Shares of Murphy USA Inc. (MUSA) surged 5.05% on Wednesday morning, following the company's better-than-expected earnings report for the third quarter of 2024.

The gasoline station and convenience store operator reported adjusted earnings per share of $7.20 for the quarter ended September 30, surpassing analysts' average estimate of $6.68. While revenue fell 9.6% year-over-year to $5.24 billion, it still exceeded Wall Street's expectations of $5.62 billion.

Murphy USA's strong quarterly performance was driven by robust fuel margins and cost-cutting measures, which helped offset a decline in fuel volumes. The company reported net income of $149.2 million for the quarter, demonstrating its ability to navigate a challenging macroeconomic environment.