Farmers Union Oil Company is a customer-owned business. There are no membership fees and all customers are eligible for a share of any profits based on their annual purchases. Profits of the cooperative are returned to customers in the form of patronage funds. Patronage refunds are paid in both cash and equity (stock).

The board of directors is elected by members to set the governing policies of the cooperative. As a cooperative, all members have voting rights when electing board members. An annual meeting is held every fall for presentation of financial and management reports. Board member elections are held at this time. All patrons are encouraged to attend and take part in the meeting discussion.

Current board members are listed below: