Murphy : Raymond James Institutional Investor Conference March 2023

James Institutional Conference

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Cautionary statement

This presentation contains forward-looking statements. These statements, which express management's current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and gasoline prices, the pace and success of our expansion plan, our relationship with Walmart, political and regulatory uncertainty, our ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings, uncontrollable natural hazards, and adverse market conditions or tax consequences, among other things. For further discussion of risk factors, see "Risk Factors" in the Murphy USA registration statement on our latest form 10-Q and 10-K. Murphy USA undertakes no duty to publicly update or revise any forward-looking statements.

The Murphy USA financial information in this presentation is derived from the audited and unaudited consolidated financial statements of Murphy USA, Inc. for the years ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015. Please reference our most recent 10-K,10-Q, and 8-K filings for the latest information.

If this presentation contains non-GAAP financial measures, we have provided a reconciliation of such non-GAAP financial measures to the most directly comparable measures prepared in accordance with U.S. GAAP in the Appendix to this presentation.

Christian Pikul, CFA

Vice President of Investor Relations and FP&A

[e-mail]

Murphy USA Inc.

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Significant shareholder returns since 2013 Spin

Executed long-term strategy	Cumulative Shareholder Returns

• Unit growth, format evolution, and network improvements grew adjusted EBITDA
• Improved breakeven economics enhanced competitiveness/attractiveness of EDLP offer
• Disciplined capital allocation rewarded long- term investors

Maintained agile business model

• Profitability increased through cycles of both economic growth and contraction
• Relative advantage widened during pandemic induced industry shocks
• Utilized appropriate leverage to enable growth and sustain a conservative B/S

Achieved exceptional 2022 results

• Higher performing new stores accretive to SS metrics and benefited from macro factors
• Investments in fuel pricing, tobacco merchandising, and loyalty led to share gains
• Enhanced FCF generation accelerated share repurchases and organic growth

As of 12/31/2022

620%

			248%		179%
40%		57% 22%	97%
-18%-20%
	1-Year		5-Year	Since Spin
		MUSA		S&P 500		Russell 2000

		Adjusted EBITDA Since 2018
$1,200						$1,191
$1,000				$723	$828
$800
$600		$412	$423
$400
$200
$0
		2019	2020	2021	2022
2018

Murphy USA Inc.

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Credible track record underpins next decade of value creation

Past Decade Proof Points

• Added 500+ new stores to the network
• Razed & Rebuilt 177 stores
• Acquired Food & Beverage capabilities through targeted M&A
• Increased profitability through new store performance, captured share with retail pricing excellence, and leveraged scale to enhance fuel supply advantage
• Grew merchandise contribution dollars via share gains in tobacco and increased customer engagement through MDR
• Optimized low-cost structure to support EDLP strategy while building winning culture
• Introduced scalable systems and processes, invested in critical IT infrastructure to support best in class retail capabilities
• Prioritized disciplined capital allocation with growth and share repurchase
• Reduced share count 53% since Spin
• Initiated and grew dividend to provide ratable shareholder distributions

Value Creation Drivers

Organic

Growth

*

Fuel

Contribution

+

Fuel

Breakeven

‐

Corporate

Costs

/

Shareholder

Distributions

Next Decade Objectives

• Add 40 to 50 new stores per annum
• Improve network with Raze and Rebuilds, store remodels, store of the future
• Consider high-quality M&A to build scale and augment unit growth
• Leverage low-price position to drive further share gains from growing customer segments seeking affordability
• Execute distinctive branded F&B initiatives to improve in-store returns
• Expand loyalty reach, impact, and profitability through digital transformation
• Invest in capabilities to preserve and perpetuate our advantaged model over the long-term
• Accelerate high return unit growth
• Allocate excess free cash flow to further reduce share count and grow dividend
• Flex balance sheet as needed to support growth and optimize equity returns

Murphy USA Inc.

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Industry structure reflects marginal retailer economics

NACS Bottom Half(1) Cost Structure and Profitability	Marginal Player Cost Structure Economics
Cents per Gallon (cpg), Same Firm Data from 2007 through 2022	Impact of Relative Pressure on Marginal Retailer

			Operating Profit		Facilities		Payment Fees		FBE				APSM		9
40																			38
																	Volume	14
35																		70K	6
																		9
30															17
																		3
25																		90K	10
																22		9
20													5		9		9	110K
							2			4					4
15				2
2										7
			8			7			7
10																	20
6											9		9
													6
5	5			5			7			5
								3		4		4
0	2			2						2
												2022 NACS		Lower	Inside	2022 Marginal
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	Bottom Half		Volume	Sales	Player
																	Cost Structure		Deterioration	Cost Structure

Fuel Breakeven and Margin Drivers

1. • Industry Fuel Margin is determined by Marginal Players economics
   • Bottom Half Operators price based on Marginal Players that price higher or lower based on their cost structure
   • Marginal Player Breakeven economics impacted by lower Fuel Volumes, deteriorating Merchandise Margin and Cost Inflation
   • For reference, 2022 OPIS Avg per Store Month Fuel Volumes 70-75K
   • Marginal Player 'Profit' is effectively take-home pay which is further constrained by outside inflationary pressures
2. NACS 3rd and 4th Quartile Data
3. Fuel Breakeven (FBE) is Operating Expenses net of Inside Margin

Source: Analysis of NACS Same Firm Data (2007-2022) will not match Individual SOI annual publications; OPIS DemandPro

Murphy USA Inc.

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