Murphy USA raises FY24 CapEx view to $500M-$525M from $400M-$450M

The company said, “Concurrent with the earnings release, the Company is also updating our full-year capital expenditure expectations to a range of $500 million to $525 million, up from the original guided range of $400 million to $450 million, due primarily to the successful efforts of our team to pull forward some future projects into the current year in addition to getting an earlier start on next year’s build class. In addition, we are revising our guidance for our full-year SG&A expenses to a range of $240 million to $250 million, down from the original guided range of $255 million to $265 million. The reduction is primarily due to lower employee costs, including both salaries and benefits, as well as the timing of certain initiatives. All other previously issued guidance metrics remain unchanged.”