MFA Oil Announces $10 Million in Cash Returns to Owners, Reports 2020 Fiscal Results
December 15, 2020
MFA Oil Company, a farmer-owned energy supply cooperative, has declared it will pay more than $10 million in cash to its members in exchange for doing business with the company.
The announcement was made during the cooperative’s 91st Annual Delegate Meeting on December 14, which was held virtually for the first time in the company’s history due to the COVID-19 pandemic. The company’s 741 delegates were invited to watch a pre-taped video report where MFA Oil Chief Financial Officer Jeff Raetz reported $36 million in net income before taxes for the fiscal year that ended on Aug. 31, 2020.
The cash payout to MFA Oil members includes $4.8 million in qualified patronage for the company’s 2020 fiscal year and retirement of $5.5 million in member equities from 2007.
MFA Oil members are eligible to receive patronage dividends based on a percentage of the total money they spend on gasoline, diesel, propane and lubricants purchased through the company’s refined fuel and propane plants, as well as at Petro-Card 24 stations.
In addition to the cash distribution, the company announced $3.2 million in qualified patronage and $6.3 million in non-qualified patronage would be distributed to its membership in the form of equity.
“While 2020 has been a bizarre year for most people, it’s been an extraordinary year for our cooperative,” MFA Oil President and CEO Jon Ihler stated during the meeting’s pre-taped video report. “I’m proud of the way our employees were able to adapt to the pandemic’s challenges while continuing to provide the essential services our customers and the communities we serve count on us to deliver.”
Results of the elections for three seats on the MFA Oil Board of Directors were also announced. Delegates from the company’s northeast, southeast and east central districts cast their ballots by mail to re-elect incumbent directors Monte Fisher of Brashear, Mo.; Marion Kertz of Ste. Genevieve, Mo; and Tony Dameron of Vandalia, Mo.; to new three-year terms.