CountryMark Named One of Indiana's Fastest Growing Companies

May 09 2023

INDIANAPOLIS May 9, 2023 – CountryMark was named this week by the Indianapolis Business Journal as one of the state’s fastest growing companies based on 2022 revenues. This was CountryMark’s first time to be included in the IBJ’s list of fast-growing companies.

CountryMark’s revenue grew from $1.3 billion in 2021 to $2.2 billion in 2022.

“Some of our revenue growth came from the 2022 fuel markets,” said CountryMark President and CEO Matt Smorch. “Our fuels are market priced, which means our prices move with the markets.”

Increased refining capacity and oil production also buoyed CountryMark’s 2022 revenues.

“We have continually looked for opportunities to increase refining capacity and 2022 marked one of our most successful years. With prudent capital spending in late 2021, we were able to expand our refining capacity resulting in a 21% increase in production in 2022. This investment combined with high utilization allowed CountryMark to capture the market,” said Smorch.

Refinery utilization averaged 98% for CountryMark in 2022. That compared to 91% refinery utilization across the country. CountryMark reduced unplanned maintenance outages and improved its ability to have products where and when customers needed those products, which increased product sales and revenues.

Smorch, in his fourth year as company CEO, is focused on industry headwinds and how to best prepare the company he leads for another 100 years of service to Midwestern farms, fleets and families.

“We will focus our efforts on finding ways to refine 38 thousand barrels of crude oil per day, up from the 35 thousand barrels of crude oil we refine today,” said Smorch.

CountryMark will also invest in its infrastructure to increase the reliability of its oil production and refining assets, as well as seek opportunities to invest in skills, processes and technologies to increase production efficiencies.

Reliable power for the CountryMark refinery is also on the company’s radar.

“Reliable power is critical for a refinery,” said Smorch. “We are looking at self-produced power to increase the reliability of our refining assets and our ability to provide a dependable source of fuel for our customers.”

Being part of the public debate on the future of American energy and liquid transportation fuels is also high on CountryMark’s list of 2023 priorities.

“We are passionate about affordable and reliable fuels for our customers and the communities we serve,” said Smorch. “We will not shy away from these discussions.”

“More than a dozen states have plans today on the books to ban the internal combustion engine. These bans, which neglect to reflect the complexity of how energy and the environment interact, are short-sighted and bad for Americans,” said Smorch. “So, while we once said these ideas would never reach Midwestern states, it is a threat that we cannot underestimate. These bans take away personal choice and personal freedoms. They have not been well planned or well thought through, and that lack of planning will lead to supply disruptions and elevated product prices, which is not good for the public or national security.”

CountryMark is an oil exploration, production, refining and marketing company with headquarters in Indianapolis and a refinery in Mt. Vernon, Indiana. The company’s roots go back to 1919 when the cooperative was formed. Its core products include diesel fuel, gasoline and lubricants. CountryMark fuels and lubricants are sold at 125 branded fuel stations as well as delivered to Midwestern farms and fleets via an extensive and well-established member distribution system.

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