Murphy : View this Presentation

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, 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&[e-mail]

Management

Andrew Clyde, President and Chief Executive Officer

• • Appointed President and Chief Executive Officer of Murphy USA January 2013

• • Leads the development and execution of our strategy for creating long-term shareholder value

• • Oversees corporate-wide strategic initiatives enabling Murphy USA's growth, margin expansion and cost leadership

• • Spent 20 years at Booz & Company leading downstream and retail organizations on strategy, organization, and performance initiatives

Mindy West, Executive VP of Fuels and Chief Financial Officer

• • Joined Murphy USA at spin; previously VP and Treasurer of Murphy Oil Corporation with 17 years of experience in Accounting, Planning, IR and Treasury roles

• • Oversees key resource allocation programs, including site builds, network re-investment and shareholder distributions

• • Leads corporate-wide strategic initiatives driving operational efficiencies and systems/processes enhancements

Christian Pikul, Vice President of Investor Relations and FP&A

• • Joined Murphy USA in 2015 after a 20-year career in equity research and corporate finance

• • Leads the investor relations function and oversees corporate financial planning, budgeting and forecasting functions

• • Masters in Finance; Chartered Financial Analyst; IRC

"Raising the Bar" from new starting point

MUSA High and Low Closing Share Price with Annual	Set the Bar	Raise the Bar
Average by Year Since Spin	Spin to 2019	2021 to 2024
TSR: 15% CAGR	TSR: ~15% CAGR
As of 2/15/2021

$150

$130

$110

$90

$70

$50

$30

TSR	2013	2014	2015	2016	2017	2018	2019	2020	2021
CAGR(4)	16%	14%	13%	13%	16%	18%	19%	7%	NA

(4)Annual average to 2020 YTD average

2013	2019
Adjusted EBITDA	$340	$423
Shares Outstanding (MM)	46.8	30.5
EV/EBITDA Multiple(3)	6	9

2021	2024
$550	~$700
27.2(1)	23.2(2)
9	~10

• (1) Reflects outstanding shares as of 12/31/20 (non-diluted)

• (2) Assumes 1.0 mm shares repurchased annually 2021-2024

• (3) High achieved at referenced year's Adjusted EBITDA