Murphy’s second-half case assumes 35 cents a gallon, not another 40
If that margin holds, the company pointed to about $636 million of net income for the year.
Aug. 7, 2026 — Murphy USA did not guide the second half as a repeat of the June quarter’s 40.6-cent total fuel contribution. Mindy West said that if second-half all-in fuel margins average 35 cents per gallon, versus 37.9 cents in the first half, the company expects net income of about $636 million and adjusted EBITDA of about $1.25 billion.
That is a step down from the quarter the company just printed, and it is still a healthy retail margin by the standard of the last two years. The first-half comparison is the number to keep: 37.9 cents all-in, then a planning case of 35. A jobber who budgets the back half off the June peak will be long margin.
The company also paid a quarterly dividend of $0.64 a share on June 1, $2.56 annualized, up 28 percent from June 2025, a cash payment of $11.8 million. The dividend was funded by a year the company is now describing as ahead of its earlier earnings pace. It is not a promise that 40 cents a gallon survives the fall.
Source: Murphy USA second-quarter 2026 earnings release, Aug. 5, 2026.