Murphy USA Inc.: Initiation Of Coverage – Expansion Of Tobacco Business & Digital Transformation

Murphy USA exhibited a robust financial performance in its second quarter of 2024, though it was faced
with several challenges influenced by economic volatility and market dynamics affecting the consumer
base. The company’s strategy and operational execution showed sustainable strength in its fuel segment,
which is noteworthy, as it is historically difficult to grow volume in a low volatility environment. This led to a
significant revenue generation, marking the highest Q2 in company history for retail fuel margin
contributions.