Murphy USA OKs $1B buy-back plan

El Dorado-based Murphy USA has approved a share buy-back plan up to $1 billion, the company said Wednesday.

The stock repurchase plan was approved by Murphy USA’s Board of Directors and will begin when the current $500 million authorization is complete. The $1 billion buyback is to be finished by Dec. 31, 2026, according to a company release.

The company said the plan is part of its capital allocation strategy which it began in October 0f 2020.

“Given that we are on track to execute the previously announced $500 million program nearly two years early, this new authorization is a testament to our advantaged business model and increasing confidence in the future of our company,” President and Chief Executive Officer Andrew Clyde, said in a release.

When and how many shares will be repurchased by the company will be based on market conditions.

Murphy USA shares closed at $175.45, up $2.12 or a little more than 1% in trading Wednesday on the New York Stock Exchange. Shares have traded as low as $119.47 and as high as $187.55 over the past year.

Murphy USA sells gasoline and convenience merchandise and operates more than 1,650 stores in the United States.