Short answer
Murphy USA Inc (MUSA) filed its fiscal 2018 10-K annual report with the SEC on Feb 19, 2019. It reported revenue of $14.4B (+12.0% year over year) and net income of $214M.
- Top risk flagged: Renewable Fuel Standard litigation could shift RIN compliance obligations from refiners to blenders, eliminating Murphy USA’s ability to sell captured RINs
FY2018 key financial metrics · XBRL
- Revenue
- $14.4B
- +12.0% YoY
- Net income
- $214M
- −12.9% YoY
- Operating margin
- 2.3%
- +0.1 pp YoY
- EPS (diluted)
- $6.48
- −4.4% YoY
- ROE
- 26.5%
- −6.8 pp YoY
- Operating cash flow
- $399M
- +40.6% YoY
Source: XBRL data from the Murphy USA Inc (MUSA) FY2018 10-K on SEC EDGAR. USD.
Murphy USA Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Low-price, high-volume U.S. fuel retailer with convenience merchandise, supply-chain assets, and 1,472 stores near Walmart locations
- New Murphy Drive Rewards loyalty program piloted at select locations, offering discounted and free items
- Larger than 1,200-square-foot stores increasingly emphasized, supporting higher-margin non-tobacco merchandise diversification
- Store count reached 1,472 from 1,446, while retail fuel margin rose to 14.7 cpg from 14.0 cpg
- Over 9,500 employees, including nearly 4,100 full-time and 5,400 part-time workers
Management Discussion & Analysis
- Revenue $14.4B, up $1.5B or 12.0% YoY, driven by higher fuel prices and 2.2% volume growth
- Net income $213.6M vs $245.3M, with effective tax rate 22.0% vs a 2.2% benefit
- Marketing segment income $214.2M vs $295.3M, while Corporate and other assets lost $0.6M
- Operating cash flow $398.7M, capex $204.3M, and financing cash usage $175.1M, including lower share repurchases
- 2019 capex guidance $225M to $275M, with risks from fuel-margin volatility, competition, cybersecurity, and credit availability
Risk Factors
- Renewable Fuel Standard litigation could shift RIN compliance obligations from refiners to blenders, eliminating Murphy USA’s ability to sell captured RINs
- Oil-market volatility, Middle East and South America instability, and IMO 2020 fuel requirements threaten gasoline margins
- Core-Mark supplied over 80% of merchandise, creating concentrated disruption exposure under the five-year contract
- Walmart proximity supported nearly all 1,472 Company stores, making store traffic and commercial relationship critical
- $872 million debt outstanding, including $500 million 6.00% Senior Notes due 2023 and $300 million 5.625% Notes due 2027
Generated from the filing text; verify against the original. How to read a 10-K
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