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Murphy USA's 55-Store Pipeline Supports Its 2027 Expansion Plan
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Key Takeaways
MUSA aims for at least 50 annual store openings from 2027, with potential to exceed that pace by 2028.
MUSA has 55 stores under construction and plans to begin another 15-20 projects by the end of January 2027.
MUSA is improving its real estate pipeline and construction processes to support steadier store openings.
Murphy USA Inc. (MUSA - Free Report) is preparing to sustain a faster pace of store expansion as it builds a pipeline capable of supporting at least 50 new store openings annually in 2027 and beyond. Its latest update points to a sizable group of projects under construction, additional construction starts planned over the coming months and improvements in its real estate pipeline and construction management process.
On its third-quarter 2026 earnings call, management said Murphy USA opened 18 stores year to date, including two locations opened after Sept. 30. The company added four stores during the third quarter. It also had 55 new stores under construction, with most projects expected to be completed in the fourth quarter of 2026 and the first half of 2027.
Construction Backlog Supports 2027 Openings
The 55-store construction backlog provides visibility into Murphy USA’s near-term expansion plans. Management also expects to begin construction on another 15-20 stores by the end of January 2027. These projects are expected to add to the pipeline supporting openings in 2027 and beyond.
Murphy USA continues to expect approximately 45-50 new store openings in 2026. Management said the company is likely to finish above 45 openings, although the exact annual total is difficult to predict because several projects are nearing completion. Some locations could open near the end of December, while others may begin operations in early January.
This timing distinction is important because management expects many stores that do not open by year-end to become operational soon afterward. That should give the company a strong starting point for its 2027 expansion program. Thus, the construction backlog provides visibility into the next year’s opening schedule.
Management Targets 50-Plus Annual Store Growth
Murphy USA believes its current development pipeline is sufficient to support approximately 50 store openings annually in 2027. Management also indicated that the company could potentially exceed this level by 2028, depending on how the pipeline develops.
The company is working to improve the quality and quantity of its real estate pipeline. Murphy USA is also refining its construction management process to improve the delivery cycle for new stores. These efforts are intended to create a more consistent flow of openings rather than concentrating launches around the end or beginning of a calendar year.
Management acknowledged that 2027 openings may still be unevenly distributed. A significant number of locations are expected to open early in the year, followed by additional stores in the second, third and fourth quarters. By 2028, the company hopes to make the opening schedule more balanced throughout the year.
A more consistent schedule could help Murphy USA manage construction resources and integrate new locations into its network. However, the pace of growth will depend on how quickly projects move through construction and become operational.
Expansion Adds to Long-Term Growth Opportunities
New stores are an important part of Murphy USA’s organic growth strategy. Additional locations can expand its presence in existing and targeted markets, creating opportunities to increase fuel volumes and merchandise sales while extending the reach of its value-focused retail model.
The expansion plan reflects management’s effort to build a durable pipeline by bringing forward construction activity and adding projects to support growth. The planned 15-20 additional construction starts, together with the existing 55-store backlog, highlight this approach.
Investment in its land pipeline is another important element. Securing suitable sites ahead of construction can help maintain a steady flow of projects. Improvements in site selection and construction execution may also support the goal of sustaining a 50-plus annual opening pace. Still, management’s longer-term target remains an expectation, and actual openings could vary with project timing and execution.
What to Watch
Investors should monitor how many of the 55 projects open by the end of 2026 and during the first half of 2027, as well as the pace of new construction starts. The timing of the additional 15-20 projects will provide another indication of whether Murphy USA is building enough capacity to sustain its targeted development rate.
Progress toward more evenly distributed openings by 2028 will also be important. A larger store base can support revenue and contribution growth, but the benefits will depend on the economics of individual locations and the company’s ability to complete projects efficiently.
For now, Murphy USA’s 55-store construction backlog, planned additional starts and target of at least 50 annual openings point to a continuing focus on organic network expansion. The next several quarters should show how effectively the company converts this pipeline into operating stores.
Marathon Petroleum is valued at $124.76 billion. The company is a leading U.S. independent refiner, marketer and transporter of petroleum products, with a strong refining footprint and an extensive midstream business. Marathon Petroleum benefits from its integrated operations, strategic refining assets and diversified earnings streams across the energy value chain.
Delek US Holdings is valued at $4.34 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
Canadian Natural Resources is valued at $109.69 billion. It is an independent energy company. Canadian Natural Resources is engaged in the exploration, development, production and marketing of crude oil, natural gas and natural gas liquids.
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Murphy USA's 55-Store Pipeline Supports Its 2027 Expansion Plan
Key Takeaways
Murphy USA Inc. (MUSA - Free Report) is preparing to sustain a faster pace of store expansion as it builds a pipeline capable of supporting at least 50 new store openings annually in 2027 and beyond. Its latest update points to a sizable group of projects under construction, additional construction starts planned over the coming months and improvements in its real estate pipeline and construction management process.
On its third-quarter 2026 earnings call, management said Murphy USA opened 18 stores year to date, including two locations opened after Sept. 30. The company added four stores during the third quarter. It also had 55 new stores under construction, with most projects expected to be completed in the fourth quarter of 2026 and the first half of 2027.
Construction Backlog Supports 2027 Openings
The 55-store construction backlog provides visibility into Murphy USA’s near-term expansion plans. Management also expects to begin construction on another 15-20 stores by the end of January 2027. These projects are expected to add to the pipeline supporting openings in 2027 and beyond.
Murphy USA continues to expect approximately 45-50 new store openings in 2026. Management said the company is likely to finish above 45 openings, although the exact annual total is difficult to predict because several projects are nearing completion. Some locations could open near the end of December, while others may begin operations in early January.
This timing distinction is important because management expects many stores that do not open by year-end to become operational soon afterward. That should give the company a strong starting point for its 2027 expansion program. Thus, the construction backlog provides visibility into the next year’s opening schedule.
Management Targets 50-Plus Annual Store Growth
Murphy USA believes its current development pipeline is sufficient to support approximately 50 store openings annually in 2027. Management also indicated that the company could potentially exceed this level by 2028, depending on how the pipeline develops.
The company is working to improve the quality and quantity of its real estate pipeline. Murphy USA is also refining its construction management process to improve the delivery cycle for new stores. These efforts are intended to create a more consistent flow of openings rather than concentrating launches around the end or beginning of a calendar year.
Management acknowledged that 2027 openings may still be unevenly distributed. A significant number of locations are expected to open early in the year, followed by additional stores in the second, third and fourth quarters. By 2028, the company hopes to make the opening schedule more balanced throughout the year.
A more consistent schedule could help Murphy USA manage construction resources and integrate new locations into its network. However, the pace of growth will depend on how quickly projects move through construction and become operational.
Expansion Adds to Long-Term Growth Opportunities
New stores are an important part of Murphy USA’s organic growth strategy. Additional locations can expand its presence in existing and targeted markets, creating opportunities to increase fuel volumes and merchandise sales while extending the reach of its value-focused retail model.
The expansion plan reflects management’s effort to build a durable pipeline by bringing forward construction activity and adding projects to support growth. The planned 15-20 additional construction starts, together with the existing 55-store backlog, highlight this approach.
Investment in its land pipeline is another important element. Securing suitable sites ahead of construction can help maintain a steady flow of projects. Improvements in site selection and construction execution may also support the goal of sustaining a 50-plus annual opening pace. Still, management’s longer-term target remains an expectation, and actual openings could vary with project timing and execution.
What to Watch
Investors should monitor how many of the 55 projects open by the end of 2026 and during the first half of 2027, as well as the pace of new construction starts. The timing of the additional 15-20 projects will provide another indication of whether Murphy USA is building enough capacity to sustain its targeted development rate.
Progress toward more evenly distributed openings by 2028 will also be important. A larger store base can support revenue and contribution growth, but the benefits will depend on the economics of individual locations and the company’s ability to complete projects efficiently.
For now, Murphy USA’s 55-store construction backlog, planned additional starts and target of at least 50 annual openings point to a continuing focus on organic network expansion. The next several quarters should show how effectively the company converts this pipeline into operating stores.
MUSA's Zacks Rank & Key Picks
Currently, MUSA has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might consider some better-ranked stocks, such as Marathon Petroleum (MPC - Free Report) , Delek US Holdings (DK - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Marathon Petroleum is valued at $124.76 billion. The company is a leading U.S. independent refiner, marketer and transporter of petroleum products, with a strong refining footprint and an extensive midstream business. Marathon Petroleum benefits from its integrated operations, strategic refining assets and diversified earnings streams across the energy value chain.
Delek US Holdings is valued at $4.34 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
Canadian Natural Resources is valued at $109.69 billion. It is an independent energy company. Canadian Natural Resources is engaged in the exploration, development, production and marketing of crude oil, natural gas and natural gas liquids.