Murphy USA operates a network of roughly 1,800 retail gasoline and convenience stores across 27 states, primarily under the Murphy USA and Murphy Express brands, with a smaller footprint of QuickChek stores in New Jersey and New York. The core Murphy USA stores are small-format (roughly 1,400–2,800 sq ft), typically located on or adjacent to Walmart Supercenters to capture value-oriented, shared customers. Murphy's core strategy is everyday low fuel pricing — consistently undercutting competitors by a cent or two per gallon to drive high volumes, selling approximately 4.8B gallons of fuel annually. Murphy makes money through two streams: fuel margins (the spread between wholesale and retail fuel prices, plus a supply chain component from owned terminals and pipeline positions) and convenience store merchandise contribution. Inside the store, nicotine products — cigarettes and alternative nicotine products — are the dominant merchandise category, with Murphy selling roughly 5x the industry average nicotine volume per store. Murphy's store model targets a "coverage ratio" where merchandise margin fully covers store operating costs, so fuel margin flows almost entirely to profit. Murphy's growth strategy centers on accelerating new store construction to 50+ openings per year, increasingly in the larger 2,800 sq ft format. Murphy also runs a disciplined capital return program, having repurchased roughly $4.1B of stock since its 2013 spin-off from Murphy Oil, and targets 10% annual dividend growth.