5 unchanged sentences
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 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.
+Added: We declared and paid dividends of $1.55 per share during 2023, $1.27 per share in 2022, $1.04 per share in 2021, 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.
1 unchanged sentence
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.
−Removed: The 2021 authorization expires December 31, 2026 unless utilized in full before such time.
−Removed: 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: The 2021 authorization was completed in October 2023.
+Added: On May 2, 2023, the Board of Directors approved a new share repurchase authorization of up to $1.5 billion to be executed by December 31, 2028.
+Added: The authorization value excludes any excise tax that may be incurred.
+Added: Purchases may be affected 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.
Purchases will be made subject to available cash, market conditions and compliance with our financing arrangements at any time during the period of authorization.
1 unchanged sentence
During the year 2023, we repurchased a total of 1,026,300 common shares for $333.2 million, for an average price of $324.62 per share.
−Removed: Repurchases in 2022 were made pursuant to our now completed 2020 authorization and our 2021 authorization.
−Removed: As of December 31, 2022, we had approximately $213.7 million remaining under our 2021 authorization.
+Added: Repurchases in 2023 were made pursuant to both the now completed 2021 authorization and our 2023 authorization.
+Added: As of December 31, 2023, we had approximately $1.4 billion remaining under our 2023 authorization.
Below is detail of the company's common share repurchases during the fourth quarter of 2023.
11 unchanged sentences
1 Terms of the repurchase plan authorized by the Murphy USA Inc.
−Removed: 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.
−Removed: All common shares repurchased in the fourth quarter of 2022 were made pursuant to the 2021 authorization.
+Added: Board of Directors and announced on May 2, 2023 include authorization for the Company to acquire up to $1.5 billion of its common shares by December 31, 2028.
+Added: During the fourth quarter of 2023, a total of 113,989 common shares were repurchased pursuant to the now completed 2021 authorization and 328,225 common shares were repurchased pursuant to the 2023 authorization.
Equity Compensation Plan Information
7 unchanged sentences
(1) Amounts in this column include outstanding restricted stock units.
−Removed: (2) Number of shares available for issuance includes 2,694,914 available shares under the 2013 Long-Term Incentive Plan as of December 31, 2022 plus 349,327 available shares under the 2013 Stock Plan for Non-Employee Directors as of December 31, 2022.
+Added: (2) Number of shares available for issuance as of December 31, 2023 includes 2,995,854 available shares under the 2013 Long-Term Incentive Plan plus 157,285 available shares under the 2013 Stock Plan for Non-Employee Directors plus 1,544 available shares under the 2023 Omnibus Incentive Compensation Plan.
Assumes each restricted stock unit is equivalent to one share and each performance unit is equal to two shares.
14 unchanged sentences
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.