Murphy : 2022 Proxy Statement

FINANCIAL HIGHLIGHTS

2017

2018

2019

2020

2021

FUEL METRICS

Total retail gallons sold (in billions)

Retail fuel gallons sold (per store month)

Total fuel contribution (cents per gallon)

4.141 245,307 16.4

4.232 244,033 16.2

4.374 248,258 16.1

3.901 219,520 25.2

4.352 229,404 26.3

MERCHANDISE METRICS

Total merchandise sales ($ billions)

• $ 2.373

  • $ 2.423

    • $ 2.620

      $ 2.955

      $ 3.678

      Total merchandise margin dollars (per store month) Merchandise unit margins (%)

• $ 22,585

  • $ 23,086

    • $ 23,798

      $ 25,850

      $ 35,607

• 16.1%

  • 16.5%

    • 16.0%

      15.6%

      19.1%

      Non-tobacco margin dollars (per store month) Total non-tobacco unit margins (%)

• $ 9,288

  • $ 9,615

    • $ 9,753

      $ 10,159

      $ 19,218

• 24.7%

• 24.4%

• 23.4%

22.0%

28.5%

FINANCIAL METRICS ΈΨ D/>>/KE^Ή

Net income from continuing operations Adjusted EBITDA

• $ 245.3

  • $ 213.6

    • $ 154.8

      • $ 386.1

        • $ 396.9

• $ 405.9

  • $ 411.8

    • $ 422.6

      • $ 722.7

        • $ 828.0

          Cash and cash equivalents Capital spending Long-term debt Market capitalization

• $ 170.0

  • $ 184.5

    • $ 280.3

      • $ 163.6

        • $ 256.4

• $ 273.7

  • $ 193.8

    • $ 214.6

      • $ 227.1

        • $ 277.5

• $ 860.9

• $ 842.1

• $ 999.3

• $ 951.2

$ 2,739.6

$ 2,472.5

Ending share price ($ per share)

$ 80.36

$ 76.64

Total Shareholder Return, Annualized

From December 31, 2018 to December 31, 2021 Based on 10-Day Average Price at End of Each Period

45

40

35

30

25

20

15

10

5

0

MURPHYUSAINC.

S&P500INDEXS&P400MIDCAPINDEX

$ 1,800.1
$ 3,563.8	$ 3,566.0	$ 4,968.1
$ 117.00	$ 130.87	$ 199.24

Letter To Shareholders - Better Together

As we approach the tenth anniversary of Murphy USA's spin, we reflect proudly on the Company's achievements. While performance has exceeded peers and the broader market measured by total shareholder returns, we are most proud of how we accomplished these results. Underpinning our historical performance is a sustainable, low-cost business model with an enduring and growing advantage, thanks to the relentless improvement mindset of our leaders. This low-cost model supports our competitive everyday low-price value proposition and distinctive loyalty program, which resonates with customers who are increasingly seeking value as they face ever changing hardships, especially in rural and lower income communities. Key to delivering our customer value proposition is our highly engaged team of store associates and support staff, where investments in their well-being have created a cultural advantage that is hard to replicate. As a result, Murphy USA has been resilient to the most recent challenges and remains agile to address new ones looming on the horizon. With that confidence, we took the bold step in 2021 of acquiring QuickChek to further enhance the sustainability of our business model through the addition of its industry leading food and beverage offers and capabilities.

As we emerge from the past few years stronger and look forward, we recognize investors and stakeholders are increasingly focused on the sustainability of public companies, their operating and governance practices in a changing world, and ensuring that long-term value creation remains a discrete outcome, delivered in a socially and environmentally responsible manner. Amongst all the practices involved in running our business responsibly, paramount to Murphy USA sustaining its enduring advantage include: the durability of our everyday low-price and low-cost business model; maintaining a strong bond of trust with our customers; and retaining, developing, and motivating a highly engaged work force.

We have long-standing practices and metrics in place to focus on, address and insulate ourselves from these material risks and ongoing initiatives to continuously raise the bar as we believe we can never become complacent in our competitive industry. Enhancing our fuel and merchandise pricing capabilities and systems, coupled with advanced data and market intelligence, helps ensure we price responsibly to win with our customers and provide every-day low prices, in order to gain market share and further strengthen our competitive advantage. Leading HR practices, including employee training, compensation, and career pathing, ensure that our distinctive value proposition to our employees continues to attract diverse talent and generate and sustain strong engagement levels, which exceed our retail sector and similarly sized firms. Cybersecurity efforts, including our $60 million investment in EMV technology at the pump, help resist and repel malicious threats, ensuring the integrity of customer data and protecting the reputation of our brand.

While focused on the most material risks to our business, these are but a few of the actions we take to sustain our advantaged model in a socially responsible manner as well as earn a place of respect in the communities where we operate. We are committed to responsible retailing, which includes strict policies and training to uphold and enforce selling age-restricted products. We are committed to the environment in the communities we operate, which includes maintaining strict environmental and maintenancestandards and technology to ensure the integrity of our facilities. Through our customer round-up program supporting the Boys & Girls Club of America, we are committed to giving back to the communities in which we serve-especially to those members of our communities who need it the most.

While we take deep pride in raising the bar for ourselves and meeting higher expectations, we recognize the bar often moves through forces outside of our control. As forms of mobility and energy continue to evolve, we are well positioned to meet the changing needs of our customers and communities when and where it makes economic sense to do so. For example, our QuickChek network has electric vehicle (EV) charging facilities in place at roughly 5% of its network, which is one of the highest participation rates in the industry. With greater population density, higher EV penetration, larger lots, and an enhanced offer to serve customers while they recharge, our success and early participation in some of the most attractive markets provides insights into the key factors that influence the viability of investments in the future across our entire network. In Murphy USA's more rural markets where we anticipate much slower adoption and a limited opportunity based on the same factors, we remain committed to providing the lowest cost transportation fuel to meet our customer's essential needs-and to deliver that fuel in a highly responsible manner.

Murphy USA's focus on enhancing its sustainable advantage has also translated into creating exceptional value for shareholders in 2021. Through new stores and competitive retailing, we grew fuel market share at record margins generating over $1 billion in fuel contribution. We achieved synergies from the QuickChek acquisition ahead of our Year 1 target and substantially grew our contribution from merchandise to over $700 million, with food and beverage now comprising roughly 14% of total contribution dollars, up from less than 1% before the acquisition. Through record earnings and cash flows, we repurchased $355 million of shares and grew our dividend payout, further rewarding long-term shareholders. Under our longstanding mantra of being internally active, we recently announced a $1 billion share repurchase program that further demonstrates our belief in Murphy USA's long-term value creation strategy.

Our continued focus on relentless business improvement and balanced capital allocation coupled with an inherent understanding that this is a relationship business, with our employees, customers, business partners and communities, all contribute to a sustainable and advantaged model that instills pride in our entire team. It is also a constant reminder to us that we are all better together.

R. Andrew Clyde

President and Chief Executive Officer

Murphy USA MarketsQuickChek Markets

1.

STRATEGYGROW ORGANICALLY

Growth of Murphy Retail Stores

Murphy USA, Murphy Express, and QuickChek Loca ons

MURPHY EXPRESS

MURPHY USAQUICKCHEK

1,679

2018

1,446

1,472

2017

Raze & Rebuilds by Year

2019

2020 2021

33

2017

The Murphy USA network grew by nearly 12% last year, with the addition of 158 new stores from the QuickChek acquisition which closed in January of 2021.

Despite ongoing supply chain challenges that hampered new store development in 2021, we added 18 new 2,800 square foot Murphy Express sites in 2021, growing the Murphy network to 1,521 stores. With a multi-year development pipeline in place, we plan to build up to 40 Murphy Express stores in 2022 and up to 5 new QuickChek stores.

We continue to complement new store growth with our raze and rebuild program, which replaces a high-performing kiosk with a 1,400 square foot store. In total, we have converted 146 small-format kiosks into larger 1,400 square foot standalone stores, meaning that since 2013, the network has improved from nearly 70% kiosks to roughly 40% in 2021.

This investment in both raze and rebuilds and larger new stores, has enhanced the quality and attractiveness of our network, improved the customer experience, and further diversified our merchandise mix.

WE PLAN TO BUILD UP TO 40 MURPHY EXPRESS

STORES IN 2022 AND UP TO 5 NEW QUICKCHEK STORES

2018

2019

2020

2021