We expect Fuel Supply contribution to normalize meaningfully as volatility moderates, remaining structurally healthier but below March peaks. As such, we do not assume a repeat of 1Q volatility-driven flow-through in our forward view. Episodic Upside. Mgmt indicated April volumes are tracking roughly flat Y/Y on an APSM basis, with all-in fuel margins expected at 35–40 cents and retail margins in the low-30s. While momentum has carried into 2Q, we believe that Fuel Supply's contribution is lower than in March, underscoring the episodic nature of recent upside. TARGET | ESTIMATE CHANGE RATING HOLD PRICE $514.45^ PRICE TARGET | % TO PT $550.00 ($475.00) | +7% 52W HIGH-LOW $539.71 - $345.23 FLOAT (%) | ADV MM (USD) 90.1% | 184.24 MARKET CAP $9.6B TICKER MUSA ^Prior trading day's closing price unless otherwise noted.