Murphy USA Holding (MUSA) Q1 2020 Earnings Call Transcript

Murphy USA Holding (MUSA) Q1 2020 Earnings Call Transcript

With me are Mr. Andrew Clyde, president and chief executive officer; Mindy West, executive vice president and chief financial officer; and Donnie Smith, vice president and controller.. What I would like to do on today's call, to the extent I can, is to use these events to frame how our business has responded to and is performing in the current environment, and how our business is positioned to endure through this period of uncertainty, knowing full well we can't predict the future.. What I hope you take away from today's call is that the principles upon which we have designed and built our business model has enabled Murphy USA to rise to the challenges of these events.. While the drop in crude prices from around $62 a barrel in January to just below $20 a barrel in late March was not of the same magnitude as we saw in 2008, it occurred in a much, much shorter time frame.. It is important to remember the falloff in crude prices was largely driven by geopolitical events that led to the high-margin environment going into the COVID-19 crisis.. In the first 10 days of March, before the COVID-19 crisis became widespread, consumer