Murphy USA (MUSA) CEO West reports option exercise and stock sale in Form 4

Rhea-AI Filing Summary

Murphy USA Inc.'s President & CEO Malynda K. West reported option exercises and share sales in company stock. On January 6, 2026, she exercised 8,000 stock options at an exercise price of $76.15 per share, receiving the same number of common shares. Part of these shares, 3,949, were withheld by the company to cover the option exercise price and applicable taxes, based on a closing price of $416.54 on January 5, 2025.

On January 7, 2026, West sold 4,051 shares of Murphy USA common stock at a price of $425 per share. After these transactions, she directly owned 117,388.642 shares of common stock and indirectly owned 873.293 shares through a 401(k) plan. The option exercise and sale were carried out under a Rule 10b5-1 trading plan adopted on August 12, 2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

West Malynda K

(Last) (First) (Middle)

200 PEACH STREET

(Street)

EL DORADO AR 71730

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Murphy USA Inc. [ MUSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/06/2026		M(1)		8,000	A	$76.15	125,388.642	D
Common Stock	01/06/2026		F(2)		3,949	D	$416.54	121,439.642	D
Common Stock	01/07/2026		S(1)		4,051	D	$425	117,388.642	D
Common Stock								873.293(3)	I	401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option(4)	$76.15	01/06/2026		M(1)			8,000	(5)	02/06/2026	Common Stock	8,000	$0	0	D

Explanation of Responses:

1. The option exercise and sale reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 12, 2025.

2. Represents a net exercise of outstanding stock options. These shares were withheld by the Company for payment of the exercise price and applicable taxes, using the closing price on January 5, 2025 of $416.54.

3. Includes 3.479 shares acquired through the reporting person's 401(k) Plan. The information in this report is based on a plan statement dated January 6, 2026.

4. Award granted under the 2013 Long-term incentive Plan.

5. The option vests in two equal installments, the first half two years after the grant date and the final half three years after the grant date.

	/s/ Gregory L. Smith, attorney-in-fact	01/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did MUSA President & CEO Malynda K. West report?

Malynda K. West reported exercising 8,000 stock options at $76.15 per share, a share withholding of 3,949 shares for exercise price and taxes, and a sale of 4,051 shares of Murphy USA common stock at $425 per share.

How many Murphy USA (MUSA) shares does the CEO own after these transactions?

Following the reported transactions, Malynda K. West directly owned 117,388.642 shares of Murphy USA common stock and indirectly held 873.293 shares through a 401(k) plan.

Were the MUSA insider transactions made under a Rule 10b5-1 trading plan?

Yes. The option exercise and related sale were effected under a Rule 10b5-1 trading plan that Malynda K. West adopted on August 12, 2025.

What was the purpose of the 3,949 Murphy USA shares withheld from the CEO?

The 3,949 shares represent a net exercise of outstanding stock options. These shares were withheld by Murphy USA to pay the option exercise price and applicable taxes, using a closing price of $416.54 on January 5, 2025.

What stock option grant did the MUSA CEO exercise in this Form 4?

The CEO exercised a stock option for 8,000 shares granted under the 2013 Long-term Incentive Plan, with an exercise price of $76.15 per share. The option vests in two equal installments, the first half two years after the grant date and the second half three years after the grant date.

What indirect holdings of Murphy USA stock does the CEO report?

Malynda K. West reports 873.293 shares of Murphy USA common stock held indirectly through a 401(k) plan, which includes 3.479 shares acquired via the plan as of a statement dated January 6, 2026.