EL DORADO, Arkansas, May 7, 2014 - Murphy USA Inc., (MUSA) announced today that the Board of Directors has authorized a share repurchase program up to $50 million of the Company`s common stock.
The timing and number of shares repurchased under the program will be determined by management at its discretion, and will depend on a number of factors, including compliance with the terms of our outstanding indebtedness, general market and business conditions and applicable legal requirements. The share repurchase program is expected to be completed by December 31, 2014. Murphy USA Inc. will be utilizing its existing cash balances to fund the repurchase program.
"We are proud to be in a position to make a meaningful return to our shareholders this early in our tenure as a stand-alone company," said Andrew Clyde, President and Chief Executive Officer. "Persistent execution of our strategy in a healthy market environment coupled with meeting our commitment to divest non-core assets has afforded us the opportunity to not only pay off our $150 million term loan while investing in new site growth but to also return value directly to our shareholders. Even though we operate in an inherently volatile industry, we believe our resilient low-cost business model will continue to provide opportunities for investing in organic growth and to reward long-term investors in Murphy USA."
This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including the expected benefits of the transaction and our growth plans. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. As such, no assurances can be given that these events will occur or that the projections will be attained. Factors that could cause actual results to differ include, but are not limited to, a deterioration in the business or prospects of the U.S. retail marketing business, adverse developments in the U.S. retail marketing business`s markets or adverse developments in the U.S. or global capital markets, credit markets or economies generally, the volatility and level of crude oil, corn and other commodity prices, the volatility and level of gasoline prices, customer demand for our products, political and regulatory instability, and uncontrollable natural hazards. For further discussion of risk factors, see Murphy USA`s most recent 10K, 10Q`s, and other filings with the SEC. Murphy USA takes no duty to publicly update or revise any forward-looking statements to reflect subsequent events or new information.
For more information contact:
Tammy L. Taylor
Sr. Manager of Investor Relations and
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Source: Murphy USA Inc. via GlobeNewswire