Roadshow Presentation Slides

CAUTIONARY STATEMENT

This presentation contains forward-looking statements. These statements, which express

management’s current views concerning future events or results, are subject to inherent risks and

uncertainties. Factors that could cause actual results to differ materially from those expressed or

implied in our forward-looking statements include, but are not limited to, the volatility and level of

crude oil and gasoline prices, the pace and success of our expansion plan, our relationship with

Walmart, political and regulatory uncertainty, uncontrollable natural hazards and the failure to

complete the spin-off of Murphy USA within the currently contemplated timeframe, because of

adverse market conditions or tax consequences, among other things. For further discussion of risk

factors, see “Risk Factors” in the Murphy USA registration statement on Form 10. Murphy USA

undertakes no duty to publicly update or revise any forward-looking statements.

The Murphy USA financial information in this presentation is derived from the audited and unaudited

combined financial statements of Murphy USA Inc. for the six months ended June 30, 2013 and 2012

and for the years ended December 31, 2012, 2011 and 2010 and from selected financial information

for the year ended December 31, 2009 which are included in the registration statement on Form 10.

This presentation also contains non-GAAP financial measures. We have provided a reconciliation of

such non-GAAP financial measures to the most directly comparable measures prepared in accordance

with U.S. GAAP in the Appendix to this presentation.

MURPHY USA SPIN-OFF FROM MURPHY OIL

August 30, 2013 distribution date

–

Murphy USA distribution ratio is 1 share for every 4

shares of Murphy Oil Corporation common stock

–

Murphy USA will begin trading on the NYSE under the

ticker MUSA

–

Murphy Oil will retain its current name and ticker MUR

–

August 21 Record Date with “When Issued”

trading will

commence on or about August 19

Spin rationale

–

Strategic management focus

–

Appropriately capitalize each business

–

Pursue growth opportunities

–

Unlock value: Convenience store comps trade at 5.0x –

8.0x EBITDA vs. current Murphy Oil multiple of 3.9x

2013E EBITDA (32% -

111% premium)

Well capitalized companies

–

Murphy Oil is expected to remain investment grade, and

will be boosted by a dividend from Murphy Oil USA at

spin

–

Murphy USA will have modest leverage at inception

Reputed Brand: Both companies will retain the

benefit of the reputed Murphy brand

Murphy USA

“Retailer of

gasoline

products and

convenience

merchandise”

Murphy Oil

Corporation

“Independent

large-cap

exploration and

production

company”

KEY INVESTMENT HIGHLIGHTS

Leading Player in Market

Murphy USA is one of the largest players in the C-store market

Market share of approximately 5% in the markets in which we operate

Strong relationship with Walmart

Significant Scale and

Attractive Growth

Opportunity

Large portfolio of gasoline stations within an attractive geographic profile

1,179 locations in 23 states

Approximately 1.6 million customers per day

Agreement to build approximately 200 new sites on Walmart locations

Strong Portfolio of Owned

Real Estate

90% MUSA gasoline stations are Company-owned

Significant operating flexibility

Reduced operating expenses

Enhances asset value of the business

Advantaged Fuel Supply

Significant infrastructure including seven terminals located in five states

Preferred shipper status on Colonial pipeline

Advantaged delivered cost

Strong financial profile

Low leverage and sound conservative capital structure

New revolving credit facility will provide ample liquidity

Disciplined growth capital expenditure program

STRATEGIC & COMPLEMENTARY RELATIONSHIP WITH WALMART

Co-Location Strategy

Network of 1,018 retail locations adjacent to

Walmart stores and 161 stand-alone Murphy Express

locations

Key regional focus: South and Midwest

Generates significant customer traffic (~1.6 million

customers daily)

Provides destination-focused, value-oriented

consumers a competitively priced fuel solution

Complementary Products

Focus on a limited selection of low-priced

convenience products that complement Walmart’s

core product offerings

Key products include tobacco, single-serving soft

drinks, alcoholic beverages, and single-unit snack

items

Growth Strategy

Announced an approximately 200 new site expansion

plan with Walmart over next 3 years

New locations would be adjacent to Walmart

Supercenters in both current markets and new

geographic territories

Fuel Price

Discount Program

Periodic fuel discount programs whereby over 950

sites participate

In addition to MUSA’s seasonal vendor-based

programs

(a) Site count as of June 30, 2013.

Strengths

1. Strategic and

Complementary

Relationship with

Walmart

MUSA

Locations

Texas

251

Florida

108

Tennessee

Georgia

North Carolina

Alabama

Arkansas

Louisiana

South Carolina

Oklahoma

Mississippi

Missouri

Ohio

Kentucky

Indiana

Illinois

Michigan

Iowa

Minnesota

New Mexico

Colorado

Virginia

Kansas

Total Site Count

(a)

1,179

State

WINNING PROPOSITION WITH VALUE-ORIENTED CUSTOMERS

Low Cost

Strive to be the low-price leader in key markets

Target

customers

with

‘destination’

focus

vs.

‘convenience’

focus

–

‘Destination’

consumers will plan their purchases to

specifically target the lowest price

–

‘Convenience’

consumers focus more on ease and

availability than price

Attractive

Market

Demographics

Value-oriented consumers are a key growing market

segment in fuel and convenience retail

Long-term secular shifts in consumer behavior

following 2008 recession

Consumers

continue

prioritize

‘value’

products

unemployment rates remain elevated

Key

Geographies

Market share (~5%) in key growing markets in the

South and Midwest

Consumer spending on gasoline in the South leads the

nation (5.2% above national average) (a)

Convenience

Offerings

Focused selection of value oriented products

complements Walmart’s primary in-store offerings

Low price convenience offerings: packaged snacks,

single-serving beverages

Competitive tobacco products: MUSA is an industry

leader in per-site tobacco sales

(a) Source: Bureau of Labor Statistics Consumer Spending Survey.

(b)

Source:

Booz

Company

consumer

survey.

Excludes

market

which

Murphy

USA

does

not

compete.

REASON

FOR

CHOOSING

–

SUPERMARKET

BRANDS

REASON

FOR

CHOOSING

–

ALL

BRANDS

(b)

81%

Strengths

46%

35%

12%

11%

31%

44%

11%

10%

2012

2009

Price

Promotion

Convenience

Brand & Quality

2. Winning

Proposition with

Value-Oriented

Consumers

62%

19%

13%

2012

Price

Promotion

Convenience

Brand & Quality

HIGH-VOLUME LOW-PRICE OPERATING STRATEGY

Fuel

sales

are

the

primary

component

MUSA

sales

and

operating

profit

Operating goals:

–

Maintain margin or mitigate contraction during periods of commodity price increases

–

Expand margin during periods of commodity price declines

–

Maintain competitive pricing position relative to peers

Ability to drive earnings and returns by applying operating goals to network of 1,179 stores on significantly

higher fuel volumes of most peers

Murphy

QuikTrip

RaceWay

Racetrac

Kroger

HEB

Circle K

Speedway

7-Eleven

CST

Shell

Exxon

Unleaded Fuel Average Relative Price Position among Selected Retailers

Indexed to Lowest Price in Competitive Market

January 1, 2013 –

April 14, 2013

Branded / Other

Murphy

HVR

(a)

HVR:

High

volume

retailers

–

high-volume

c-stores,

supermarkets,

discount

clubs.

Source:

Murphy

competitors

last

price

survey

the

day,

January

–

April

14,

2013.

Strengths

2. Winning

Proposition with

Value-Oriented

Consumers

LOW COST RETAIL OPERATING MODEL

Small Format

MUSA builds and operates kiosk-format stores vs. traditional larger format C-stores

Primarily

footprints:

208

sq.

ft.

(77%

locations)

and

1,200

sq.

ft.

(4%

locations)

(a)

–

Majority of new locations will be the 1,200 sq. ft. format

Public

comps’

average

store

size

approximately

3,000 sq.

ft.

per

location

(b)

Simplified

Business Model

Primary emphasis on fuel retail and volume vs. in-store sales

Concentrated merchandise offering to complement Walmart (tobacco, beverages, snacks, etc.)

Small inventory quantities and high inventory turnover with little risk of spoilage

Low Overhead

Costs

Product focus and small footprint require fewer labor hours and other on-site costs

Operate

approximately

56%

NACS

average

cost

per

site,

with

lower

breakeven fuel

margin

Attractive Unit-

Level Economics

Low capital expenditure and maintenance requirements

–

~$2.1 million per site in new-site capital expenditures (includes purchase of real estate)

–

~$25,700 per site in annual maintenance capex

(a) 208 count represents formats 208 square feet and below. ( b) Public comps include CASY, CST, PTRY and SUSS.

2012 Retail Chain

Break-Even, CPG

Cash:

6.6

Capital:

2.9

Total:

9.5

Total (9.5)

Cash

(6.6)

4-Yr Average

(12.0)

MUSA QUARTERLY RETAIL FUEL MARGIN, CPG

Strengths

3. Low Cost Retail

Operating Model

0.0

4.0

8.0

12.0

16.0

20.0

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

5.1

8.1

14.7

7.7

8.2

16.1

13.7

7.4

9.1

19.9

20.0

13.0

7.1

19.7

10.3

14.1

11.0

ADVANTAGED FUEL SUPPLY

Ability to source fuel at very competitive industry

benchmark prices

–

Bulk and rack markets

–

Shipper status on major pipeline systems

–

Access to terminals

Strong

distribution

system

utilizes

“Best

Buy”

method

–

Dispatch 3rd party tanker trucks to the most favorably

priced terminal to load products for each site

Participation on broader supply chain provides

flexibility

–

Increase volumes by shifting non-contractual wholesale

volumes to higher margin retail sales

–

Insulation during periods of market volatility

20% of Proprietary

Supply volumes are

sourced via MUSA

proprietary terminals

(i.e., 8.8% of overall

volumes)

MUSA MIDSTREAM ASSETS

2012 MUSA SYSTEM-WIDE SUPPLY OPTIONS MIX

Reliability

Demand

Management

Incremental

Income

Value of Proprietary Fuel Supply Strategy:

Strengths

4. Advantaged

Fuel Supply

Rack

Contract

45%

Exchange

11%

Proprietary

Supply

35%

STRONG FINANCIAL PROFILE

Low

cash

breakeven

position

fuel

margin

6.6

cents

per

gallon

allows

MUSA

weather

sustained

periods

reduced

fuel

margins

(e.g.,

during

rising wholesale price environment)

90% of 1,179

(a)

gasoline stations are Company-owned; most stations are

located

Walmart

pads,

and

the

remaining

stations

are

other

high

traffic sites near Walmart stores

High percentage of store ownership reduces operating expenses, provides

MUSA with significant operating flexibility and enhances the asset value of

the business

Strengths

5. Strong Financial

Profile

(a) Murphy USA site count as of June 30, 2013.

HIGH DEGREE OF OWNED ASSETS RELATIVE TO PEERS

10%

31%

39%

50%

74%

Owned

Leased

99%

90%

69%

61%

50%

26%

RETAIL SALES & MARGINS

2012 MERCHANDISE GROSS MARGIN / STORE / MONTH

2012 MERCHANDISE SALES / STORE / MONTH

2012 FUEL VOLUME / STORE / MONTH

2012

FUEL

GROSS

MARGIN

STORE

MONTH

(a)

5. Strong

Financial Profile

277

131

127

100

150

200

250

300

Murphy USA

Corner Store

Susser

Pantry

Casey's

Couche Tard

$156.4

$138.6

$101.4

$96.3

$95.9

$92.6

$20

$40

$60

$80

$100

$120

$140

$160

$180

Murphy USA

Susser

Couche Tard

Casey's

Pantry

Corner Store

$51.2

$40.6

$34.4

$32.6

$25.8

$21.1

36.9%

42.2%

33.9%

34.0%

27.9%

13.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

$10

$20

$30

$40

$50

$60

Susser

Casey's

Couche Tard

Pantry

Corner Store

Murphy USA

$35.7

$27.7

$24.5

$16.5

$11.0

$10.8

12.9

21.8

18.8

22.5

14.2

11.4

0.0

5.0

10.0

15.0

20.0

25.0

$10

$15

$20

$25

$30

$35

$40

Murphy USA

Susser

Corner Store

Couche Tard

Casey's

Pantry

(a)

CST

and

PTRY

fuel

margin

includes

credit

card

fees.

CASY

and

SUSS

exclude

credit

card

fees.

ATD.B

does

not

specify.

Industry

40.6

MUSA

30.0

Store Operating Expense ($K)

APSM

Industry

MUSA

Annual Merchandise Sales Dollars by Square Foot

0.65

0.76

1.50

2.46

Industry

3.22

Land

PP&E

MUSA

2.15

Capital Expenditure ($Millions)

Average per Site

Industry

MUSA

Fuel Gallons (K)

Average per Store Month (APSM)

208 sqft Kiosk

77%

1200 sqft Kiosk

Large Format

All Other

12%

Source: Murphy Financials, 2011 NACS State of the Industry Report.

RETAIL SALES-TO-COST METRICS

MUSA Store Format Mix

% of Stores by Square Footage

Wages

Credit Card

Maintenance

Supplies

Other

12.6

20.7

8.6

7.1

4.8

5.4

7.4

4.0

4,744

547

124

277

5. Strong

Financial Profile

GROW ORGANICALLY WITH WALMART

CURRENT SITES

CURRENT SITES & PLANNED WMT GROWTH

Walmart 200 and Murphy Express Pipeline

Existing Network

Our relationship with Walmart will be a key driver of our organic

growth over the next several years

Plan to build approximately 200 sites in our core market at or

near Walmart locations over the next three years

Partner with Walmart in our fuel discount promotion

We will also seek to rebrand additional Murphy Express sites as

Murphy USA and connect these sites to the fuel discount program

Strategy

1. Grow

Organically with

Walmart

Beverages

(30.9% GP)

Other

Merchandise

(62.0% GP)

$151

$110

$116

$104

Tobacco

(a)

(10.8% GP)

($ 000s per site month)

208

sqft

1200

sqft

2012 Site Count

(b)

767

2012 Avg Non-Fuel GP

per Site Month $000s

2012 Non-Fuel GP%

per Site Month

12.8%

15.5%

(a) Tobacco includes Cigarettes, Smokeless & Other Tobacco .

(b) 208 count represents formats 208 square feet and below.

ENHANCED KIOSK ECONOMICS

2012 MUSA NON-FUEL MIX BY FORMAT

Plan to continuously evaluate kiosk strategy to maximize site

economics and return on investment

Continually refining new 1,200 sq.ft. kiosk design for increasing

higher-margin non-tobacco sales

Will implement new merchandizing, space management and

workforce planning capabilities to further optimize merchandise

revenue, labor needs and overall site returns

Benefits of 1,200 Square Foot Kiosk

Additional floor space allows for inside ATM’s

Curved design provides natural traffic paths

Product mix enhancement

Cross merchandising opportunities

Addition of warmer program and frozen dispensed

Dispensed coffee and fountain become focal points

Strategy

2. Enhance Kiosk

Economics to

Improve

Investment

Returns

$14

$27

Better positioned to manage

our cost structure, execute a

more scalable business model

and implement technology and

business efficiency initiatives

Focus on the development of

our employees and foster high

performance culture

Achieve reductions in overhead

costs to support an overall

improvement in our site

returns

LOWER OVERHEAD COSTS

1. Grow

Organically with

Walmart

2. Enhance Kiosk

Economics to

Improve

Investment

Returns

3. Improve

Functional

Infrastructure to

Lower Overhead

Costs

4. Focus

Midstream

Participation

5. Focus on

Long-Term

Investment

Strategy

We will focus on midstream

activities that enhance our

ability to be a low cost and low

price retail fuel leader

We also intend to allocate

capital and human resources

only to midstream assets that

provide a specific retail

advantage

We will consider strategic

alternatives for midstream

assets that do not directly

benefit our retail operations,

such as our ethanol plants, that

will maximize shareholder

value

FOCUSED MIDSTREAM PARTICIPATION

Strategy

1. Grow

Organically with

Walmart

2. Enhance Kiosk

Economics to

Improve

Investment

Returns

3. Improve

Functional

Infrastructure to

Lower Overhead

Costs

4. Focus

Midstream

Participation

5. Focus on

Long-Term

Investment

Strategy

Maintain a portfolio of fee-

simple assets and appropriate

debt structure resilient to

inherent fuel price/margin

volatility

Execute our low-cost, high-

volume retail strategy and our

organic growth strategy

through periods of price /

margin volatility

LONG-TERM INVESTMENT FOCUS

Strategy

1. Grow

Organically with

Walmart

2. Enhance Kiosk

Economics to

Improve

Investment

Returns

3. Improve

Functional

Infrastructure to

Lower Overhead

Costs

4. Focus

Midstream

Participation

5. Focus on

Long-Term

Investment

CAPITALIZATION

Significant liquidity provided by strong

cash position and revolving credit

facility will allow MUSA to pursue

growth program through business

cycles

–

Pro forma liquidity of $495mm as of

June 30, 2013

–

Dividend to Parent of $650mm

–

No primary proceeds being raised as

part of Spin

As Adjusted

Cash and equivalents

$44,588

Debt Outstanding

$450mm ABL Revolving Credit Facility due 2018

$150mm FILO Term Loan Facility due 2016

150,000

New Senior Unsecured Notes due 2023

$500,000

Total Debt

$650,000

Total Stockholders' Equity

468,880

Total Book Capitalization

$1,118,880

Credit Metrics

LTM Adjusted EBITDA

$359,593

Total Debt / LTM Adjusted EBITDA

1.8x

9.5x

Liquidity

$494,588

June 30, 2013

Pro forma capitalization ($ in thousands)

Debt does not include $1.1mm related to ethanol plants that is outstanding at June 30, 2013

Pro forma interest expense was calculated based on an assumed weighted-average interest rate of 5.49%. Interest expense includes amortization of debt issuance and

credit facility fees, which are amortized over the term of the associated notes and credit facility. Actual interest expense may be higher or lower depending on fluctuations

in interest rates

Adjusted EBITDA / PF Interest

RETAIL FUEL & MERCHANDISE PERFORMANCE

AVERAGE GALLONS PER STORE MONTH

GROSS MARGIN PER GALLON

MERCHANDISE SALES PER STORE MONTH

MERCHANDISE GROSS MARGIN

312

307

278

277

279

100

150

200

250

300

350

2009

2010

2011

2012

Q2 2013

$138

$154

$158

$156

$157

$20

$40

$60

$80

$100

$120

$140

$160

$180

2009

2010

2011

2012

Q2 2013

8.3

11.4

15.6

12.9

15.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2009

2010

2011

2012

Q2 2013

12.5%

13.1%

12.8%

13.5%

12.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2009

2010

2011

2012

Q2 2013

MUSA CONSOLIDATED FINANCIAL METRICS

GROSS MARGIN

Adjusted EBITDA

CAPITAL EXPENDITURES

Adjusted

EBITDA

–

MAINTENANCE

CAPEX

$1,200

$1,000

$800

$600

$400

$200

2009

2010

2011

2012

LTM 6/30/13

$576

$822

$1,014

$928

$1,018

2009

2010

2011

2012

LTM 6/30/13

$450

$400

$350

$300

$250

$200

$150

$100

$128

$293

$409

$285

$360

$246

$383

$262

$108

$450

$400

$350

$300

$250

$200

$150

$100

$50

2009

2010

2011

2012

2009

2010

2011

2012

$40

$80

$120

$160

$200

$71

$182

$100

$112

Growth

Maintenance

$73

$39

$26

$74

$151

$31

$20

$51

HISTORICAL MUSA FINANCIAL SUMMARY

(Millions of dollars)

2010

2011

2012

LTM 6/30/13

Fuel and ethanol sales

(a)(b)

13,623

17,158

17,511

17,210

Fuel

and

ethanol

cost

goods

sold

(a)

13,053

16,408

16,871

16,479

Fuel and Ethanol Contribution

570

750

640

731

Merchandise sales

1,969

2,116

2,144

2,153

Merchandise cost of goods sold

1,717

1,852

1,856

1,866

Merchandise Contribution

252

264

289

287

Station and other operating expenses

440

509

526

540

Selling, general and administrative

116

118

Adjusted EBITDA (non-GAAP)

293

409

286

360

Depreciation and amortization

Adjusted EBIT (non-GAAP)

232

339

209

282

Capital Employed

1,187

1,277

1,271

1,248

Adjusted EBIT/Capital Employed (non-GAAP)

19.6%

26.5%

16.4%

22.5%

(a) This amount includes related excise taxes of $1,963 for 2012, $1,832 for 2011 and $1,885 for 2010.

(b) This amount is calculated as petroleum product sales, plus ethanol and related product sales, plus other revenues

Note: Ethanol segment revenues, costs and expenses are included throughout

See Appendix for reconciliation of non-GAAP measures.

MUSA NON-GAAP RECONCILIATION

(Thousands of Dollars)

Net Income and Comprehensive Income

LTM as of

June 30, 2013

2012

2011

2010

2009

(Income) from discontinued operations

Interest Expense, net of interest income

Other non-operating expense (income)

Income tax expense

Accretion of asset retirement obligations

Impairment of properties

Adjusted EBIT (non-GAAP)

Depreciation and amortization

Adjusted EBITDA (non-GAAP)

(437)

976

89,041

1,036

60,988

$281,338

78,255

$359,593

333

913

62,172

980

60,988

$208,954

76,622

$285,576

(118,747)

516

132,284

877

$339,002

69,550

$408,552

$129,734

$83,568

$324,020

$157,441

$65,180

(14,704)

3,725

(260)

85,029

773

60,698

$232,004

$292,702

$127,732

$71,994

(22,552)

(8)

28,647

689

55,738

The Company defines Adjusted EBIT as income from continuing operations plus income taxes, net interest expense, impairment of assets, and

accretion expense. The Company also defines Adjusted EBITDA as income (loss) and comprehensive income (loss) plus or minus net interest expense,

plus income tax expense, depreciation and amortization, and it excludes (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 useful in assessing the Company’s operating performance (e.g.,

(income) from discontinued operations, gain (loss) on sale of assets and other non-operating expense (income). Management believes that the

presentation of Adjusted EBIT and Adjusted EBITDA provide information useful in assessing the Company’s financial condition and results of

operations and that Adjusted EBIT and Adjusted EBITDA are widely accepted financial indicators of a company’s ability to incur and service debt, fund

capital expenditures and pay dividends and make other distributions to shareholders.

These measures are considered to be non-GAAP presentations according to the SEC and should be considered in conjunction with the appropriate

GAAP measure. These non-GAAP measures should not be viewed in isolation or used as a substitute for an analysis of the Company’s results as

reported under GAAP.

Adjusted

EBIT

and

EBITDA

For the Years Ended December 31,

(

Thousands of Dollars

)

LTM

06/30/13

2012

2011

2010

Capital Employed:

Total current assets

$671,057

$821,962

$588,353

$1,026,691

Less total current liabilities

620,787

(733,909)

(492,552)

(923,040)

Net working capital

50,270

88,053

95,801

103,651

Beginning of year net PP&E

1,169,960

1,196,323

1,166,169

1,000,797

End of year net PP&E

1,226,093

1,169,960

1,196,323

1,166,169

Average of BOY and EOY net PP&E

1,198,027

1,183,142

1,181,246

1,083,483

Total

capital

employed

$1,248,297

$1,271,195

$1,277,047

$1,187,134

Adjusted EBIT/Capital

Employed

(non-GAAP)

22.5%

16.4%

26.5%

19.6%

(a) Total capital employed is calculated by adding net working capital plus the simple average of the beginning of year and end of year net property, plant and

equipment.

(b)

Adjusted

EBIT/Capital

Employed

calculated

dividing

the

net

working

capital

the

total

capital

employed

calculated

(a)

above.

Capital

Employed

MUSA NON-GAAP RECONCILIATION

(a)

(b)

The Company considers the metric Adjusted EBIT divided by Capital Employed to be an important measure of the use of the Company’s fixed assets

and liquidity to maximize investment returns for shareholders. This measure is considered to be non-GAAP because of the use of Adjusted EBIT in

the calculation. See prior slide for more detail on Adjusted EBIT and a reconciliation of that metric back to net income.