Murphy USA Inc (MUSA)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	1,673,300	1,673,500	1,000,300	1,038,100
Total assets	US$ in thousands	4,340,100	4,123,200	4,048,200	2,685,700	2,687,200
Debt-to-assets ratio		0.00	0.41	0.41	0.37	0.39

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $4,340,100K
= 0.00

The debt-to-assets ratio of Murphy USA Inc has fluctuated over the past five years, ranging from 0.37 to 0.45. A decreasing trend was observed from 2020 to 2023, indicating that the company has reduced its reliance on debt to finance its assets during this period. In 2023, the debt-to-assets ratio further decreased to 0.41, suggesting a healthier balance between debt and assets in the company's capital structure. This indicates that Murphy USA Inc may have been using a higher proportion of its own equity to fund its operations or investments compared to previous years. Overall, a lower debt-to-assets ratio reflects a lower financial risk for the company, as it implies a higher capacity to cover its obligations with its assets.