Company Quick10K Filing
Murphy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 32 $2,719
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-19 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-20 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-09-13 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-09-04 Other Events, Exhibits
8-K 2019-08-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-22 Officers
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-06-18 Regulation FD, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-11-19 Officers, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-15 Officers
8-K 2018-05-03
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-12 Regulation FD
8-K 2018-02-08 Officers
8-K 2018-01-31 Earnings, Exhibits
MUSA 2019-09-30
Item 1. Financial Statements (Unaudited)
Item 1. Financial Statements
Note 1 - Description of Business and Basis of Presentation
Note 2 - Revenues
Note 3 - Inventories
Note 4 - Long-Term Debt
Note 5 - Asset Retirement Obligations (Aro)
Note 6 - Income Taxes
Note 7 - Incentive Plans
Note 8- Financial Instruments and Risk Management
Note 9 - Earnings per Share
Note 10 - Other Financial Information
Note 11 - Assets and Liabilities Measured At Fair Value
Note 12 - Contingencies
Note 13 - Lease Accounting
Note 14 - Business Segment
Note 15 - Guarantor Subsidiaries
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex-31109302019.htm
EX-31.2 ex-31209302019.htm
EX-32.1 ex-32109302019.htm
EX-32.2 ex-32209302019.htm

Murphy Earnings 2019-09-30

MUSA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PAG 3,920 13,361 10,700 22,418 3,380 447 553 6,103 15% 11.0 3%
AN 3,800 10,700 7,817 21,086 3,443 398 567 5,729 16% 10.1 4%
GT 3,276 18,470 13,421 15,034 3,264 476 1,877 8,305 22% 4.4 3%
MNRO 2,837 1,578 860 1,221 476 82 103 2,989 39% 29.0 5%
LAD 2,734 5,775 4,500 12,137 1,852 271 442 4,014 15% 9.1 5%
MUSA 2,719 2,571 1,755 14,206 0 160 388 3,374 0% 8.7 6%
ABG 1,620 2,814 2,258 7,016 1,134 180 352 2,538 16% 7.2 6%
CTB 1,560 2,704 1,512 2,806 452 72 292 1,741 16% 6.0 3%
GPI 1,375 5,226 4,062 11,612 1,753 153 268 2,630 15% 9.8 3%
RUSHA 1,356 3,531 2,417 5,809 1,034 167 327 1,702 18% 5.2 5%

Document
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musa:segment



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
(Mark one)        
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2019
 
OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _______________ to _______________
 
Commission File Number 001-35914

musacoverpagelogo.jpg
MURPHY USA INC.

(Exact name of registrant as specified in its charter)
Delaware
46-2279221
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
200 Peach Street
 
El Dorado,
Arkansas
71730-5836
(Address of principal executive offices)
(Zip Code)
 
(870) 875-7600
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
MUSA
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes No
Number of shares of Common Stock, $0.01 par value, outstanding at September 30, 2019 was 30,759,651.





 
MURPHY USA INC.
 
TABLE OF CONTENTS
 
 
 
 
Page
 
 
 
 
 
 
 
 
 


1






ITEM 1.  FINANCIAL STATEMENTS
Murphy USA Inc.
Consolidated Balance Sheets
 
September 30,
 
December 31,
(Millions of dollars, except share amounts)
2019
 
2018
 
(unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
247.7

 
$
184.5

Accounts receivable—trade, less allowance for doubtful accounts of $1.2 in 2019 and $1.1 in 2018
164.3

 
138.8

Inventories, at lower of cost or market
233.8

 
221.5

Prepaid expenses and other current assets
19.1

 
25.3

Total current assets
664.9

 
570.1

Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,074.8 in 2019 and $974.2 in 2018
1,789.3

 
1,748.2

Other assets
162.5

 
42.5

Total assets
$
2,616.7

 
$
2,360.8

 
 
 
 
Liabilities and Stockholders' Equity
 

 
 

Current liabilities
 

 
 

Current maturities of long-term debt
$
21.3

 
$
21.2

Trade accounts payable and accrued liabilities
495.6

 
456.9

Total current liabilities
516.9

 
478.1

 
 
 
 
Long-term debt, including capitalized lease obligations
966.4

 
842.1

Deferred income taxes
199.0

 
192.2

Asset retirement obligations
32.3

 
30.7

Deferred credits and other liabilities
123.1

 
10.4

Total liabilities
1,837.7

 
1,553.5

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 shares issued at 2019 and 2018, respectively)
0.5

 
0.5

Treasury stock (16,007,513 and 14,505,681 shares held at
 
 
 
2019 and 2018, respectively)
(1,073.2
)
 
(940.3
)
Additional paid in capital (APIC)
536.4

 
539.0

Retained earnings
1,315.3

 
1,208.1

Total stockholders' equity
779.0

 
807.3

Total liabilities and stockholders' equity
$
2,616.7

 
$
2,360.8


See notes to consolidated financial statements.

2





Murphy USA Inc.
Consolidated Statements of Income
(unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(Millions of dollars, except share and per share amounts)
 
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
 
 
Petroleum product sales (a)
 
$
2,965.5

 
$
3,151.5

 
$
8,595.0

 
$
8,982.8

Merchandise sales
 
681.1

 
623.7

 
1,946.1

 
1,807.5

Other operating revenues
 
11.0

 
12.8

 
33.3

 
70.9

Total operating revenues
 
3,657.6

 
3,788.0

 
10,574.4

 
10,861.2

 
 
 
 
 
 
 
 
 
Operating Expenses
 
 

 
 

 
 
 
 
Petroleum product cost of goods sold (a)
 
2,749.6

 
2,991.3

 
8,104.8

 
8,584.9

Merchandise cost of goods sold
 
569.9

 
519.2

 
1,631.9

 
1,509.2

Station and other operating expenses
 
143.4

 
139.7

 
421.8

 
401.9

Depreciation and amortization
 
37.6

 
34.2

 
113.8

 
99.0

Selling, general and administrative
 
36.0

 
32.6

 
105.7

 
102.3

Accretion of asset retirement obligations
 
0.6

 
0.5

 
1.6

 
1.5

Total operating expenses
 
3,537.1

 
3,717.5

 
10,379.6

 
10,698.8

 
 
 
 
 
 
 
 
 
Net settlement proceeds
 

 

 
0.1

 
50.4

Gain (loss) on sale of assets
 
0.2

 
(0.5
)
 
0.1

 
(0.7
)
Income (loss) from operations
 
120.7

 
70.0

 
195.0

 
212.1

 
 
 
 
 
 
 
 
 
Other income (expense)
 
 

 
 

 
 
 
 
Interest income
 
0.8

 
0.2

 
2.4

 
0.8

Interest expense
 
(15.3
)
 
(13.2
)
 
(42.1
)
 
(39.6
)
Loss on early debt extinguishment
 
(14.8
)
 

 
(14.8
)
 

Other nonoperating income (expense)
 
(0.1
)
 

 

 
0.1

Total other income (expense)
 
(29.4
)
 
(13.0
)
 
(54.5
)
 
(38.7
)
Income (loss) before income taxes
 
91.3

 
57.0

 
140.5

 
173.4

Income tax expense (benefit)
 
22.1

 
12.0

 
33.3

 
37.3

Net Income (Loss)
 
$
69.2

 
$
45.0

 
$
107.2

 
$
136.1

 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings Per Common Share
 
 
 
 
 
 
 
 
Basic
 
$
2.20

 
$
1.40

 
$
3.35

 
$
4.15

Diluted
 
$
2.18

 
$
1.38

 
$
3.33

 
$
4.11

Weighted-Average Common Shares Outstanding (in thousands):
 
 
 
 
 
 
 
 
Basic
 
31,447

 
32,213

 
31,961

 
32,815

Diluted
 
31,704

 
32,536

 
32,189

 
33,142

Supplemental information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Includes excise taxes of:
 
$
498.9

 
$
464.1

 
$
1,452.5

 
$
1,364.8


See notes to consolidated financial statements.


3





Murphy USA Inc.
Consolidated Statements of Cash Flows
(unaudited) 
 (Millions of dollars)
Nine Months Ended
September 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income (loss)
$
107.2

 
$
136.1

Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities
 

 
 
Depreciation and amortization
113.8

 
99.0

Deferred and noncurrent income tax charges (credits)
6.9

 
13.9

Accretion of asset retirement obligations
1.6

 
1.5

Pretax (gains) losses from sale of assets
(0.1
)
 
0.7

Net (increase) decrease in noncash operating working capital
(3.7
)
 
(15.8
)
Loss on early debt extinguishment
14.8

 

Other operating activities - net
11.1

 
6.0

Net cash provided by (required by) operating activities
251.6

 
241.4

Investing Activities
 

 
 

Property additions
(153.7
)
 
(163.0
)
Proceeds from sale of assets
2.4

 
1.2

Other investing activities - net
(0.7
)
 
(5.9
)
Net cash provided by (required by) investing activities
(152.0
)
 
(167.7
)
Financing Activities
 

 
 

Purchase of treasury stock
(139.1
)
 
(144.4
)
Borrowings of debt
693.7

 

Repayments of debt
(573.1
)
 
(15.9
)
Debt issuance costs
(3.1
)
 

Early debt extinguishment costs
(10.4
)
 

Amounts related to share-based compensation
(4.4
)
 
(8.0
)
Net cash provided by (required by) financing activities
(36.4
)
 
(168.3
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
63.2

 
(94.6
)
Cash, cash equivalents, and restricted cash at beginning of period
184.5

 
170.0

Cash, cash equivalents, and restricted cash at end of period
$
247.7

 
$
75.4

 
 
 
 
Reconciliation of Cash, Cash Equivalents and Restricted Cash
 
 
 
Cash and cash equivalents at beginning of period
$
184.5

 
$
170.0

Restricted cash at beginning of period

 

Cash, cash equivalents, and restricted cash at beginning of period
$
184.5

 
$
170.0

 
 
 
 
Cash and cash equivalents at end of period
$
247.7

 
$
75.4

Restricted cash at end of period

 

Cash, cash equivalents, and restricted cash at end of period
$
247.7

 
$
75.4

 
See notes to consolidated financial statements.


4





Murphy USA Inc.
Consolidated Statements of Changes in Equity
(unaudited)

 
Common Stock
 
 
 
 
 
 
 
 
(Millions of dollars, except share amounts)
Shares
 
Par
 
Treasury Stock
 
APIC
 
Retained Earnings
 
Total
Balance as of December 31, 2017
46,767,164

 
$
0.5

 
$
(806.5
)
 
$
549.9

 
$
994.5

 
$
738.4

Net income (loss)

 

 

 

 
39.3

 
39.3

Purchase of treasury stock

 

 
(71.7
)
 

 

 
(71.7
)
Issuance of treasury stock

 

 
4.4

 
(4.4
)
 

 

Amounts related to share-based compensation

 

 

 
(2.9
)
 

 
(2.9
)
Share-based compensation expense

 

 

 
2.2

 

 
2.2

Balance as of March 31, 2018
46,767,164

 
$
0.5

 
$
(873.8
)
 
$
544.8

 
$
1,033.8

 
$
705.3

Net income (loss)

 

 

 

 
51.8

 
51.8

Purchase of treasury stock

 

 
(72.7
)
 

 

 
(72.7
)
Issuance of treasury stock

 

 
0.6

 
(0.6
)
 

 

Amounts related to share-based compensation

 

 

 
(0.5
)
 

 
(0.5
)
Share-based compensation expense

 

 

 
2.4

 

 
2.4

Balance as of June 30, 2018
46,767,164

 
$
0.5

 
$
(945.9
)
 
$
546.1

 
$
1,085.6

 
$
686.3

Net income (loss)

 

 

 

 
45.0

 
45.0

Purchase of treasury stock

 

 

 

 

 

Issuance of treasury stock

 

 
4.3

 
(4.3
)
 

 

Amounts related to share-based compensation

 

 

 
(4.6
)
 

 
(4.6
)
Share-based compensation expense

 

 

 
2.2

 

 
2.2

Balance as of September 30, 2018
46,767,164

 
$
0.5

 
$
(941.6
)
 
$
539.4

 
$
1,130.6

 
$
728.9



See notes to consolidated financial statements.































5





Murphy USA Inc.
Consolidated Statements of Changes in Equity
(unaudited)

 
Common Stock
 
 
 
 
 
 
 
 
(Millions of dollars, except share amounts)
Shares
 
Par
 
Treasury Stock
 
APIC
 
Retained Earnings
 
Total
Balance as of December 31, 2018
46,767,164

 
$
0.5

 
$
(940.3
)
 
$
539.0

 
$
1,208.1

 
$
807.3

Net income (loss)

 

 

 

 
5.3

 
5.3

Purchase of treasury stock

 

 
(13.3
)
 

 

 
(13.3
)
Issuance of treasury stock

 

 
5.6

 
(5.6
)
 

 

Amounts related to share-based compensation

 

 

 
(4.1
)
 

 
(4.1
)
Share-based compensation expense

 

 

 
2.6

 

 
2.6

Balance as of March 31, 2019
46,767,164

 
$
0.5

 
$
(948.0
)
 
$
531.9

 
$
1,213.4

 
$
797.8

Net income (loss)

 

 

 

 
32.7

 
32.7

Purchase of treasury stock

 

 
(16.8
)
 

 

 
(16.8
)
Issuance of treasury stock

 

 
0.1

 
(0.1
)
 

 

Amounts related to share-based compensation

 

 

 
(0.2
)
 

 
(0.2
)
Share-based compensation expense

 

 

 
2.8

 

 
2.8

Balance as of June 30, 2019
46,767,164

 
$
0.5

 
$
(964.7
)
 
$
534.4

 
$
1,246.1

 
$
816.3

Net income (loss)

 

 

 

 
69.2

 
69.2

Purchase of treasury stock

 

 
(109.0
)
 

 

 
(109.0
)
Issuance of treasury stock

 

 
0.5

 
(0.5
)
 

 

Amounts related to share-based compensation

 

 

 
(0.1
)
 

 
(0.1
)
Share-based compensation expense

 

 

 
2.6

 

 
2.6

Balance as of September 30, 2019
46,767,164

 
$
0.5

 
$
(1,073.2
)
 
$
536.4

 
$
1,315.3

 
$
779.0

 
 
See notes to consolidated financial statements.


6


Murphy USA Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)




Note 1 — Description of Business and Basis of Presentation
 
Description of business — Murphy USA Inc. and its consolidated subsidiaries (“Murphy USA” or the “Company”) markets refined products through a network of retail gasoline stations and to unbranded wholesale customers. Murphy USA’s owned retail stations are almost all located in close proximity to Walmart stores in 26 states and use the brand name Murphy USA®. Murphy USA also markets gasoline and other products at standalone stations under the Murphy Express brand. At September 30, 2019, Murphy USA had a total of 1,479 Company stations of which 1,160 were Murphy USA and 319 were Murphy Express.
 
Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock. 
 
In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates.

Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.
 
These interim consolidated financial statements should be read together with our audited financial statements for the years ended December 31, 2018, 2017 and 2016, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 on February 19, 2019.
 
Recently Issued Accounting Standards 

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. We adopted ASU 2016-02 as of January 1, 2019, using the modified retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $110.4 million and $110.7 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. See Note 13 "Lease Accounting" for further details.


7


Murphy USA Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)



In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". This ASU aligns the accounting treatment for capitalizing implementation costs incurred by customers in cloud computing arrangements in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures but does not expect this update to have a material impact on the Company's consolidated financial statements.


Note 2 — Revenues

Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis.

The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income.

The following tables disaggregates our revenue by major source for the three and nine months ended September 30, 2019 and 2018, respectively:


 
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
(Millions of dollars)
 
Marketing
 
Corporate and Other Assets
 
Consolidated
 
Marketing
 
Corporate and Other Assets
 
Consolidated
Petroleum product sales (at retail) 1
 
$
2,660.8

 
$

 
$
2,660.8

 
$
2,770.1

 
$

 
$
2,770.1

Petroleum product sales (at wholesale)
 
304.7

 

 
304.7