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.
