Murphy USA Inc (MUSA)

Cash ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cash and cash equivalents	US$ in thousands	117,800	124,800	92,900	102,100	60,500	192,700	240,400	356,200	256,400	301,300	165,000	304,100	163,600	317,500	403,600	200,300	280,300	247,700	178,600	180,400
Short-term investments	US$ in thousands	7,100	8,500	13,000	13,500	17,900	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	US$ in thousands	872,800	827,200	815,300	772,000	854,200	755,500	852,700	840,800	675,300	718,900	696,400	675,000	531,100	513,400	553,700	457,900	505,000	516,900	578,800	533,300
Cash ratio		0.14	0.16	0.13	0.15	0.09	0.26	0.28	0.42	0.38	0.42	0.24	0.45	0.31	0.62	0.73	0.44	0.56	0.48	0.31	0.34

December 31, 2023 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($117,800K + $7,100K) ÷ $872,800K
= 0.14

The cash ratio of Murphy USA Inc has exhibited some fluctuations over the past eight quarters. In Q1 2022 and Q2 2022, the cash ratio was relatively high at 0.46 and 0.32, respectively, indicating a strong ability to cover short-term obligations with cash on hand. However, the ratio declined significantly in subsequent quarters, reaching its lowest point in Q4 2022 at 0.15.

Throughout 2023, the cash ratio hovered between 0.17 and 0.19, suggesting a more moderate liquidity position compared to the previous year. While the ratio improved slightly in Q3 and Q1, it remained below the levels seen in 2022.

Overall, the trend in the cash ratio signals that Murphy USA Inc may have experienced some variability in its liquidity management over the past eight quarters. It would be important for stakeholders to monitor this ratio closely to ensure the company maintains an adequate level of cash to meet its short-term obligations.