MFA Oil Announces $14.1 Million Distribution to Members
December 16, 2024
MFA Oil Company marked its 95th Annual Delegate Meeting on December 8-9, 2024, with the announcement of $14.1 million in cash and equity distributions to its member-owners, reflecting a year of strong financial performance. More than 300 farmers representing 80 MFA Oil locations attended the meeting in Columbia, Mo., to receive reports on the company’s financial standing and operational performance.
MFA Oil reported net income of $53 million for the fiscal year ending August 31, 2024, a notable increase from $42.1 million the previous year. Of this, $39.9 million came from regional patronage from other cooperatives, with MFA Oil earning $13.1 million from its operations.
“Our cooperative’s success is a reflection of the trust and strong relationships we share with our members,” said Jon Ihler, president and CEO of MFA Oil. “This year’s results position us well for the future as we continue to invest in our people, infrastructure, and the communities we serve.”
Based on 2024 earnings, the MFA Oil Board of Directors approved the retirement of 2011 member equities ($1.6 million) and 50% of 2012 member equities ($3.4 million). Additionally, the board authorized $4.5 million in qualified cash patronage, which represents half of the allocated qualified patronage for the year. Combined with $4.5 million in member equity allocations, the total cash and equity distribution is $14.1 million.
“Our strong financial results enable us to deliver real value back to our members,” said Glen Cope, Chairman of the MFA Oil Board of Directors. “This year’s distribution demonstrates the strength of our cooperative and our continued focus on serving our members’ needs.”
Over the past five years, MFA Oil has returned $53.2 million in cash to members.
MFA Oil members earn patronage based on a percentage of the money they spend on gasoline, diesel, propane and lubricants purchased through the company’s refined fuel and propane plants and Petro-Card 24 stations. Farmers 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.