“We’ve also accelerated our construction activity to its highest level in the past 10 years with 29 new stores and 15 raze-and-rebuilds currently under construction, and we’ve already started construction on some of our 2025 new builds,” said Galagher Jeff, executive vice president and chief financial officer. “So when you add all that up, we are looking at up to 40 new stores and 47 raze-and-rebuilds scheduled for completion in 2024.”
Because some of these projects could slip into early 2025, the company is leaving its new store and raze-and-rebuild guidance unchanged at 30 to 35 new locations and 40-plus rebuilds for full-year 2024.
Jeff praised Murphy USA’s asset development team for finding efficiencies during store development and better managing risk, allowing it to achieve its new store guidance for the year while surpassing the company’s planned number of raze-and-rebuilds.
“Additionally, the team has moved forward more projects into the fourth quarter and provided a meaningful head start to the 2025 new-store class, where we will get more stores opened earlier in the year, helping to grow our EBITDA in 2025 and going forward,” he commented. “As such, we are increasing our capital expenditure guidance to a range of $500 million to $525 million in 2024.
“Importantly, all of this increase is attributable to the stronger-than-expected organic growth, including the high level of raze-and-rebuild activities, more new stores under construction for 2024 and a head start on…
