MFA Oil Company, a farmer-owned energy supply cooperative, held its 96th Annual Delegate Meeting on December 14-15, 2025, and announced $6.9 million in cash and equity distributions to its member-owners. More than 320 farmers attended the meeting in Columbia, Mo., to receive reports on the company’s financial standing and performance and to hear from guest speakers Missouri Gov. Mike Kehoe and agricultural economist Ben Brown.

MFA Oil reported net income of $19.1 million for the fiscal year ending August 31, 2025, a drop from $50.3 million the previous year. Like its member-owner, the co-op faced rising input costs, squeezed margins, and limited income opportunities in its 2025 fiscal year.

“It was a productive year, a busy year, a customer-focused year, but not necessarily a profitable one,” said Jon Ihler, president and CEO of MFA Oil. “We may not have seen the financial results we were hoping for last year. But we saw progress, purpose, commitment and character. I believe those are the signs of a cooperative that’s ready for what’s next.”

  Based on 2025 earnings, the MFA Oil Board of Directors approved the retirement of 2012 equities ($3.4 million). Additionally, the board authorized $3.5 million in non-qualified member equity. The total cash and equity distribution is $6.9 million.

  Over the past five years, MFA Oil has returned $44.4 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.