Ä¢¹½Ö±²¥., the nation's leading agribusiness cooperative, intends to return a total of $1 billion in cash patronage and equity redemptions to its owners in calendar year 2023, delivering on its objectives to share profits with owners and contribute to building strength in rural America.
The total amount of cash to be returned to owners is a decision made by the Ä¢¹½Ö±²¥ Board of Directors at the close of each fiscal year. The Ä¢¹½Ö±²¥ Board has elected to return $500 million in cash patronage based on business done with Ä¢¹½Ö±²¥ in fiscal year 2022, which ended on Aug. 31, 2022. Additionally, the Ä¢¹½Ö±²¥ Board has elected to return $500 million in cash to its owners through equity redemptions.
This benefit of Ä¢¹½Ö±²¥ ownership will be shared by hundreds of member cooperatives and thousands of farmer-owners. The total of $1 billion distributed in cash would be the largest annual distribution to owners in Ä¢¹½Ö±²¥ history and would bring the total amount returned to owners over the last 10 years to more than $3.1 billion.
"The opportunity for owners to receive cash patronage and equity is a fundamental difference between the cooperative model and other businesses," said Dan Schurr, chair of the Ä¢¹½Ö±²¥ Board of Directors. "This critical difference means Ä¢¹½Ö±²¥ owners share in the financial success of the company and can leverage that success to fuel strength and growth for their own businesses, their families and the communities we share."
Final financial results for fiscal year 2022 are expected to be announced in November 2022. Additional patronage-related details will be available at that time, including the amount of fiscal year 2022 patronage equity certificates that will be distributed.
Ä¢¹½Ö±²¥. is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, Ä¢¹½Ö±²¥ is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. Ä¢¹½Ö±²¥ supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
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