MFA Oil Announces $6.9 Million Payout to its Members, 2022 Financial Performance
December 13, 2022
MFA Oil Company, a farmer-owned energy supply cooperative, declared it would pay $6.9 million in cash to its members at the company’s 93rd Annual Delegate Meeting on December 12, 2022.
Nearly 300 elected representatives of the cooperative convened in Columbia, Mo., at the Holiday Inn Expo Center to receive reports on the company’s financial standing and operational performance and learn of the patronage disbursement 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.
About MFA Oil Company
MFA Oil Company, formed in 1929, is a farmer-owned cooperative and the ninth-largest propane retailer in the United States. The company supplies fuels, lubricants, and propane to customers in Missouri, Arkansas, Indiana, Iowa, Kansas, Kentucky, Oklahoma, and Tennessee. Through a subsidiary, MFA Oil operates Break Time convenience stores in Missouri; a Big O Tires franchise in Missouri, Arkansas, and Kansas; a solar panel installation company, Energized Solar; and APM, a wholesale fuel distributor.