Company Quick10K Filing
Murphy
Price84.00 EPS6
Shares32 P/E15
MCap2,704 P/FCF11
Net Debt719 EBIT260
TEV3,423 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
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8-K 2020-07-21 Earnings, Exhibits
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8-K 2018-05-01
8-K 2018-02-12
8-K 2018-02-08
8-K 2018-01-31

MUSA 10Q Quarterly Report

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-31106302020.htm
EX-31.2 ex-31206302020.htm
EX-32.1 ex-32106302020.htm
EX-32.2 ex-32206302020.htm

Murphy Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.72.21.61.10.50.02012201420172020
Assets, Equity
4.83.82.91.91.00.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

musa-20200630
false000157351612/312020Q2Includes excise taxes of $853.7 million for the three months ended June 30, 2020, $498.3 million for the three months ended June 30, 2019, $473.5 million for the six months ended June 30, 2020 and $953.6 million the six months ended June 30, 2019.P2D7P4YP1MP2MP3MP3DThe credit agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is less than or equal to the greater of $100 million and 25% of the lesser of the revolving commitments and the borrowing base and our fixed charge coverage ratio is less than 1 to 1.0 (unless availability under the credit agreement is greater than $100 million and 40% of the lesser of the revolving commitments and the borrowing base). As of March 31, 2020 and December 31, 2019, our ability to make restricted payments was limited as our availability under the borrowing base was less than $100 million, at $91.3 million, while our fixed charge coverage ratio was less than 1.0 to 1.0, at 0.91 subject to an annual available basket of up to $25 million which remains unused for the current period. As of March 31, 2020, the Company had a shortfall of approximately $53.9 million of our net income and retained earnings subject to such restrictions before the fixed charge coverage ratio would exceed 1.0 to 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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 June 30, 2020
 
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

musa-20200630_g1.jpg
MURPHY USA INC.

(Exact name of registrant as specified in its charter)
Delaware46-2279221
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Peach Street 
El Dorado,Arkansas71730-5836
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueMUSANew 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 June 30, 2020 was 29,177,631.





 
MURPHY USA INC.
 
TABLE OF CONTENTS
 
 
 Page
 


 
 
 
 
 

  
 

1





ITEM 1.  FINANCIAL STATEMENTS
Murphy USA Inc.
Consolidated Balance Sheets
June 30,December 31,
(Millions of dollars, except share amounts)20202019
(unaudited)
Assets  
Current assets  
Cash and cash equivalents$403.6  $280.3  
Accounts receivable—trade, less allowance for doubtful accounts of $0.1 at 2020 and $1.2 at 2019
161.3  172.9  
Inventories, at lower of cost or market257.7  227.6  
Prepaid expenses and other current assets17.7  30.0  
Total current assets840.3  710.8  
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,143.6 at 2020 and $1,079.2 at 2019
1,834.3  1,807.3  
Other assets186.1  169.1  
Total assets$2,860.7  $2,687.2  
Liabilities and Stockholders' Equity  
Current liabilities  
Current maturities of long-term debt$51.2  $38.8  
Trade accounts payable and accrued liabilities461.7  466.2  
Income taxes payable40.8    
Total current liabilities553.7  505.0  
Long-term debt, including capitalized lease obligations975.3  999.3  
Deferred income taxes225.2  216.7  
Asset retirement obligations33.7  32.8  
Deferred credits and other liabilities154.8  130.4  
Total liabilities1,942.7  1,884.2  
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 2020 and 2019, respectively)
0.5  0.5  
Treasury stock (17,589,533 and 16,307,048 shares held at
2020 and 2019, respectively)(1,235.2) (1,099.8) 
Additional paid in capital (APIC)533.0  538.7  
Retained earnings1,622.2  1,362.9  
Accumulated other comprehensive income (loss) (AOCI)(2.5) 0.7  
Total stockholders' equity918.0  803.0  
Total liabilities and stockholders' equity$2,860.7  $2,687.2  

See notes to consolidated financial statements.
2




Murphy USA Inc.
Consolidated Statements of Income
(unaudited)
 Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions of dollars, except share and per share amounts)2020201920202019
Operating Revenues  
Petroleum product sales (a)$1,588.9  $3,129.7  $4,069.1  $5,629.5  
Merchandise sales767.1  658.8  1,454.6  1,265.0  
Other operating revenues23.6  11.9  40.7  22.3  
Total operating revenues2,379.6  3,800.4  5,564.4  6,916.8  
Operating Expenses  
Petroleum product cost of goods sold (a)1,287.8  2,973.7  3,547.6  5,355.2  
Merchandise cost of goods sold648.7  553.3  1,228.7  1,062.0  
Station and other operating expenses131.8  145.6  266.9  278.4  
Depreciation and amortization39.5  36.5  78.9  76.2  
Selling, general and administrative37.1  35.1  76.3  69.7  
Accretion of asset retirement obligations0.5  0.5  1.1  1.0  
Total operating expenses2,145.4  3,744.7  5,199.5  6,842.5  
Net settlement proceeds      0.1  
Gain (loss) on sale of assets1.3    1.4  (0.1) 
Income (loss) from operations235.5  55.7  366.3  74.3  
Other income (expense)  
Interest income0.2  0.9  1.0  1.6  
Interest expense(13.0) (13.2) (26.3) (26.8) 
Other nonoperating income (expense)0.3  (0.1) (0.7) 0.1  
Total other income (expense)(12.5) (12.4) (26.0) (25.1) 
Income (loss) before income taxes223.0  43.3  340.3  49.2  
Income tax expense (benefit)54.1  10.6  82.1  11.2  
Net Income $168.9  $32.7  $258.2  $38.0  
Basic and Diluted Earnings Per Common Share  
Basic$5.79  $1.02  $8.69  $1.18  
Diluted$5.73  $1.01  $8.60  $1.18  
Weighted-Average Common Shares Outstanding (in thousands):  
Basic29,181  32,112  29,708  32,159  
Diluted29,495  32,328  30,018  32,372  
Supplemental information:  
(a) Includes excise taxes of:$380.3  $498.3  $853.7  $953.6  

See notes to consolidated financial statements.




3




Murphy USA Inc.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)

(Millions of dollars)Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income $168.9  $32.7  $258.2  $38.0  
Other comprehensive income (loss), net of tax
Interest rate swap:
Realized gain (loss)(0.2)   (0.1)   
Unrealized gain (loss)(0.6)   (4.2)   
Reclassified to interest expense0.2    0.1    
(0.6)   (4.2)   
Deferred income tax (benefit) expense(0.1)   (1.0)   
Other comprehensive income (loss)(0.5)   (3.2)   
Comprehensive income $168.4  $32.7  $255.0  $38.0  



See notes to consolidated financial statements.
4




Murphy USA Inc.
Consolidated Statements of Cash Flows
(unaudited) 
 (Millions of dollars)
Six Months Ended
June 30,
20202019
Operating Activities  
Net income $258.2  $38.0  
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities 
Depreciation and amortization78.9  76.2  
Deferred and noncurrent income tax charges (credits)9.4  2.7  
Accretion of asset retirement obligations1.1  1.0  
Pretax (gains) losses from sale of assets(1.4) 0.1  
Net (increase) decrease in noncash operating working capital23.2  (0.5) 
Other operating activities - net12.5  7.4  
Net cash provided by (required by) operating activities381.9  124.9  
Investing Activities  
Property additions(105.7) (86.6) 
Proceeds from sale of assets7.6  1.4  
Other investing activities - net(1.1) (0.5) 
Net cash provided by (required by) investing activities(99.2) (85.7) 
Financing Activities  
Purchase of treasury stock(140.6) (30.1) 
Repayments of debt(13.2) (10.7) 
Amounts related to share-based compensation(5.6) (4.3) 
Net cash provided by (required by) financing activities(159.4) (45.1) 
Net increase (decrease) in cash, cash equivalents, and restricted cash123.3  (5.9) 
Cash, cash equivalents, and restricted cash at beginning of period280.3  184.5  
Cash, cash equivalents, and restricted cash at end of period$403.6  $178.6  
 
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)SharesParTreasury StockAPICRetained EarningsAOCITotal
Balance as of December 31, 201846,767,164  $0.5  $(940.3) $539.0  $1,208.1  $  $807.3  
Net income (loss)—  —  —  —  5.3  —  5.3  
Loss on interest rate hedge, net of tax—  —  —  —  —  —    
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, 201946,767,164  $0.5  $(948.0) $531.9  $1,213.4  $  $797.8  
Net income (loss)—  —  —  —  32.7  —  32.7  
Loss on interest rate hedge, net of tax—  —  —  —  —    
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, 201946,767,164  $0.5  $(964.7) $534.4  $1,246.1  $  $816.3  


 Common Stock