El Dorado, Arkansas,
August 2, 2017 - Murphy USA Inc. (NYSE: MUSA), a leading
marketer of retail motor fuel products and convenience merchandise,
today announced financial results for the three and six months
ended June 30, 2017.
Key Highlights:
-
Net income was $55.6 million, or $1.51 per
diluted share in Q2 2017 compared to net income of $46.3 million,
or $1.17 per diluted share, in Q2 2016
-
Total fuel contribution (retail fuel margin plus
product supply and wholesale ("PS&W") results including RINS)
for Q2 2017 was 18.1 cpg compared to 16.8 cpg in Q2 2016
-
Total retail gallons grew 2.5% to 1.06 billion
gallons for the network during Q2 2017 while volumes on an average
per store month ("APSM") basis declined 2.0% versus prior year
quarter and retail fuel margins averaged 16.6 cpg versus 10.8
cpg
-
Merchandise contribution dollars grew 5.5%
during the quarter to $97.7 million, achieving a record unit margin
of 16.1%
-
Five new stores opened during the quarter, 12
raze-and-rebuild sites reopened, with new and raze-and-rebuild
construction in progress at 26 locations as of today and seven
sites opened since quarter end
-
Common shares repurchased during the second
quarter were approximately 726,000 for $49 million at an average
price of $67 per share under the February 2016 program authorizing
up to $500 million in repurchases, leaving $110 million of
authority remaining. YTD 2017 common share repurchases total
994,000 shares for $66 million at an average price of $67 per
share.
"Our strong results in the second quarter
demonstrate the substantial earnings power of our low cost, high
volume business model during periods of favorable retail fuel
margins," said President and CEO Andrew Clyde. "Meanwhile,
our merchandise profits are accelerating while per-store operating
costs continue to decline, creating further upside operating
leverage while reducing the Company's earnings volatility during
periods of challenging fuel margins. Midstream conditions improved
during the second quarter as the RIN market returned to an
equilibrium status after regulatory clarity emerged, although
PS&W contribution remains pressured by an oversupplied market
and depressed rack prices." Clyde concluded, "With our debt
issuance, 29% earnings per share growth, and further execution on
our improvement initiatives during the quarter, we continue to
optimize and improve operating and financial leverage for the
benefit of shareholders."
Consolidated
Results
|
Three
Months Ended |
|
Six
Months Ended |
|
Jun 30, |
Jun 30, |
Key Operating
Metrics |
2017 |
|
2016 |
|
2017 |
|
2016 |
Net income ($ Millions) |
$55.6 |
|
$46.3 |
|
$52.5 |
|
$132.2 |
Earnings per share (diluted) |
$1.51 |
|
$1.17 |
|
$1.42 |
|
$3.26 |
Adjusted EBITDA ($ Millions) |
$129.1 |
|
$108.6 |
|
$159.5 |
|
$191.6 |
Net income, adjusted EBITDA and earnings per share
all improved Q2 2017 versus Q2 2016 period due to higher total fuel
margins, higher network fuel volumes, and increased merchandise
margins. Adjusted EBITDA generated in the first half of 2017 was
below the first half of 2016 due primarily to lower total fuel
margins, while net income and earnings per share declines over the
period were also driven by the $56 million gain recognized from the
CAM pipeline sale during Q1 2016.
Fuel
|
Three Months Ended Jun
30, |
|
Six Months Ended Jun
30, |
Key Operating
Metrics |
2017 |
|
2016 |
|
2017 |
|
2016 |
Total retail fuel contribution ($ Millions) |
$176.0 |
|
$112.0 |
|
$278.1 |
|
$224.0 |
Total fuel contribution (retail, PS&W and RINs)
(cpg) |
18.1 |
|
16.8 |
|
14.2 |
|
15.4 |
Retail fuel volume - chain (Million gal) |
1,059.5 |
|
1,033.3 |
|
2,072.9 |
|
2,040.5 |
Retail fuel volume - per site (K gal APSM) |
253.3 |
|
258.6 |
|
248.2 |
|
255.3 |
Retail fuel margin (cpg excl credit card fees) |
16.6 |
|
10.8 |
|
13.4 |
|
11.0 |
PS&W plus RINs contribution (cpg) |
1.5 |
|
5.9 |
|
0.8 |
|
4.5 |
Total fuel contribution dollars increased 10.8% in
Q2 2017 due primarily to higher retail margins, offset by lower
year-over-year contribution from PS&W plus RINs.
Total retail fuel contribution increased 57.2%
during the quarter as falling product prices created a more
favorable market structure and margin environment versus the
consistently rising wholesale prices of Q2 2016. Also, total
network retail gallons sold in the quarter increased 2.5% due to
new store growth, offsetting APSM retail volume declines of
2.0%. Product Supply & Wholesale contribution, along with
fundamental midstream conditions, improved sequentially during the
current quarter.
Merchandise
|
Three
Months Ended |
|
Six
Months Ended |
Jun 30, |
Jun 30, |
Key Operating
Metrics |
2017 |
|
2016 |
|
2017 |
|
2016 |
Total merchandise sales ($ Millions) |
$605.7 |
|
$589.5 |
|
$1,171.5 |
|
$1,151.2 |
Total merchandise contribution ($ Millions) |
$97.7 |
|
$92.7 |
|
$186.6 |
|
$178.6 |
Total merchandise sales ($K APSM) |
$144.8 |
|
$147.5 |
|
$140.3 |
|
$144.0 |
Merchandise unit margin (%) |
16.1% |
|
15.7% |
|
15.9% |
|
15.5% |
Tobacco contribution ($K APSM) |
$13.6 |
|
$13.7 |
|
$13.2 |
|
$13.3 |
Non-tobacco contribution ($K APSM) |
$9.8 |
|
$9.5 |
|
$9.2 |
|
$9.1 |
Total merchandise contribution ($K APSM) |
$23.4 |
|
$23.2 |
|
$22.3 |
|
$22.4 |
Total merchandise sales increased 2.8% to
$605.7 million in the second quarter 2017 from $589.5 million
in second quarter 2016, with margins increasing to 16.1% versus
15.7%, respectively. On a per-store-month basis, merchandise
contribution increased 0.8% driven by a 2.3% increase in
non-tobacco APSM contribution, offset by a 0.3% decline in tobacco
APSM contribution. Non-tobacco APSM sales and contribution
benefited from promotion innovation, while the tobacco-related
decline was driven by lower volumes.
Other
areas
|
Three
Months Ended |
|
Six
Months Ended |
|
Jun 30, |
Jun 30, |
Key Operating
Metrics |
2017 |
|
2016 |
|
2017 |
|
2016 |
Total station and other operating expense ($
Millions) |
$129.4 |
|
$125.1 |
|
$254.2 |
|
$241.9 |
Station OPEX excluding credit card fees ($K
APSM) |
$21.2 |
|
$21.8 |
|
$20.8 |
|
$21.3 |
Total SG&A cost ($ Millions) |
$31.3 |
|
$32.3 |
|
$69.6 |
|
$63.8 |
Total station and other operating expenses
increased $4.3 million for the quarter, reflecting new store
additions and slightly higher payment fees. However, on a per
store basis, operating expenses excluding payment fees declined
2.4%. SG&A declined $1.0 million to $31.3 million in the
quarter due to timing of spending for enterprise wide
initiatives.
Station
Openings
Murphy USA opened five retail locations in Q2 2017
(not including twelve raze and rebuilds), bringing the quarter end
store count to 1,411, consisting of 1,154 Murphy USA sites and 257
Murphy Express sites. A total of 24 stores are currently
under construction along with 2 kiosks undergoing a raze and
rebuild which will return to operation as 1,200 sq. foot stores
before year end. Seven stores have opened since the end of
second quarter 2017.
Financial
Resources
|
As of June 30, |
Key Metrics |
2017 |
|
2016 |
Cash
and cash equivalents ($ Millions) |
$197.1 |
|
$254.2 |
Long-term debt ($ Millions) |
$869.1 |
|
$648.3 |
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
Six
Months Ended |
|
June 30, |
|
June 30, |
Key
Metrics |
2017 |
|
2016 |
|
2017 |
|
2016 |
Average shares outstanding (diluted) (in
thousands) |
36,861 |
|
39,720 |
|
37,018 |
|
40,505 |
Cash balances on June 30, 2017 totaled $197.1
million. Long-term debt consisted of approximately $491
million in carrying value of 6% senior notes due in 2023, $295
million in carrying value of 5.625% senior notes due in 2027 and
$97 million of term debt less $15 million of current maturities,
which is reflected in current liabilities. Remaining undrawn
borrowing capacity under the ABL was $208 million as of
June 30, 2017.
Common shares repurchased during the current
quarter were approximately 726,000 for $49 million. There is
approximately $110 million remaining under the previously
authorized program of up to $500 million as of quarter end.
At June 30, 2017, the Company had common shares outstanding of
36,051,935.
* *
* * *
Earnings Call
Information
The Company will host a conference call on
August 3, 2017, at 10:00 a.m. Central time to discuss second
quarter 2017 results. The conference call number is 1 (877)
291-1367 and the conference number is 45734993. A live audio
webcast of the conference call and the earnings and investor
related materials, including reconciliations of any non-GAAP
financial measures to GAAP financial measures and any other
applicable disclosures, will be available on that same day on the
investor section of the Murphy USA website
(http://ir.corporate.murphyusa.com). Online replays of the
earnings call will be available through Murphy USA's web site and a
recording of the call will be available through August 4, 2017, by
dialing 1(855) 859-2056 and referencing conference number
45734993. In addition, a transcript of the event will be made
available on the website shortly following the conference call.
Forward-Looking
Statements
Certain statements in this news release contain or
may suggest "forward-looking" information (as defined in the
Private Securities Litigation Reform Act of 1995) that involve risk
and uncertainties, including, but not limited to anticipated store
openings, fuel margins, merchandise margins, sales of RINs and
trends in our operations. Such statements are based upon the
current beliefs and expectations of the company's management and
are subject to significant risks and uncertainties. Actual future
results may differ materially from historical results or current
expectations depending upon factors including, but not limited to:
our ability to continue to maintain a good business relationship
with Walmart; successful execution of our growth strategy,
including our ability to realize the anticipated benefits from such
growth initiatives, and the timely completion of construction
associated with our newly planned stores which may be impacted by
the financial health of third parties; our ability to effectively
manage our inventory, disruptions in our supply chain and our
ability to control costs; the impact of any systems failures,
cybersecurity and/or security breaches, including any security
breach that results in theft, transfer or unauthorized disclosure
of customer, employee or company information or our compliance with
information security and privacy laws and regulations in the event
of such an incident; successful execution of our information
technology strategy; future tobacco or e-cigarette legislation and
any other efforts that make purchasing tobacco products more costly
or difficult could hurt our revenues and impact gross margins;
efficient and proper allocation of our capital resources;
compliance with debt covenants; availability and cost of credit;
and changes in interest rates. Our SEC report, including our Annual
Report on our Form 10-K for the year ended December 31, 2016
contains other information on these and other factors that could
affect our financial results and cause actual results to differ
materially from any forward-looking information we may provide. The
company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events, new
information or future circumstances.
Investor
Contact:
Christian Pikul (870) 875-7683
Director, Investor Relations
christian.pikul@murphyusa.com
Cell 870-677-0278 |
Media/ Public Relations
Contact:
Jerianne Thomas (870) 875-7770
Director, Corporate Communications
jerianne.thomas@murphyusa.com
Cell 870-866-6321 |
Murphy USA
Inc.
Consolidated Statements of Income
(Unaudited)
Murphy USA
Inc.
Segment Operating Results
(Unaudited)
|
|
|
|
|
|
|
(Thousands of dollars, except volume per store
month, margins and store counts) |
|
Three Months
Ended
June 30, |
|
Six Months
Ended
June 30, |
Marketing Segment |
|
2017 |
2016 |
|
2017 |
2016 |
|
|
|
|
|
|
|
Operating Revenues |
|
|
|
|
|
|
Petroleum product sales |
|
$ |
2,567,719 |
|
$ |
2,371,735 |
|
|
$ |
4,969,973 |
|
$ |
4,260,019 |
|
Merchandise sales |
|
605,698 |
|
589,457 |
|
|
1,171,488 |
|
1,151,194 |
|
Other
operating revenues |
|
37,621 |
|
44,558 |
|
|
68,983 |
|
84,595 |
|
Total
operating revenues |
|
3,211,038 |
|
3,005,750 |
|
|
6,210,444 |
|
5,495,808 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
Petroleum products cost of goods sold |
|
2,413,176 |
|
2,242,936 |
|
|
4,742,508 |
|
4,026,065 |
|
Merchandise cost of goods sold |
|
507,979 |
|
496,801 |
|
|
984,940 |
|
972,603 |
|
Station and other operating expenses |
|
129,433 |
|
125,145 |
|
|
254,177 |
|
241,919 |
|
Depreciation and amortization |
|
25,888 |
|
22,118 |
|
|
51,308 |
|
44,033 |
|
Selling, general and administrative |
|
31,346 |
|
32,319 |
|
|
69,593 |
|
63,822 |
|
Accretion of asset retirement obligations |
|
446 |
|
412 |
|
|
888 |
|
825 |
|
Total
operating expenses |
|
3,108,268 |
|
2,919,731 |
|
|
6,103,414 |
|
5,349,267 |
|
|
|
|
|
|
|
|
Gain
(loss) on sale of assets |
|
129 |
|
(489 |
) |
|
(3,368 |
) |
88,976 |
|
Income
from operations |
|
102,899 |
|
85,530 |
|
|
103,662 |
|
235,517 |
|
|
|
|
|
|
|
|
Other
income |
|
|
|
|
|
|
Interest expense |
|
(20 |
) |
(12 |
) |
|
(39 |
) |
(21 |
) |
Other
nonoperating income |
|
4 |
|
13 |
|
|
230 |
|
41 |
|
Total
other income |
|
(16 |
) |
1 |
|
|
191 |
|
20 |
|
|
|
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
|
|
before
income taxes |
|
102,883 |
|
85,531 |
|
|
103,853 |
|
235,537 |
|
Income
tax expense |
|
39,169 |
|
32,089 |
|
|
39,539 |
|
89,670 |
|
Income
from continuing operations |
|
$ |
63,714 |
|
$ |
53,442 |
|
|
$ |
64,314 |
|
$ |
145,867 |
|
|
|
|
|
|
|
|
Total
tobacco sales revenue per store month |
|
$ |
105,840 |
|
$ |
110,309 |
|
|
$ |
102,958 |
|
$ |
108,173 |
|
Total
non-tobacco sales revenue per store month |
|
38,981 |
|
37,203 |
|
|
37,317 |
|
35,874 |
|
Total
merchandise sales revenue per store month |
|
$ |
144,821 |
|
$ |
147,512 |
|
|
$ |
140,275 |
|
$ |
144,047 |
|
|
|
|
|
|
|
|
Store
count at end of period |
|
1,411 |
|
1,344 |
|
|
1,411 |
|
1,344 |
|
Total
store months during the period |
|
4,182 |
|
3,996 |
|
|
8,351 |
|
7,992 |
|
Same store sales information (compared to APSM
metrics)
|
Variance from
prior year quarter |
|
Three months
ended |
|
June 30,
2017 |
|
SSS |
APSM |
Fuel
gallons per month |
(1.6 |
)% |
(2.0 |
)% |
|
|
|
Merchandise sales |
(0.4 |
)% |
(1.8 |
)% |
Tobacco sales |
(1.6 |
)% |
(4.1 |
)% |
Non tobacco sales |
3.0 |
% |
4.8 |
% |
|
|
|
Merchandise margin |
1.9 |
% |
0.8 |
% |
Tobacco margin |
2.6 |
% |
(0.3 |
)% |
Non tobacco margin |
0.9 |
% |
2.3 |
% |
|
Variance from
prior year quarter |
|
Six months
ended |
|
June 30,
2017 |
|
SSS |
APSM |
Fuel
gallons per month |
(2.3 |
)% |
(2.8 |
)% |
|
|
|
Merchandise sales |
(1.0 |
)% |
(2.6 |
)% |
Tobacco sales |
(2.2 |
)% |
(4.8 |
)% |
Non tobacco sales |
2.6 |
% |
4.0 |
% |
|
|
|
Merchandise margin |
1.1 |
% |
- |
% |
Tobacco margin |
2.0 |
% |
(0.8 |
)% |
Non tobacco margin |
(0.2 |
)% |
1.0 |
% |
Murphy USA
Inc.
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thousands of dollars) |
|
June 30,
2017 |
|
December 31,
2016 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash
equivalents |
|
$ |
197,095 |
|
|
$ |
153,813 |
|
Accounts
receivable-trade, less allowance for doubtful accounts of $1,921 in
2017 and $1,891 in 2016 |
|
164,372 |
|
|
183,519 |
|
Inventories, at lower
of cost or market |
|
179,044 |
|
|
153,351 |
|
Prepaid expenses and
other current assets |
|
25,233 |
|
|
24,871 |
|
Total current
assets |
|
565,744 |
|
|
515,554 |
|
Property, plant and equipment, at cost less accumulated
depreciation and amortization of $818,409 in 2017 and $780,426 in
2016 |
|
1,613,234 |
|
|
1,532,655 |
|
Other assets |
|
44,208 |
|
|
40,531 |
|
Total assets |
|
$ |
2,223,186 |
|
|
$ |
2,088,740 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Current maturities of
long-term debt |
|
$ |
14,958 |
|
|
$ |
40,596 |
|
Trade accounts payable
and accrued liabilities |
|
394,303 |
|
|
473,370 |
|
Income taxes
payable |
|
- |
|
|
594 |
|
Total current
liabilities |
|
409,261 |
|
|
514,560 |
|
|
|
|
|
|
Long-term debt,
including capitalized lease obligations |
|
869,086 |
|
|
629,622 |
|
Deferred income
taxes |
|
217,670 |
|
|
204,656 |
|
Asset retirement
obligations |
|
26,978 |
|
|
26,200 |
|
Deferred credits and
other liabilities |
|
19,550 |
|
|
16,626 |
|
Total liabilities |
|
1,542,545 |
|
|
1,391,664 |
|
Stockholders'
Equity |
|
|
|
|
Preferred Stock, par
$0.01 (authorized 20,000,000 shares, |
|
|
|
|
none outstanding) |
|
- |
|
|
- |
|
Common
Stock, par $0.01 (authorized 200,000,000 shares, |
|
|
|
|
46,767,164 and
46,767,164 shares issued at |
|
|
|
|
2017 and 2016,
respectively) |
|
468 |
|
|
468 |
|
Treasury
stock (10,715,229 and 9,831,196 shares held at |
|
|
|
|
June 30, 2017 and
December 31, 2016, respectively) |
|
(667,522 |
) |
|
(608,001 |
) |
Additional paid in
capital (APIC) |
|
545,887 |
|
|
555,338 |
|
Retained earnings |
|
801,808 |
|
|
749,271 |
|
Total stockholders'
equity |
|
680,641 |
|
|
697,076 |
|
Total liabilities and
stockholders' equity |
|
$ |
2,223,186 |
|
|
$ |
2,088,740 |
|
Murphy USA
Inc.
Consolidated Statement of Cash Flows
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
June 30, |
Six Months
Ended
June 30, |
(Thousands of dollars) |
2017 |
2016 |
2017 |
2016 |
Operating Activities |
|
|
|
|
Net
income |
$ |
55,563 |
|
$ |
46,310 |
|
$ |
52,537 |
|
$ |
132,184 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation and amortization |
27,513 |
|
23,685 |
|
54,525 |
|
47,171 |
|
Deferred and noncurrent income tax charges (credits) |
7,402 |
|
(14,250 |
) |
13,014 |
|
14,605 |
|
Accretion of asset retirement obligations |
446 |
|
412 |
|
888 |
|
825 |
|
Pretax
(gains) losses from sale of assets |
(130 |
) |
490 |
|
3,368 |
|
(88,975 |
) |
Net
(increase) decrease in noncash operating working capital |
(4,319 |
) |
32,580 |
|
(84,718 |
) |
57,427 |
|
Other
operating activities - net |
(86 |
) |
2,461 |
|
828 |
|
5,365 |
|
Net
cash provided by operating activities |
86,389 |
|
91,688 |
|
40,442 |
|
168,602 |
|
Investing Activities |
|
|
|
|
Property additions |
(68,253 |
) |
(69,286 |
) |
(134,150 |
) |
(116,569 |
) |
Proceeds from sale of assets |
260 |
|
287 |
|
715 |
|
86,298 |
|
Changes in restricted cash |
- |
|
77,079 |
|
- |
|
13,429 |
|
Other
investing activities - net |
(4,143 |
) |
(13,838 |
) |
(4,143 |
) |
(15,138 |
) |
Net
cash required by investing activities |
(72,136 |
) |
(5,758 |
) |
(137,578 |
) |
(31,980 |
) |
Financing Activities |
|
|
|
|
Purchase of treasury stock |
(48,926 |
) |
(17,095 |
) |
(66,337 |
) |
(167,105 |
) |
Borrowings of debt |
296,250 |
|
- |
|
338,750 |
|
200,000 |
|
Repayments of debt |
(99,723 |
) |
(10,092 |
) |
(125,901 |
) |
(10,165 |
) |
Debt
issuance costs |
(935 |
) |
(126 |
) |
(935 |
) |
(3,240 |
) |
Amounts related to share-based compensation |
(80 |
) |
(108 |
) |
(5,159 |
) |
(4,237 |
) |
Net
cash provided by (required by) financing activities |
146,586 |
|
(27,421 |
) |
140,418 |
|
15,253 |
|
Net
increase (decrease) in cash and cash equivalents |
160,839 |
|
58,509 |
|
43,282 |
|
151,875 |
|
Cash
and cash equivalents at beginning of period |
36,256 |
|
195,701 |
|
153,813 |
|
102,335 |
|
Cash
and cash equivalents at end of period |
197,095 |
|
254,210 |
|
197,095 |
|
254,210 |
|
Supplemental Disclosure Regarding
Non-GAAP Financial Information
The following table sets forth the Company's
Adjusted EBITDA for the three and six months ended June 30,
2017 and 2016. EBITDA means net income (loss) plus net
interest expense, plus income tax expense, depreciation and
amortization, and Adjusted EBITDA adds back (i) other non-cash
items (e.g., impairment of properties and accretion of asset
retirement obligations) and (ii) other items that management does
not consider to be meaningful in assessing our operating
performance (e.g., (income) from discontinued operations, gain
(loss) on sale of assets and other non-operating expense
(income)). EBITDA and Adjusted EBITDA are not measures that
are prepared in accordance with U.S. generally accepted accounting
principles (GAAP).
We use Adjusted EBITDA in our operational and
financial decision-making, believing that the measure is useful to
eliminate certain items in order to focus on what we deem to be a
more reliable indicator of ongoing operating performance and our
ability to generate cash flow from operations. Adjusted
EBITDA is also used by many of our investors, research analysts,
investment bankers, and lenders to assess our operating
performance. We believe that the presentation of Adjusted
EBITDA provides useful information to investors because it allows
understanding of a key measure that we evaluate internally when
making operating and strategic decisions, preparing our annual
plan, and evaluating our overall performance. However,
non-GAAP measures are not a substitute for GAAP disclosures, and
Adjusted EBITDA may be prepared differently by us than by other
companies using similarly titled non-GAAP measures.
The reconciliation of net income to EBITDA and
Adjusted EBITDA is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30, |
|
Six Months
Ended
June 30, |
(Thousands of dollars) |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
55,563 |
|
|
$ |
46,310 |
|
|
$ |
52,537 |
|
|
$ |
132,184 |
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
34,411 |
|
|
27,788 |
|
|
27,600 |
|
|
81,259 |
|
Interest expense, net of interest income |
|
11,326 |
|
|
9,960 |
|
|
20,777 |
|
|
19,268 |
|
Depreciation and amortization |
|
27,513 |
|
|
23,685 |
|
|
54,525 |
|
|
47,171 |
|
EBITDA |
|
$ |
128,813 |
|
|
$ |
107,743 |
|
|
$ |
155,439 |
|
|
$ |
279,882 |
|
|
|
|
|
|
|
|
|
|
Accretion of asset retirement obligations |
|
446 |
|
|
412 |
|
|
888 |
|
|
825 |
|
(Gain)
loss on sale of assets |
|
(130 |
) |
|
490 |
|
|
3,368 |
|
|
(88,975 |
) |
Other
nonoperating (income) expense |
|
(3 |
) |
|
(85 |
) |
|
(235 |
) |
|
(118 |
) |
Adjusted EBITDA |
|
$ |
129,126 |
|
|
$ |
108,560 |
|
|
$ |
159,460 |
|
|
$ |
191,614 |
|
|
|
|
|
|
|
|
|
|
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Murphy USA Inc. via Globenewswire
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