Murphy USA Inc (MUSA)

Debt-to-equity 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-equity ratio		0.00	1.98	2.23	2.33	2.61	2.18	2.19	2.11	2.07	2.03	2.21	2.14	1.28	1.13	1.12	1.39	1.29	1.27	1.05	1.08

December 31, 2023 calculation

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

The debt-to-equity ratio of Murphy USA Inc has been fluctuating over the past eight quarters, ranging from 2.13 to 2.82. This ratio indicates that the company's level of debt relative to its equity has been on the higher side, with the most recent ratio standing at 2.17.

A higher debt-to-equity ratio suggests that the company relies more on debt to finance its operations and growth. While debt can be a cost-effective way to fund expansion, too much debt can increase financial risk and make the company vulnerable to economic downturns or changes in interest rates.

It is worth noting that the trend in the debt-to-equity ratio has shown some variability, which may indicate changes in the company's capital structure or borrowing practices. Investors and stakeholders should closely monitor this ratio to assess the company's financial health and its ability to manage and service its debt obligations effectively.