85.63 0.00 (0.00%)
After hours: 4:57PM EDT
|Bid||85.32 x 3200|
|Ask||94.30 x 1200|
|Day's Range||84.76 - 85.87|
|52 Week Range||69.98 - 94.71|
|Beta (3Y Monthly)||0.76|
|PE Ratio (TTM)||17.26|
|Earnings Date||Oct 30, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||87.25|
EL DORADO, Ark., Oct. 04, 2019 -- Murphy USA Inc. (NYSE: MUSA) will release preliminary third quarter 2019 earnings results after the market close on Wednesday, October 30,.
(Bloomberg Opinion) -- “Remaking Marathon” is the title of Elliott Management’s slide deck detailing its thoughts on oil refiner Marathon Petroleum Corp. “Unmaking Marathon” would be closer to the mark.Marathon is the quintessential target for Elliott (or any other activist): a conglomerate built through acquisitions that has struggled to convince the market it can make 1+1=3. Having traded at a premium to its peers just prior to announcing the $29 billion acquisition of West Coast refiner Andeavor, the stock has decoupled notably since the start of this year and now trades at a marked discount:Marathon also has history with Elliott, which pressed the company to split in 2016 but ultimately settled for the refiner beefing up and simplifying its master limited partnership, MPLX LP, and agreeing to a strategic review of its retail network, Speedway. Rather than shedding Speedway, Marathon doubled down on its integrated model with the Andeavor deal. With the promised synergies translating into a discount rather than a premium for the stock, Elliott is once again pressing for a split. Other activists such as DE Shaw & Co. LP and Third Point LLC also lurk on the shareholder register.As usual, Elliott touts huge potential gains if Marathon follows its playbook, up to $60 a share, more than double Tuesday’s closing prices and running to a cool $39 billion in market value. That is beyond blue-sky, of course, but the underlying argument is worth considering.Remaking MPLX as a C-corp and spinning it out is a no-brainer. Marathon’s MLP has a troubled history relating largely to the overpriced acquisition of MarkWest Energy Partners LP in 2015. It currently sports a yield of 9%, which rather undercuts the whole point of having an MLP. Converting it to a C-Corp. would widen the potential pool of investors, an established trend in MLP-land at this point, and for good reasons (see this). Distributing Marathon’s stake of almost two-thirds to shareholders would also remove a big overhang, increase liquidity and put some operating distance between the pipeline owner and its parent.Speedway would appear to be the real battleground, given Marathon resisted Elliott’s prior call to separate it. Marathon’s argument rested on its cost-saving fit with the refining business, diversification and concerns about the impact of a separation on its taxes and credit rating. In other words, the dis-synergies just weren’t worth it.The difficulty Marathon faces now rests largely on the fact that since announcing that decision in September 2017, its stock has underperformed both its peers and standalone fuel retail stocks such as Murphy USA Inc. and Canada’s Alimentation Couche-Tard Inc. And having taken on a lot of debt in the meantime to fund the Andeavor deal, Elliott’s proposal to use a Speedway spin-off to delever the refinery business seems likely to stir at least some interest on the part of Marathon’s investors. It’s not a buyback promise, but a cleaner balance sheet could lift some weight off the stock.Elliott may also see an opportunity here, timing-wise, with CEO and Chairman Gary Heminger up for re-election to the board next year. Next week also happens to mark Greg Goff’s one-year anniversary as executive vice-chairman, having joined after negotiating the sale of Andeavor, where he did a widely respected job as CEO and sold the company at a high price. Most of all, though, Elliott seems to be focused on the gap between the promise of that merger and the lack of tangible reward in Marathon’s stock. That alone should provide impetus for a shake-up. To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Murphy USA Inc. (MUSA) (“MUSA”) announced today the expiration and results of the previously announced offer by its wholly owned subsidiary, Murphy Oil USA, Inc. (the “Issuer”), to purchase for cash (the “Tender Offer”) any and all of its outstanding 6.000% Senior Notes due 2023 (the “Notes”), which expired at 5:00 p.m., New York City time, on September 10, 2019 (the “Expiration Time”). As of the Expiration Time, $144,548,000 aggregate principal amount of Notes, or 28.91% of the aggregate principal amount of Notes outstanding, had been validly tendered and not validly withdrawn. This excludes $5,000 aggregate principal amount of Notes tendered in accordance with guaranteed delivery procedures, which must be delivered by 5:00 p.m., New York City time, on September 12, 2019.
Murphy USA Inc. (“Murphy USA”) (MUSA) announced today that it has priced its previously announced offering of $500 million aggregate principal amount of senior notes due 2029 (the “Notes”) by its wholly owned subsidiary, Murphy Oil USA, Inc. (“Murphy Oil USA”). The Notes will be guaranteed on a senior unsecured basis by Murphy USA and by certain of Murphy USA’s domestic subsidiaries. Murphy USA intends to use the net proceeds from the offering plus cash on hand to (i) consummate the cash tender offer (the “Tender Offer”) announced today for any and all of Murphy Oil USA’s outstanding $500 million aggregate principal amount of 6.000% Senior Notes due 2023 (the “2023 Notes”), which is scheduled to expire at 5:00 p.m., New York City time, on September 10, 2019, unless extended or earlier terminated by Murphy Oil USA, (ii) to redeem any 2023 Notes that remain outstanding after the consummation of the Tender Offer, and (iii) to pay any related premiums, penalties, fees and expenses in connection with the foregoing.
Moody's Investors Service ("Moody's") assigned a Ba2 rating to Murphy Oil USA Inc.'s (MUSA) proposed $500 million senior unsecured note issuance. At the same time, Moody's revised the company's outlook to positive from stable and affirmed its ratings, including its Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating. "The positive outlook reflects our expectation that Murphy will continue to maintain leverage of about 2.5x while it rolls out its larger format stores," stated Pete Trombetta, Moody's convenience store analyst.
Murphy USA Inc. (MUSA) (“MUSA”) announced today the commencement of a cash tender offer for any and all of the outstanding 6.000% Senior Notes due 2023 (CUSIP No. 626738AC2) (the “Notes”) by its wholly owned subsidiary, Murphy Oil USA, Inc. (the “Issuer”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer consideration for each $1,000 principal amount of the Notes accepted for purchase pursuant to the Offer will be $1,022.50 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) their Notes or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration.
Murphy USA intends to use the net proceeds from the offering plus cash on hand to (i) consummate the cash tender offer (the “Tender Offer”) announced today for any and all of Murphy Oil USA’s outstanding $500 million aggregate principal amount of 6.000% Senior Notes due 2023 (the “2023 Notes”), which is scheduled to expire at 5:00 p.m., New York City time, on September 10, 2019, unless extended or earlier terminated by Murphy Oil USA, (ii) to redeem any 2023 Notes that remain outstanding after the consummation of the Tender Offer, and (iii) to pay any related premiums, penalties, fees and expenses in connection with the foregoing.
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EL DORADO, Ark., July 31, 2019 -- Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results.
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