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We turn back to our favorite topic and that is profitability and the goal of generating superior long-term share price performance. We spend a lot of time discussing ROCE, CROCI, and free cash flow. This week we wanted to talk about long-term stock buyback as one way to add per share growth to the equation and to highlight how buybacks plus M&A have contributed to significant outperformance from Murphy USA, the 2013 retail spin off from E&P parent Murphy Oil, which is in the very mature business of gas station and convenience store retailing. We also note the outperformance by the Big-3 US downstream companies versus the Majors, E&Ps, and the S&P 500.

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I certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.

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* Intro & Outro music: Wolf Hoffman: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.

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