MFA Oil Company, a farmer-owned energy supply cooperative, recently held its 88th Annual Delegate Meeting in Branson, Mo., where the co-op’s elected representatives approved a return of $5.2 million in patronage to the membership.
The patronage disbursement, which was recommended by the MFA Oil Board of Directors, represents 80 percent of the company’s earnings for the 2017 fiscal year and retirement of $1.9 million in equities from 2004.
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.
“Though 2017 was a challenging year for propane sales due to the warm winter, we have made great strides in improving efficiency in our bulk fuel and propane operations by investing in new technology and equipment,” says Mark Fenner, president and CEO of MFA Oil Company. “Overall, the company remains in strong financial condition and continues to deliver great value to our farmer-members.”
In 2017, MFA Oil delivered 84.4 million gallons of propane to members and other customers – making the company the eighth-largest propane retailer in the United States.
Growth was another highlight of the 2017 fiscal year as MFA Oil completed seven strategic acquisitions in Arkansas, Kansas and Missouri. The acquired companies sold a combined total of 4.8 million gallons of propane and 2.3 million gallons of refined fuel annually.
In other business at the meeting, MFA Oil delegates elected Monte Fisher, a farmer from Brashear, Mo., to represent the Northeast District on the company’s board of directors. Two sitting directors, Floyd Buckman of Stoutsville, Mo., and Marion Kertz of Ste. Genevieve, Mo. were re-elected to the board to represent the East Central and Southeast districts, respectively.