Murphy USA cuts FY23 CapEx view to $325M-$375M from $375M-$425M

The Company is taking the opportunity to update specific guidance metrics initially provided in January. Due to ongoing challenges in permitting new sites, contractor delays, and other supply chain hurdles, the forecast is now 27-30 new stores to open in 2023, versus the “up to 45” in the original guidance. The Company successfully redirected capital to slightly increase raze-and-rebuild activity, planning to end the year at 33 stores, above the initial guidance of “up to 30” stores. Accordingly, as some of the growth capital is deferred into 2024 due to delays in new store growth, the expected range of capital expenditures should approximate $325 million to $375 million, from $375 million to $425 million previously.