MFA Oil hosted its 86th Annual Meeting on September 14 at the Hilton Branson Convention Center in Branson, MO. The meeting was attended by more than 450 delegates, guests and employees to review the company’s operations, approve the distribution of patronage and conduct elections for the board of directors.
Robert Condron, chief financial officer, presented an overview of the company’s performance from the past fiscal year. Condron stated MFA Oil is in a strong financial position with minimal debt and a net worth of $311.9 million, up 11% from the prior year. The company reported net income before taxes of $60.1 million, an increase of $7.4 million from 2014. Condron said the rise in net income was achieved in large part through record earnings of $28.36 million on MFA Oil’s own operations.
Based on the company’s excellent performance, management and the MFA Oil board of directors recommended a return of $21.5 million in patronage to member-owners. This represents the largest cash payout in the company’s 86 years of operation. The distribution of patronage was unanimously approved by the delegation.
MFA Oil President and CEO Mark Fenner spoke about the many changes the company is making and how those changes are necessary to maintain MFA Oil’s position as a competitive and relevant business. Fenner highlighted several areas that have been positively impacted by change. “We’ve gained efficiencies by centralizing our dispatching, installing tank monitors, “right-sizing” customer tanks and introducing online bill pay,” Fenner said.
Fenner reassured the delegation that although MFA Oil has enacted many recent changes, the company is committed to its rural roots and heritage. He said the company will continue to support the communities where MFA Oil operates and provide scholarships to local youth. “We know we are STRONGER TOGETHER, and we are dedicated to keeping it that way,” Fenner said.
Delegate caucuses were held for the MFA Oil voting districts in northwest Missouri, southwest Missouri and Central Missouri. Those districts re-elected their respective sitting directors: Benny Farrell (chairman), District 1-Northwest; Ralph Schallert, District 3-Southwest; and Ronald Felten, District 6-Central.
Guest speaker Jolene Brown spoke about the accelerating pace of today’s business, how to deal with change and shared some of her experiences as a family business consultant and farm wife. Brown encouraged the delegation to look for humor in life, associate with positive people, build bridges with non-farmers and be on the lookout for the new opportunities that come with change.
Farrell concluded the meeting by presenting Bev Twellman, corporate secretary, with a plaque recognizing her contributions to the company and thanking Twellman for her assistance to the board. Twellman is retiring after 44 years of service to MFA Oil.
Prior to the business meeting, a tradeshow with entertaining and educational booths was held in the convention hall for delegates to learn more about the company. Meeting attendees also had the opportunity to attend shows by Shoji Tabutchi, Clay Cooper, Million Dollar Quartet and Legends in Concert.
MFA Oil Tradeshow Booth Winners
Jiffy Lube Booth
Winners determined by top scores in a virtual hunting game:
Brian Altenderfer, Trenton, MO – binoculars
Mike Thomas, Sheridan, MO – $50 gift card to Jiffy Lube or Break Time
Mergers & Acquisitions Booth
Winners determined by the closest guesses to the number of M&Ms in a jar representing the number of tanks acquired by MFA Oil in FY 2015:
Steve Huth, Boonville, MO – $100 Target gift card
Robert Rulon, New Boston, MO – MFA Oil Shirt and golf balls
C.E. Hillyard, Pattonsburg, MO – MFA Oil Shirt and golf balls
Accounts Receivable Booth
Winner determined by a drawing from members who signed up for online bill pay:
Tim Eggerman, Lockwood, MO – iPad Mini and accessories
Break Time Booth
Winners determined by achieving a high score at one of the arcade games set up at the Break Time booth:
Roger Frueh, Pickering, MO – $100 Break Time gift card
David Parman, Sheridan, MO – $100 Break Time gift card
Travis Binder, Salisbury, MO – $100 Break Time gift card
Jack Smith –Columbia, MO – $100 Break Time gift card