Benzinga | Dec 2, 2021 05:52AM EST

Murphy USA Adopts $1B Stock Buyback Program

* Murphy USA Inc (NYSE:MUSA) announced its Board of Directors authorized a new share repurchase of up to $1 billion to begin upon completion of the current $500 million authorization.

* The company will execute the new buyback by December 31, 2026.

* The new approval is a continuation of the company's updated capital allocation strategy announced in October 2020.

* Murphy held $301.3 million in cash and equivalents as of September 30, 2021.

* Price Action: MUSA shares closed higher by 1.22% at $175.45 on Wednesday.