment, due through 2030
8.2 7.7 
Capitalized lease obligations, buildings, due through 2059
107.7 110.8 
Unamortized debt issuance costs(11.3)(11.9)
Total long-term debt2,156.5 2,182.6 
Less current maturities19.2 19.0 
Total long-term debt, net of current$2,137.3 $2,163.6 
v3.26.1
Asset Retirement Obligations (ARO) (Tables)
 3 Months Ended
Mar. 31, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation
A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
 
(Millions of dollars)March 31,
2026		December 31,
2025
Balance at beginning of period$52.5 $49.1 
Accretion expense0.9 3.4 
Settlements of liabilities(0.2)(1.0)
Liabilities incurred0.1 1.0 
Balance at end of period$53.3 $52.5 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rates
The pretax income (loss) and income tax expense (benefit), both from continuing operations for the three months ended March 31, 2026 and 2025 are as follows:
 Three Months Ended
March 31,
(Millions of dollars)20262025
Income (loss) before income taxes$176.2 $61.9 
Income tax expense (benefit)
Federal - Current$22.9 $6.1 
Federal - Deferred10.0 1.0 
State - Current and deferred7.0 1.6 
Total income tax expense (benefit)$39.9 $8.7 
For the three months ended March 31, 2026 and 2025, the Company’s approximate effective tax rates were as follows:
 20262025
Three Months Ended March 31,22.6%14.1%
v3.26.1
Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions
Assumptions used to value awards:
Dividend yield0.66%
Expected volatility28.9%
Risk-free interest rate3.8%
Expected life (years)5.1
Stock price at valuation date$380.92
Schedule of Changes in Stock Options Outstanding
Changes in options outstanding for Company employees during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

OptionsNumber of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2025245,100 $222.54 
Granted24,569 $380.92 
Exercised(95,090)$117.07 
Forfeited(4,294)$434.31 
Outstanding at March 31, 2026170,285 $299.25 3.7$33.2 
Exercisable at March 31, 2026128,504 $261.30 2.9$29.9 
Schedule of Stock Unit Activity
Changes in RSUs outstanding during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202581,915 $376.60 
Granted26,360 $381.62 
Vested and issued(13,861)$303.32 $5.5 
Forfeited(4,287)$397.02 
Outstanding at March 31, 202690,127 $388.40 $44.5 
Changes in PSUs outstanding for Company employees during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

Employee PSUsNumber of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202559,604 $438.28 
Granted30,031 $380.92 
Vested and issued(38,178)$303.84 $13.9 
Forfeited(3,293)$476.46 
Outstanding at March 31, 202648,164 $485.89 $23.8 
Changes in Director RSUs outstanding for Company non-employee directors during the period from December 31, 2025 to March 31, 2026 are presented in the following table:

2013 Plan — Director RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 20252,274 $261.51 
Granted4 $391.53 
Vested and issued0 $0.00 $0.0 
Outstanding at March 31, 20262,278 $261.51 $1.1 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Basic and Diluted Earnings Per Share Computations
The following tables provide a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:

 Three Months Ended
March 31,
(Millions of dollars, except share and per share amounts)20262025
Earnings per common share:  
Net income per share - basic
Net income attributable to common stockholders$136.3 $53.2 
Weighted average common shares outstanding (in thousands)18,518 19,929 
Earnings per common share$7.36 $2.67 
Three Months Ended
March 31,
(Millions of dollars, except share and per share amounts)20262025
Earnings per common share - assuming dilution:  
Net income per share - diluted
Net income attributable to common stockholders$136.3 $53.2 
Weighted average common shares outstanding (in thousands)18,518 19,929 
Common equivalent shares:  
Dilutive share-based awards190 275 
Weighted average common shares outstanding - assuming dilution
(in thousands)		18,708 20,204 
Earnings per common share assuming dilution$7.28 $2.63 
Schedule of Potentially Dilutive Shares Excluded from Earnings Per Share
We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below.

Three Months Ended
March 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive20262025
Stock Options51,876 47,623 
RSUs— 4,912 
PSUs7,905 9,824 
Total anti-dilutive shares59,781 62,359 
v3.26.1
Other Financial Information (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in Working Capital
CHANGES IN WORKING CAPITAL:
 Three Months Ended
March 31,
(Millions of dollars)20262025
Accounts receivable$(78.0)$(3.7)
Inventories49.7 37.2 
Prepaid expenses and other current assets(5.2)1.1 
Accounts payable and accrued liabilities161.5 2.9 
Income taxes payable(32.9)(37.2)
Net (increase) decrease in noncash operating working capital$95.1 $0.3 
v3.26.1
Assets and Liabilities Measured at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025:  

 March 31, 2026
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $1.0 $1.0 
Other assets
Deferred compensation plan assets18.7 — — 18.7 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(28.9)— — (28.9)
$(10.2)$— $1.0 $(9.2)

 December 31, 2025
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $— $— 
Other assets
Deferred compensation plan assets18.6 — — 18.6 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(26.7)— — (26.7)
$(8.1)$— $— $(8.1)
Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2026 and December 31, 2025.

 At March 31, 2026At December 31, 2025
(Millions of dollars)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Financial liabilities    
Current and long-term debt, excluding finance leases$(2,040.6)$(2,050.1)$(2,064.1)$(2,081.2)
v3.26.1
Lease Accounting (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Leases Reflected on Balance Sheet
Leases are reflected in the following balance sheet accounts:
(Millions of dollars)ClassificationMarch 31,
2026		December 31,
2025
Assets
Operating
(Right-of-use)		Operating lease right-of-use assets, net$523.7 $526.3 
Finance
Property, plant, and equipment, at cost, less accumulated depreciation of $72.8 at March 31, 2026 and $69.0 at December 31, 2025
97.0 100.2 
Total leased assets$620.7 $626.5 
Liabilities
Current
OperatingTrade accounts payable and accrued liabilities$26.5 $25.8 
FinanceCurrent maturities of long-term debt 13.2 13.0 
Noncurrent
OperatingNon-current operating lease liabilities532.6 534.6 
FinanceLong-term debt, including capitalized lease obligations102.7 105.5 
Total lease liabilities$675.0 $678.9 
Schedule of Lease Cost, Cash flow Information, Lease Term and Discount Rate
Lease Cost:Three Months Ended
March 31,
(Millions of dollars)Classification20262025
Operating lease costStore and other operating expenses$17.4 $15.7 
Finance lease cost
Amortization of leased assetsDepreciation and amortization 4.0 3.6 
Interest on lease liabilitiesInterest expense2.0 2.0 
Net lease costs$23.4 $21.3 

Cash Flow Information:Three Months Ended
March 31,
(Millions of dollars)20262025
Cash paid for amounts included in the measurement of liabilities
   Operating cash flows required by operating leases$15.7 $14.7 
   Operating cash flows required by finance leases$2.0 $2.0 
   Financing cash flows required by finance leases$3.3 $3.0 
Lease Term and Discount Rate:Three Months Ended March 31,
2026
Weighted average remaining lease term (years)
Finance leases10.6
Operating leases14.5
Weighted average discount rate
Finance leases6.9%
Operating leases7.3%
Schedule of Finance Lease Liability Maturity
Maturity of Lease Liabilities at March 31, 2026:
(Millions of dollars)Operating leasesFinance leases
2026$50.5 $15.5 
202767.3 19.7 
202866.3 18.7 
202964.7 16.5 
203063.1 14.2 
After 2030
670.8 84.4 
Total lease payments982.7 169.0 
 Less: interest423.6 53.1 
Present value of lease liabilities$559.1 $115.9 
Schedule of Operating Lease Liability Maturity
Maturity of Lease Liabilities at March 31, 2026:
(Millions of dollars)Operating leasesFinance leases
2026$50.5 $15.5 
202767.3 19.7 
202866.3 18.7 
202964.7 16.5 
203063.1 14.2 
After 2030
670.8 84.4 
Total lease payments982.7 169.0 
 Less: interest423.6 53.1 
Present value of lease liabilities$559.1 $115.9 
v3.26.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Marketing Segment Information and Other Specified Segment Disclosures and Reconciliation of Assets
Marketing Segment InformationThree Months Ended
March 31,
(Millions of dollars)20262025
Revenues from external customers$4,819.3 $4,525.3 
Reconciliation of revenue
Other revenues1
— 0.1 
Total consolidated revenue$4,819.3 $4,525.4 
Less:2
Cost of goods sold4,205.0 4,041.8 
Store and other operating expenses279.8 266.0 
Selling, general and administrative56.6 60.1 
Depreciation and amortization65.9 61.5 
Other segment items3
0.6 1.2 
Interest expense2.0 1.9 
Segment income before income taxes$209.4 $92.8 
Reconciliation of income before income taxes
Income before income taxes$176.2 $61.9 
Other (revenues)1
— (0.1)
Other operating expenses— 0.1 
Depreciation and amortization6.2 6.7 
Investment (income) loss(0.3)0.1 
Interest expense27.0 23.5 
Other nonoperating (income) expense0.3 0.6 
Segment income before income taxes$209.4 $92.8 
1Revenues from corporate and other assets not included in the reportable segment results.
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense
Other specified segment disclosures
(Millions of dollars)Marketing
Totals
Reconciling Items4
Consolidated
Totals
Three Months Ended March 31, 2026
Accretion of asset retirement obligations$0.9 $— $0.9 
Deferred and noncurrent income taxes (benefits)$12.7 $(3.4)$9.3 
Additions to property, plant and equipment$86.9 $4.0 $90.9 
(Millions of dollars)Marketing
Totals
Reconciling Items4
Consolidated
Totals
Three Months Ended March 31, 2025
Accretion of asset retirement obligations$0.9 $— $0.9 
Deferred and noncurrent income taxes (benefits)$(2.0)$0.6 $(1.4)
Additions to property, plant and equipment$60.8 $3.2 $64.0 
4Corporate and other assets not included in the reportable segment results.
Reconciliation of Assets
March 31,December 31,
(Millions of dollars)20262025
Assets
Marketing assets$4,590.3 $4,534.6 
All other assets4
276.1 191.2 
Total consolidated assets$4,866.4 $4,725.8 
4Corporate and other assets not included in the reportable segment results.
v3.26.1
Restructuring Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Reconciliation of Changes in Restructuring Liability
A reconciliation of the changes in the restructuring liability for the three months ended March 31, 2026, is as follows:

(Millions of dollars)
Balance as of December 31, 2025
$5.6 
Charges incurred during the period— 
Cash payments(0.2)
Changes in estimates and other adjustments— 
Balance as of March 31, 2026
$5.4 
v3.26.1
Description of Business and Basis of Presentation (Details)
 1 Months Ended
Aug. 30, 2013
Mar. 31, 2013
USD ($)
$ / shares
shares
Mar. 31, 2026
store
$ / shares
Dec. 31, 2025
$ / shares
Product Information [Line Items]        
Number of stores     1,803  
Common stock shares issued (in shares) | shares   100    
Common stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01 $ 0.01
Proceeds from issuance of common stock | $   $ 1.00    
Percentage of shares of stock distributed 100.00%      
Murphy        
Product Information [Line Items]        
Number of stores     1,655  
QuickChek        
Product Information [Line Items]        
Number of stores     148  
v3.26.1
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenues $ 4,819.3 $ 4,525.4
Total petroleum product sales    
Disaggregation of Revenue [Line Items]    
Total revenues 3,696.8 3,489.8
Petroleum product sales (at retail)    
Disaggregation of Revenue [Line Items]    
Total revenues 3,322.8 3,154.9
Petroleum product sales (at wholesale)    
Disaggregation of Revenue [Line Items]    
Total revenues 374.0 334.9
Merchandise sales    
Disaggregation of Revenue [Line Items]    
Total revenues 1,049.2 999.4
RINs    
Disaggregation of Revenue [Line Items]    
Total revenues 71.9 34.9
Other revenues    
Disaggregation of Revenue [Line Items]    
Total revenues 1.4 1.3
Marketing | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 4,819.3 4,525.3
Marketing | Total petroleum product sales | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 3,696.8 3,489.8
Marketing | Petroleum product sales (at retail) | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 3,322.8 3,154.9
Marketing | Petroleum product sales (at wholesale) | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 374.0 334.9
Marketing | Merchandise sales | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 1,049.2 999.4
Marketing | RINs | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 71.9 34.9
Marketing | Other revenues | Marketing    
Disaggregation of Revenue [Line Items]    
Total revenues 1.4 1.2
Corporate and Other Assets    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.1
Corporate and Other Assets | Total petroleum product sales    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.0
Corporate and Other Assets | Petroleum product sales (at retail)    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.0
Corporate and Other Assets | Petroleum product sales (at wholesale)    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.0
Corporate and Other Assets | Merchandise sales    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.0
Corporate and Other Assets | RINs    
Disaggregation of Revenue [Line Items]    
Total revenues 0.0 0.0
Corporate and Other Assets | Other revenues    
Disaggregation of Revenue [Line Items]    
Total revenues $ 0.0 $ 0.1
v3.26.1
Revenues - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Earned rewards, expiration period 90 days  
Trade accounts receivable $ 354.1 $ 276.2
Trade Accounts Receivable    
Disaggregation of Revenue [Line Items]    
Trade accounts receivable $ 178.0 $ 115.0
Petroleum product sales (at retail) | Minimum    
Disaggregation of Revenue [Line Items]    
Collection period 2 days  
Petroleum product sales (at retail) | Maximum    
Disaggregation of Revenue [Line Items]    
Collection period 7 days  
Petroleum product sales, rack sales    
Disaggregation of Revenue [Line Items]    
Collection period 10 days  
Renewable Identification Numbers (RINs) sales    
Disaggregation of Revenue [Line Items]    
Collection period 5 days  
v3.26.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Petroleum products - FIFO basis $ 437.3 $ 305.8
Store merchandise for resale - FIFO basis 258.0 254.7
Less LIFO reserve (347.0) (162.6)
Total petroleum products and store merchandise inventory 348.3 397.9
Materials and supplies 15.0 15.1
Total inventories $ 363.3 $ 413.0
v3.26.1
Inventories - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory [Line Items]    
LIFO reserve $ 347.0 $ 162.6
Petroleum Products    
Inventory [Line Items]    
LIFO reserve $ 347.0 $ 162.6
v3.26.1
Marketable Securities (Details)
Mar. 31, 2026
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Maturity 24 months
Weighted average maturity 12 months
Net asset value $ 1.00
v3.26.1
Goodwill and Intangible Assets - Narratives (Details)
Mar. 31, 2026
USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Tax deductible goodwill $ 0
Pipeline space  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Remaining useful life 40 years
v3.26.1
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 328.0 $ 328.0
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Cost    
Total intangible assets subject to amortization $ 30.5 $ 30.5
Intangible assets, net of amortization 145.9 145.9
Net    
Total intangible assets subject to amortization 23.9 23.9
Intangible assets, net of amortization 139.3 139.3
Trade name    
Cost    
Intangible assets not subject to amortization, indefinite lives: 115.4 115.4
Net    
Intangible assets not subject to amortization, indefinite lives: $ 115.4 115.4
Pipeline space    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Remaining Useful Life (in years) 29 years 4 months 24 days  
Cost    
Pipeline space $ 39.6 39.6
Net    
Pipeline space $ 29.5 29.7
Intangible lease liability    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Remaining Useful Life (in years) 8 years 4 months 24 days  
Cost    
Intangible lease liability $ (9.1) (9.1)
Net    
Intangible lease liability $ (5.6) $ (5.8)
v3.26.1
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Jan. 29, 2021
Sep. 13, 2019
Apr. 25, 2017
Debt Instrument [Line Items]          
Capitalized lease obligations $ 115.9        
Unamortized debt issuance costs (11.3) $ (11.9)      
Total long-term debt 2,156.5 2,182.6      
Less current maturities 19.2 19.0      
Total long-term debt, net of current 2,137.3 2,163.6      
Capitalized lease obligations, autos and equipment, due through 2030          
Debt Instrument [Line Items]          
Capitalized lease obligations 8.2 7.7      
Capitalized lease obligations, buildings, due through 2059          
Debt Instrument [Line Items]          
Capitalized lease obligations 107.7 110.8      
Line of Credit | Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt, gross $ 160.0 183.0      
Weighted average interest rate (as a percent) 5.27%        
5.625% senior notes due 2027 (net of unamortized discount of $0.4 at March 31, 2026 and $0.5 at December 31, 2025) | Senior Notes          
Debt Instrument [Line Items]          
Long-term debt, gross $ 299.6 299.5      
Stated interest rate (as a percent) 5.625%       5.625%
Unamortized discount $ 0.4 0.5      
4.75% senior notes due 2029 (net of unamortized discount of $2.2 at March 31, 2026 and $2.3 at December 31, 2025) | Senior Notes          
Debt Instrument [Line Items]          
Long-term debt, gross $ 497.8 497.7      
Stated interest rate (as a percent) 4.75%     4.75%  
Unamortized discount $ 2.2 2.3      
3.75% senior notes due 2031 (net of unamortized discount of $3.0 at March 31, 2026 and $3.2 at December 31, 2025) | Senior Notes          
Debt Instrument [Line Items]          
Long-term debt, gross $ 497.0 496.8      
Stated interest rate (as a percent) 3.75%   3.75%    
Unamortized discount $ 3.0 3.2      
Term Loan | Secured Debt | Term Loan          
Debt Instrument [Line Items]          
Long-term debt, gross 597.5 599.0      
Unamortized discount $ 1.0 $ 1.0      
Effective interest rate (as a percent) 5.43%        
v3.26.1
Long-Term Debt - Narrative (Details)
Apr. 07, 2025
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Jan. 29, 2021
USD ($)
Sep. 13, 2019
USD ($)
Apr. 25, 2017
USD ($)
Debt Instrument [Line Items]            
Outstanding letters of credit   $ 7,900,000        
Line of Credit | Term Loan            
Debt Instrument [Line Items]            
Senior notes, principal amount $ 600,000,000.0          
Quarterly amortization payment (as a percent) 1.00%          
Line of Credit | Term Loan | Adjusted SOFR Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 1.75%          
Line of Credit | Term Loan | Alternate Base Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 0.75%          
Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Maximum aggregate borrowing capacity $ 750,000,000.0          
Outstanding balance   598,500,000 $ 600,000,000.0      
Principal payment period $ 1,500,000          
Outstanding under facility   $ 160,000,000.0        
Total leverage ratio 5.0          
Temporary increase to leverage ratio 5.5          
Secured net leverage ratio financial maintenance covenants 2.50          
Leverage ratio 3.0          
Actual total leverage ratio   1.87        
Maximum restricted payments in cash $ 400,000,000.0          
Maximum consolidated net tangible assets over the life of the credit agreement (as a percent) 15.00%          
Estimated consolidated net tangible assets   $ 427,800,000        
Line of Credit | Revolving Credit Facility | Minimum | Adjusted SOFR Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 1.25%          
Line of Credit | Revolving Credit Facility | Minimum | Alternate Base Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 0.25%          
Line of Credit | Revolving Credit Facility | Maximum | Adjusted SOFR Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 2.00%          
Line of Credit | Revolving Credit Facility | Maximum | Alternate Base Rate            
Debt Instrument [Line Items]            
Spread over variable rate (as a percent) 1.00%          
Line of Credit | Letters of credit            
Debt Instrument [Line Items]            
Outstanding letters of credit   $ 6,200,000        
Senior Notes 5.625 Percent Due 2027 | Senior Notes            
Debt Instrument [Line Items]            
Senior notes, principal amount           $ 300,000,000
Interest rate (as a percent)   5.625%       5.625%
4.75% senior notes due 2029 (net of unamortized discount of $2.2 at March 31, 2026 and $2.3 at December 31, 2025) | Senior Notes            
Debt Instrument [Line Items]            
Senior notes, principal amount         $ 500,000,000  
Interest rate (as a percent)   4.75%     4.75%  
3.75% senior notes due 2031 (net of unamortized discount of $3.0 at March 31, 2026 and $3.2 at December 31, 2025) | Senior Notes            
Debt Instrument [Line Items]            
Senior notes, principal amount       $ 500,000,000    
Interest rate (as a percent)   3.75%   3.75%    
v3.26.1
Asset Retirement Obligations (ARO) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Asset Retirement Obligation Roll Forward      
Balance at beginning of period $ 52.5 $ 49.1 $ 49.1
Accretion expense 0.9 $ 0.9 3.4
Settlements of liabilities (0.2)   (1.0)
Liabilities incurred 0.1   1.0
Balance at end of period $ 53.3   $ 52.5
v3.26.1
Income Taxes - Schedule of Pretax Income (Loss) and Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income (loss) before income taxes $ 176.2 $ 61.9
Income tax expense (benefit)    
Federal - Current 22.9 6.1
Federal - Deferred 10.0 1.0
State - Current and deferred 7.0 1.6
Total income tax expense (benefit) $ 39.9 $ 8.7
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rates (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate 22.60% 14.10%
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Total excess tax benefits $ 0.4 $ 2.6
Federal energy credits $ 4.6 3.8
Other discrete tax benefits   $ 0.5
v3.26.1
Incentive Plans - Narrative (Details)
 1 Months Ended 3 Months Ended
Aug. 08, 2023
USD ($)
shares
Feb. 28, 2026
peer_company
$ / shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
May 04, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Director expense | $     $ 3,400,000 $ 5,900,000  
Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements | $     $ 1,100,000 $ 0  
MUSA 2013 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized for incentive plan (no more than) (in shares) 5,500,000        
Number of shares per employee (no more than) (in shares) 1,000,000        
Maximum amount payable | $ $ 5,000,000.0        
MUSA 2023 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized for incentive plan (no more than) (in shares)         1,725,000
MUSA 2023 Plan | DSUs | Non-employee directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share of common stock right     1    
Granted (in shares)     243    
Director expense | $     $ 100,000    
Outstanding (in shares)     2,848    
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 406.45    
Murphy USA, Two Thousand Thirteen Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award expiration period (in years)     7 years    
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 116.18    
Murphy USA, Two Thousand Thirteen Plan | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)     3 years    
Murphy USA, Two Thousand Thirteen Plan | RSUs | Non-employee directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)     1 year    
Murphy USA, Two Thousand Thirteen Plan | Return On Average Capital Employed Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)   3 years      
Murphy USA, Two Thousand Thirteen Plan | Return On Average Capital Employed Performance Units | ROACE          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares   $ 380.92      
Murphy USA, Two Thousand Thirteen Plan | Total Shareholder Return Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)   3 years      
Number of companies in total shareholder return peer comparison group | peer_company   17      
Murphy USA, Two Thousand Thirteen Plan | Total Shareholder Return Performance Units | TSR          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares   $ 467.85      
2013 Directors Plan | RSUs | Non-employee directors | Prior to 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)     3 years    
2013 Directors Plan | RSUs | Non-employee directors | In 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)     1 year    
2013 Directors Plan | DSUs | Non-employee directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share of common stock right     1    
Granted (in shares)     1    
Outstanding (in shares)     427    
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 260.11    
v3.26.1
Incentive Plans - Schedule of Valuation Assumptions (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
Share-Based Payment Arrangement [Abstract]  
Dividend yield 0.66%
Expected volatility 28.90%
Risk-free interest rate 3.80%
Expected life (years) 5 years 1 month 6 days
Stock price at valuation date (in dollars per share) $ 380.92
v3.26.1
Incentive Plans - Schedule of Changes in Stock Options Outstanding (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 245,100
Granted (in shares) | shares 24,569
Exercised (in shares) | shares (95,090)
Forfeited (in shares) | shares (4,294)
Ending balance (in shares) | shares 170,285
Exercisable (in shares) | shares 128,504
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 222.54
Granted (in dollars per share) | $ / shares 380.92
Exercised (in dollars per share) | $ / shares 117.07
Forfeited (in dollars per share) | $ / shares 434.31
Ending balance (in dollars per share) | $ / shares 299.25
Exercisable (in dollars per share) | $ / shares $ 261.30
Weighted Average Remaining Contractual Term (Years)  
Outstanding, weighted average remaining contractual term (in years) 3 years 8 months 12 days
Exercisable, weighted average remaining contractual term (in years) 2 years 10 months 24 days
Aggregate Intrinsic Value (Millions of Dollars)  
Outstanding, aggregate intrinsic value | $ $ 33.2
Exercisable, aggregate intrinsic value | $ $ 29.9
v3.26.1
Incentive Plans - Schedule of Stock Unit Activity (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
RSUs | Employees | Murphy USA, Two Thousand Thirteen Plan  
Number of Units  
Beginning balance (in shares) | shares 81,915
Granted (in shares) | shares 26,360
Vested (in shares) | shares (13,861)
Issued (in shares) | shares (13,861)
Forfeited (in shares) | shares (4,287)
Ending balance (in shares) | shares 90,127
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 376.60
Granted (in dollars per share) | $ / shares 381.62
Vested (in dollars per share) | $ / shares 303.32
Issued (in dollars per share) | $ / shares 303.32
Forfeited (in dollars per share) | $ / shares 397.02
Ending balance (in dollars per share) | $ / shares $ 388.40
Total Fair Value  
Total fair value vested | $ $ 5.5
Total fair value issued | $ 5.5
Total fair value, outstanding | $ $ 44.5
PSUs | Employees | Murphy USA, Two Thousand Thirteen Plan  
Number of Units  
Beginning balance (in shares) | shares 59,604
Granted (in shares) | shares 30,031
Vested (in shares) | shares (38,178)
Issued (in shares) | shares (38,178)
Forfeited (in shares) | shares (3,293)
Ending balance (in shares) | shares 48,164
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 438.28
Granted (in dollars per share) | $ / shares 380.92
Vested (in dollars per share) | $ / shares 303.84
Issued (in dollars per share) | $ / shares 303.84
Forfeited (in dollars per share) | $ / shares 476.46
Ending balance (in dollars per share) | $ / shares $ 485.89
Total Fair Value  
Total fair value vested | $ $ 13.9
Total fair value issued | $ 13.9
Total fair value, outstanding | $ $ 23.8
2013 Plan — Director RSUs | Non-employee directors | 2013 Directors Plan  
Number of Units  
Beginning balance (in shares) | shares 2,274
Granted (in shares) | shares 4
Vested (in shares) | shares 0
Issued (in shares) | shares 0
Ending balance (in shares) | shares 2,278
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 261.51
Granted (in dollars per share) | $ / shares 391.53
Vested (in dollars per share) | $ / shares 0.00
Issued (in dollars per share) | $ / shares 0.00
Ending balance (in dollars per share) | $ / shares $ 261.51
Total Fair Value  
Total fair value vested | $ $ 0.0
Total fair value issued | $ 0.0
Total fair value, outstanding | $ $ 1.1
v3.26.1
Financial Instruments and Risk Management (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash deposits related to commodity derivative contracts $ 1.0
v3.26.1
Earnings Per Share - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Oct. 29, 2025
May 02, 2023
2023 Share Repurchase Authorization        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount       $ 1,500,000,000
Stock repurchase program, remaining amount $ 221,400,000      
Treasury stock, shares acquired (in shares) 168,963 321,119    
Stock repurchase program, average price per share (in dollars per share) $ 419.87 $ 470.80    
2023 Authorization        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount     $ 2,000,000,000.0  
v3.26.1
Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings Per Share Computations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings per common share:    
Net income attributable to common stockholders $ 136.3 $ 53.2
Weighted average common shares outstanding (in shares) 18,518 19,929
Earnings per common share (in dollars per share) $ 7.36 $ 2.67
Earnings per common share - assuming dilution:    
Net income attributable to common stockholders $ 136.3 $ 53.2
Weighted average common shares outstanding (in shares) 18,518 19,929
Common equivalent shares:    
Dilutive share-based awards (in shares) 190 275
Weighted average common shares outstanding - assuming dilution (in shares) 18,708 20,204
Earnings per common share assuming dilution (in dollars per share) $ 7.28 $ 2.63
v3.26.1
Earnings Per Share - Schedule of Potentially Dilutive Shares Excluded from Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive shares (in shares) 59,781 62,359
Stock Options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive shares (in shares) 51,876 47,623
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive shares (in shares) 0 4,912
PSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive shares (in shares) 7,905 9,824
v3.26.1
Other Financial Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Interest paid, net of amounts capitalized $ 35.7 $ 30.0
v3.26.1
Other Financial Information - Schedule of Changes in Working Capital (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts receivable $ (78.0) $ (3.7)
Inventories 49.7 37.2
Prepaid expenses and other current assets (5.2) 1.1
Accounts payable and accrued liabilities 161.5 2.9
Income taxes payable (32.9) (37.2)
Net (increase) decrease in noncash operating working capital $ 95.1 $ 0.3
v3.26.1
Assets and Liabilities Measured at Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financial assets    
Fuel derivative $ 1.0 $ 0.0
Deferred compensation plan assets 18.7 18.6
Financial liabilities    
Deferred compensation plan liabilities (28.9) (26.7)
Fair value, net asset (liability) (9.2) (8.1)
Level 1    
Financial assets    
Fuel derivative 0.0 0.0
Deferred compensation plan assets 18.7 18.6
Financial liabilities    
Deferred compensation plan liabilities (28.9) (26.7)
Fair value, net asset (liability) (10.2) (8.1)
Level 2    
Financial assets    
Fuel derivative 0.0 0.0
Deferred compensation plan assets 0.0 0.0
Financial liabilities    
Deferred compensation plan liabilities 0.0 0.0
Fair value, net asset (liability) 0.0 0.0
Level 3    
Financial assets    
Fuel derivative 1.0 0.0
Deferred compensation plan assets 0.0 0.0
Financial liabilities    
Deferred compensation plan liabilities 0.0 0.0
Fair value, net asset (liability) $ 1.0 $ 0.0
v3.26.1
Assets and Liabilities Measured at Fair Value - Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current and long-term debt, excluding finance leases $ (2,040.6) $ (2,064.1)
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current and long-term debt, excluding finance leases $ (2,050.1) $ (2,081.2)
v3.26.1
Contingencies (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
superfund_site
Commitments and Contingencies Disclosure [Abstract]  
Number of superfund sites for which company may be liable | superfund_site 1
Workers' compensation deductible (per occurrence) $ 1.0
General liability insurance deductible 3.0
Auto liability insurance deductible 0.3
Workers' compensation accrued liability 62.5
Outstanding letters of credit $ 7.9
v3.26.1
Lease Accounting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
lease
extension_option
Lessee, Lease, Description [Line Items]  
Number of renewal options | extension_option 1
Number of leases with restrictive covenants 103
Land  
Lessee, Lease, Description [Line Items]  
Number of leases 482
Terminal  
Lessee, Lease, Description [Line Items]  
Number of leases 1
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term (in years) 1 year
Lease renewal term (in years) 5 years
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term (in years) 34 years
Lease renewal term (in years) 20 years
v3.26.1
Lease Accounting - Schedule of Leases Reflected on Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Operating (Right-of-use) $ 523.7 $ 526.3
Finance 97.0 100.2
Total leased assets 620.7 626.5
Accumulated depreciation 72.8 69.0
Current    
Operating 26.5 25.8
Finance 13.2 13.0
Noncurrent    
Operating 532.6 534.6
Finance 102.7 105.5
Total lease liabilities $ 675.0 $ 678.9
Finance lease, right-of-use asset, statement of financial position [extensible list] Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,244.3 and $2,173.5 at 2026 and 2025, respectively Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,244.3 and $2,173.5 at 2026 and 2025, respectively
Operating lease, liability, current, statement of financial position [extensible List] Trade accounts payable and accrued liabilities Trade accounts payable and accrued liabilities
Finance lease, liability, current, statement of financial position [extensible List] Current maturities of long-term debt Current maturities of long-term debt
Finance lease, liability, noncurrent, statement of financial position [extensible List] Long-term debt, including capitalized lease obligations Long-term debt, including capitalized lease obligations
v3.26.1
Lease Accounting - Schedule of Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 17.4 $ 15.7
Finance lease cost    
Amortization of leased assets 4.0 3.6
Interest on lease liabilities 2.0 2.0
Net lease costs $ 23.4 $ 21.3
v3.26.1
Lease Accounting - Schedule of Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in the measurement of liabilities    
Operating cash flows required by operating leases $ 15.7 $ 14.7
Operating cash flows required by finance leases 2.0 2.0
Financing cash flows required by finance leases $ 3.3 $ 3.0
v3.26.1
Lease Accounting - Schedule of Finance and Operating Lease Liability Maturity (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Operating leases  
2026 $ 50.5
2027 67.3
2028 66.3
2029 64.7
2030 63.1
After 2030 670.8
Total lease payments 982.7
Less: interest 423.6
Present value of lease liabilities 559.1
Finance leases  
2026 15.5
2027 19.7
2028 18.7
2029 16.5
2030 14.2
After 2030 84.4
Total lease payments 169.0
Less: interest 53.1
Present value of lease liabilities $ 115.9
v3.26.1
Lease Accounting - Schedule of Lease Term and Discount Rate (Details)
Mar. 31, 2026
Weighted average remaining lease term (years)  
Finance leases 10 years 7 months 6 days
Operating leases 14 years 6 months
Weighted average discount rate  
Finance leases 6.90%
Operating leases 7.30%
v3.26.1
Business Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Business Segments - Schedule of Marketing Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total consolidated revenue $ 4,819.3 $ 4,525.4
Store and other operating expenses 279.8 266.1
Selling, general and administrative 56.6 60.1
Depreciation and amortization 72.1 68.2
Interest expense 29.0 25.4
Income before income taxes 136.3 53.2
Investment (income) loss (0.3) 0.1
Other nonoperating (income) expense 0.3 0.6
Income before income taxes 176.2 61.9
Operating Segments | Marketing Segment    
Segment Reporting Information [Line Items]    
Total consolidated revenue 4,819.3 4,525.3
Cost of goods sold 4,205.0 4,041.8
Store and other operating expenses 279.8 266.0
Selling, general and administrative 56.6 60.1
Depreciation and amortization 65.9 61.5
Other segment items 0.6 1.2
Interest expense 2.0 1.9
Income before income taxes 209.4 92.8
Corporate and Other Assets    
Segment Reporting Information [Line Items]    
Total consolidated revenue 0.0 0.1
Depreciation and amortization 6.2 6.7
Interest expense 27.0 23.5
Income before income taxes 176.2 61.9
Other (revenues) 0.0 (0.1)
Other operating expenses 0.0 0.1
Investment (income) loss (0.3) 0.1
Other nonoperating (income) expense $ 0.3 $ 0.6
v3.26.1
Business Segments - Schedule of Other Specified Segment Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Accretion of asset retirement obligations $ 0.9 $ 0.9 $ 3.4
Deferred and noncurrent income taxes (benefits) 9.3 (1.4)  
Additions to property, plant and equipment 90.9 64.0  
Operating Segments | Marketing Segment      
Segment Reporting Information [Line Items]      
Accretion of asset retirement obligations 0.9 0.9  
Deferred and noncurrent income taxes (benefits) 12.7 (2.0)  
Additions to property, plant and equipment 86.9 60.8  
Corporate and Other Assets      
Segment Reporting Information [Line Items]      
Accretion of asset retirement obligations 0.0 0.0  
Deferred and noncurrent income taxes (benefits) (3.4) 0.6  
Additions to property, plant and equipment $ 4.0 $ 3.2  
v3.26.1
Business Segments - Schedule of Reconciliation of Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Total consolidated assets $ 4,866.4 $ 4,725.8
Operating Segments | Marketing Segment    
Segment Reporting Information [Line Items]    
Total consolidated assets 4,590.3 4,534.6
Corporate and Other Assets    
Segment Reporting Information [Line Items]    
Total consolidated assets $ 276.1 $ 191.2
v3.26.1
Restructuring Expenses - Reconciliation of Changes in Restructuring Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Balance as of December 31, 2025 $ 5.6
Charges incurred during the period 0.0
Cash payments (0.2)
Changes in estimates and other adjustments 0.0
Balance as of March 31, 2026 $ 5.4