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As a result, we are able to pay dividends on our common stock only from available cash on hand and distributions received from our subsidiaries.
−Removed: We declared and paid a total of $1.04 per share in dividends during 2021 and paid a $0.25 per share dividend in 2020 and expect to continue quarterly dividend payments for the near future.
+Added: We declared and paid dividends of $1.27 per share during 2022, $1.04 per share 2021, $0.25 per share in 2020, and we expect to continue quarterly dividend payments in the future.
The indenture governing the Senior Notes and the credit agreement governing our credit facilities and term loan contain restrictive covenants that limit, among other things, the ability of Murphy USA and the restricted subsidiaries to make certain restricted payments, which as defined under both agreements, include the declaration or payment of any dividends of any sort in respect of its capital stock and repurchase of shares of our common stock.
See “Management's Discussion and Analysis of Financial Condition and Operating Results—Capital Resources and Liquidity—Debt” and Note 10 “Long-Term Debt” to the accompanying audited consolidated financial statements for the three years ended December 31, 2022 for additional information.
−Removed: On October 28, 2020, the Board of Directors approved an up to $500 million share repurchase program.
−Removed: During 2021, purchases under the October 2020 authorization were 2,398,477 common shares for $355.0 million, for an average price of $148.00 per share.
−Removed: Purchases made in 2020 under the October 2020 authorization were 969,654 common shares for $125.0 million, for an average of $128.91 per share.
−Removed: At December 31, 2021, we had approximately $20.0 million remaining under the October authorization which we utilized in full in January 2022.
−Removed: In December 2021, the Company announced an additional authorization to repurchase shares of up to $1 billion in common shares by December 31, 2026, which became available to use once the October 2020 authorization completed.
−Removed: Below is detail of the company's purchases of its own equity securities during the fourth quarter of 2021.
+Added: On December 1, 2021, our Board of Directors approved a share repurchase authorization of up to $1 billion that we began to utilize upon the completion of our 2020 $500 million share repurchase authorization.
+Added: The 2021 authorization expires December 31, 2026 unless utilized in full before such time.
+Added: Purchases may be effected in the open market, through privately negotiated transactions, through one or more accelerated stock repurchase programs, through a combination of the foregoing or in any other manner in the discretion of management.
+Added: Purchases will be made subject to available cash, market conditions and compliance with our financing arrangements at any time during the period of authorization.
+Added: We may use cash from operations as well as draws under our credit facilities to effect purchases.
+Added: During the year 2022, we repurchased a total of 3,328,795 common shares for $806.4 million, for an average price of $242.24 per share.
+Added: Repurchases in 2022 were made pursuant to our now completed 2020 authorization and our 2021 authorization.
+Added: As of December 31, 2022, we had approximately $213.7 million remaining under our 2021 authorization.
+Added: Below is detail of the company's common share repurchases during the fourth quarter of 2022.
Issuer Purchases of Equity Securities
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1 Terms of the repurchase plan authorized by the Murphy USA Inc.
−Removed: Board of Directors and announced on October 28, 2020 include authorization for the Company to acquire up to $500 million of its common shares by December 31, 2023.
−Removed: A new authorization of $1 billion was announced on December 1, 2021, to begin upon the completion of the 2020 plan.
+Added: Board of Directors and announced on December 1, 2021 include authorization for the Company to acquire up to $1 billion of its common shares by December 31, 2026.
+Added: All common shares repurchased in the fourth quarter of 2022 were made pursuant to the 2021 authorization.
Equity Compensation Plan Information
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SHAREHOLDER RETURN PERFORMANCE PRESENTATION
−Removed: The following graph presents a comparison of cumulative total shareholder returns (including the reinvestment of dividends) as if a $100 investment was made on December 31, 2016, the Standard and Poor’s 500 Stock Index Fund (S&P 500 Index) and the S&P 400 Midcap Index.
+Added: The following graph presents a comparison of cumulative total shareholder returns (including the reinvestment of dividends) as if a $100 investment was made on December 31, 2017 for the Company, the Standard and Poor’s 500 Stock Index Fund (S&P 500 Index) and the S&P Retail Select Index.
This performance information is “furnished” by the Company and is not considered as “filed” with this Annual Report on Form 10-K and is not incorporated into any document that incorporates this Annual Report on Form 10-K by reference.
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Murphy USA Inc.
−Removed: S&P 500 Index S&P 400 Mid cap Index
+Added: S&P 500 Index S&P Retail Select Index
December 31, 2017 $ 100 $ 100 $ 100
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.