The company hosted its 93rd Annual Delegate Meeting on December 11-12, 2022, in Columbia, Mo., at the Holiday Inn Expo Center. Nearly 300 elected representatives of the cooperative convened to receive reports on the company’s financial standing and operational performance and learn of the $6.9 million in patronage disbursement that was approved by the MFA Oil Board of Directors.
The cooperative reported company-wide pre-tax earnings of $14.3 million for its 2022 fiscal year. The $6.9 cash payout includes $3.5 million of 2022 qualified patronage and a retirement of $3.4 million in member equity from 2008.
“Our cooperative performed well during our 2022 fiscal year with earnings exceeding our expectations,” said Jon Ihler, MFA Oil president and CEO. “Every division within our company contributed to the company’s bottom line, and I am proud of our employees for achieving these strong results.”
MFA Oil members are eligible to receive patronage refunds based on a percentage of the total money they spend on products such as gasoline, diesel, propane and lubricants purchased through the company’s refined fuel and propane plants, as well as at Petro-Card 24 stations. Customers who are agricultural producers or owners of land used for agricultural production and who purchase at least $1,000 of product from MFA Oil during its fiscal year (Sept. 1 through Aug. 31) are eligible for membership in the cooperative.
Delegate attendance was up roughly 30% this year compared to 2021. Delegates who pre-registered and made it to Columbia for the event were given a wind and water resistant Dri Duck Motion Soft Shell jacket with an embroidered MFA Oil logo.
