Murphy USA laid off 120 of its corporate employees this week as part of ongoing restructuring efforts following declining revenue. The workforce reduction hit Murphy and QuickChek employees, the company noted. The news was first reported by C-Store Dive on Friday (Sept. 26).
The layoffs impact about 1.6% of the company’s corporate employees which totaled about 5,900 at the end of 2024, according to its annual report. The company said the layoffs were not targeted to any one department but were based on analysis to best position the company for future success.
“These decisions were not made lightly,” a Murphy spokesman noted in an email. “We are grateful for the contributions of every employee impacted and are committed to treating them with respect and providing resources to support them through this transition. We remain focused on our mission and confident in the path ahead and on providing outstanding customer value.”
Earlier this year, Murphy USA CEO Andrew Clyde expressed disappointment with the $1.3 billion revenue drop in 2024. The company has been focused on its multi-year plan to add 500 new stores by 2033. Operating revenue for 2025 through July was an estimated $9.5 millions, down 7.76% year over year. The company noted scheduling delays and other setbacks with fewer than expected new store openings that dinged merchandise and fuel sales.
The company had planned to have opened 50 new stores by midyear, and 40 were in operation at the end of the second quarter.
Shares of Murphy USA (NASDAQ: MUSA) were trading at $392.10, up $5.90, Friday afternoon. Over the past 52 weeks the shares have traded between $345.23 and $392.91. The stock value is down 21.99% since January.