The diversified farmer cooperative that sells fuel under the Cenex brand made more money than ever in 2011, helped by dramatically higher profits from refining crude oil.
CHS, based in Inver Grove Heights, on Monday reported earnings of $961.4 million for its fiscal year that ended Aug. 31, up from $502 million in 2010. Revenue for 2011 was $36.9 billion, also a record.
The company, which has oil refineries in Montana and Kansas, sells fuel at 1,400 Cenex independent retailers and has other energy businesses, including propane. The energy unit’s pre-tax earnings were up 169 percent, primarily from higher margins in oil refining. That represented more than half the company’s pre-tax profits.