Murphy USA Inc (MUSA)

Debt-to-capital 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
Long-term debt	US$ in thousands	—	1,673,100	1,673,100	1,673,200	1,673,300	1,673,300	1,673,300	1,673,400	1,673,500	1,673,500	1,673,600	1,672,600	1,000,300	1,014,400	1,026,500	1,038,600	1,038,100	987,700	854,900	859,300
Total stockholders’ equity	US$ in thousands	828,900	844,100	750,800	716,800	640,700	766,000	762,700	791,500	807,200	824,800	757,900	780,600	784,100	895,700	918,000	746,800	803,000	779,000	816,300	797,800
Debt-to-capital ratio		0.00	0.66	0.69	0.70	0.72	0.69	0.69	0.68	0.67	0.67	0.69	0.68	0.56	0.53	0.53	0.58	0.56	0.56	0.51	0.52

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $828,900K)
= 0.00

The debt-to-capital ratio of Murphy USA Inc has shown fluctuations over the past eight quarters. The ratio was relatively stable at around 0.70 in the third and fourth quarters of 2022 before rising to 0.74 in Q4 2022. Subsequently, the ratio decreased to 0.72 in Q1 2023 and further to 0.71 in Q2 2023. In the most recent quarter, Q4 2023, the debt-to-capital ratio remained constant at 0.68.

Overall, the trend indicates that the company has been managing its debt levels relative to its capital base more efficiently in recent quarters. However, it is essential to monitor this ratio over time to ensure that the company maintains a healthy balance between debt and equity in its capital structure.