In the third quarter of 2020, Murphy USA saw its net income fall slightly compared to the last time in 2019. The El Dorado-based company accrued $66.9 million in net income in 2020 compared to $69.2 million with $3.7 billion in revenue for 2019.
Murphy USA attributed the decline in net income to lower fuel contribution and “higher merchandise contribution,” along with lower payment fees. The company also reported a $10 million increase in expenses related to a charitable donation to Murphy’s foundation.
Quarterly revenue for the third quarter in 2020 equaled $2.8 billion. However, the 3Q revenue in 2019 was $3.7 billion. Revenue decreased 22.4 percent from 3Q 2020 compared to 3Q 2019 for a total of $0.9 billion.
This revenue decrease was also chalked up to lower retail fuel sales prices and lower retail fuel sales.
For 2020, Murphy USA has netted $325.1 million in income, which equals $10.88 per diluted share. Its revenue for the year has been $8.4 billion. During the same period in 2019, Murphy USA only had $107.8 million in net income but had $10.6 billion in revenue.
Murphy USA operated 1,488 stations across 25 states, as of Sept. 30. The company recently exited Minnesota in the second quarter of 2020 with the sale of nine stores to a private company.