Murphy USA Posts Profit in First Stand-Alone Quarter

Murphy Oil USA Inc. had net income of $41.7 million in its third quarter, the El Dorado fuel retailer reported Wednesday.

The quarter represented the company's first as a stand-alone company. It spun off from parent company Murphy Oil Corp. on Aug. 30.

Murphy Oil USA said its income was an improvement over $11 million from the same quarter of 2012. Revenue was $4.78 billion, down from $4.96 billion in 2012. The number represented sales of petroleum, ethanol and merchandise from the company's fuel kiosks, most of which are located on the parking lots of Wal-Mart Supercenters.

Earnings per diluted share were 89 cents, up from 24 cents in 2012.

"We couldn't be more excited about our results and progress in our inaugural quarter as a standalone company," CEO Andrew Clyde said in a news release. "Our financial position is rock solid, our separation was seamless and we made significant progress on exiting non-core assets. We remain very bullish on our growth prospects with Wal-Mart and with the early results from the new 1,200-SF format sites."

The company has about 22 stores under construction, most of which are in the larger format.

During the first nine months of Murphy USA's fiscal 2013, it opened 21 retail locations, six of which were opened during its third quarter. One location was closed due to the closing of its adjacent Wal-Mart.

In October and early November, it opened eight more retail sites. Including these, the company has 1,193 total stores including 1,018 Murphy USA sites and 175 Murphy Express sites.