Ferrellgas Partners, L.P. Reports Results for First Quarter Fiscal 2017
December 09 2016 - 6:00AM
Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the
“Company”) today reported financial results for its first fiscal
quarter ended October 31, 2016. The Company reported a net loss
attributable to Ferrellgas Partners, L.P. of $43.1 million,
compared to a net loss of $79.8 million for the same period in
2015.
Adjusted EBITDA was $29.0 million, compared to $48.9 million in
the prior year period primarily due to the effect of the Jamex
settlement reached in early September.
“While unusually warm weather conditions – including
temperatures during our first quarter that were 35% higher than
normal – continued to negatively impact our propane revenue, we are
taking aggressive actions to position Ferrellgas for long-term
growth and profitability,” said James E. Ferrell, the Company’s
interim President and Chief Executive Officer. “This quarter’s
results include a 9% reduction in operating expenses, reflecting
our ongoing efforts to meaningfully reduce costs. We also remain
focused on growing our customer base, and are very pleased with our
success winning new customers and retaining existing customers
during the quarter.”
Mr. Ferrell continued, “Although the termination of
the Jamex contract impacted our crude oil logistics segment, we
believe in the potential of this business and are taking steps to
maximize profitability by increasing utilization of our assets. We
remain confident in the upside potential of our company and believe
we are taking the right steps to advance the long-term interests of
our unitholders, employees and other stakeholders.”
Operating income generated by the propane and related equipment
sales segment was up over 20% to $16.5 million, compared to $13.7
million in the prior year period despite temperatures that were 6%
warmer than those of the prior year period. The increase was
primarily due to decreased operating expenses related to vehicle
fuel costs.
At the end of the first fiscal quarter, the Company’s leverage
ratio was 5.81x, which was lower than the 6.05x limit allowed under
its secured credit facility and accounts receivable securitization
facility, as amended in September 2016.
Mr. Ferrell added, “We are committed to reducing debt and
strengthening our balance sheet, with the goal of returning to a
leverage ratio of 4.5x or below. While debt reduction is our
primary objective at this time, increasing returns to our
unitholders remains the top priority for Ferrellgas, and we will
continue to take actions to deliver value to all stakeholders over
the long term.”
About FerrellgasFerrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, serves propane customers in all 50 states, the
District of Columbia, and Puerto Rico, and provides midstream
services to major energy companies in the United States. Ferrellgas
employees indirectly own 22.8 million common units of the
partnership, through an employee stock ownership plan. Ferrellgas
Partners, L.P. filed a Form 10-K with the Securities and Exchange
Commission on September 28, 2016. Investors can request a hard copy
of this filing free of charge and obtain more information about the
partnership online at www.ferrellgas.com.
Forward Looking Statements Statements in this
release concerning expectations for the future are forward-looking
statements. These statements often use words such as “anticipate,”
“believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,”
“position,” “continue,” “estimate,” “expect,” “may,” “will,” or the
negative of those terms or other variations of them or comparable
terminology. Forward-looking statements, include, but are not
limited to: Ferrellgas’ debt reduction plans, statements regarding
future unitholder returns, plans to increase the utilization of
certain assets, and the anticipated impact of Ferrellgas’ actions
on its balance sheet and liquidity position. While Ferrellgas
believes that the assumptions concerning future events are
reasonable, it cautions that there are inherent difficulties in
predicting certain important factors that could impact the future
performance or results of its business. Among the factors that
could cause results to differ materially from those indicated by
such forward-looking statements are: risks related to Ferrellgas’
ability to generate sufficient cash flow to pay distributions, to
make payments on its debt obligations and to execute its business
plan; Ferrellgas’ ability to access funds on acceptable terms, if
at all, because of the terms and conditions governing its
indebtedness or otherwise; local, regional and national economic
conditions and the impact they may have on Ferrellgas and its
customers; the effect of weather conditions on the demand for
propane; the prices of wholesale propane, motor fuel and crude oil;
disruptions to the supply of propane; the termination or
non-renewal of certain arrangements or agreements; adverse changes
in our relationships with our national propane customers;
significant delays in the collection of, or uncollectibility of,
accounts or notes receivable; the financial condition of
Ferrellgas’ customers; and the failure of any customer to perform
its contractual obligations. A variety of known and unknown risks,
uncertainties and other factors could cause results, performance
and expectations to differ materially from anticipated results,
performance and expectations. These risks, uncertainties and other
factors are discussed in the Form 10-K of Ferrellgas Partners,
L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and
Ferrellgas Finance Corp. for the fiscal year ended July 31, 2016,
the Form 10-Q of these entities for the fiscal quarter ended
October 31, 2016, and in other documents filed from time to time by
these entities with the Securities and Exchange Commission.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements in this press release
are qualified in their entirety by these cautionary statements.
Except as required by law, Ferrellgas undertakes no obligation and
does not intend to update or revise any forward-looking statements,
whether as a result of new information, future results or
otherwise.
FERRELLGAS PARTNERS,
L.P. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except unit data) |
(unaudited) |
|
|
|
|
|
ASSETS |
|
October 31, 2016 |
|
July 31, 2016 |
|
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
12,639 |
|
|
$ |
4,965 |
|
Accounts
and notes receivable, net (including $105,320 and $106,464 of |
|
|
|
|
accounts receivable pledged as collateral at October 31, 2016 |
|
|
|
|
and July 31, 2016, respectively) |
|
|
148,283 |
|
|
|
149,583 |
|
Inventories |
|
|
100,296 |
|
|
|
90,594 |
|
Prepaid
expenses and other current assets |
|
|
31,820 |
|
|
|
39,973 |
|
Total Current Assets |
|
|
293,038 |
|
|
|
285,115 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
|
757,940 |
|
|
|
774,680 |
|
Goodwill, net |
|
|
256,103 |
|
|
|
256,103 |
|
Intangible assets, net |
|
|
272,031 |
|
|
|
280,185 |
|
Other
assets, net |
|
|
88,103 |
|
|
|
87,223 |
|
Total Assets |
|
$ |
1,667,215 |
|
|
$ |
1,683,306 |
|
|
|
|
|
|
LIABILITIES AND PARTNERS' DEFICIT |
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
74,788 |
|
|
$ |
67,928 |
|
Short-term borrowings |
|
|
96,824 |
|
|
|
101,291 |
|
Collateralized note payable |
|
|
74,000 |
|
|
|
64,000 |
|
Other
current liabilities |
|
|
170,527 |
|
|
|
128,958 |
|
Total Current
Liabilities |
|
|
416,139 |
|
|
|
362,177 |
|
|
|
|
|
|
Long-term debt (a) |
|
|
1,965,219 |
|
|
|
1,941,335 |
|
Other liabilities |
|
|
32,755 |
|
|
|
31,574 |
|
Contingencies and
commitments |
|
|
|
|
|
|
|
|
|
Partners' Deficit: |
|
|
|
|
Common
unitholders (97,152,665 and 98,002,665 units outstanding
at |
|
|
|
|
October 31, 2016 and July 31, 2016, respectively) |
|
|
(673,516 |
) |
|
|
(570,754 |
) |
General
partner unitholder (989,926 units outstanding at October 31,
2016 |
|
|
|
|
and July 31, 2016) |
|
|
(66,713 |
) |
|
|
(65,835 |
) |
Accumulated other comprehensive loss |
|
|
(1,186 |
) |
|
|
(10,468 |
) |
Total Ferrellgas Partners, L.P. Partners'
Deficit |
|
|
(741,415 |
) |
|
|
(647,057 |
) |
Noncontrolling Interest |
|
|
(5,483 |
) |
|
|
(4,723 |
) |
Total Partners' Deficit |
|
|
(746,898 |
) |
|
|
(651,780 |
) |
Total Liabilities and Partners' Deficit |
|
$ |
1,667,215 |
|
|
$ |
1,683,306 |
|
|
|
|
|
|
|
|
|
|
|
(a) The principal difference between the Ferrellgas Partners,
L.P. balance sheet and that of Ferrellgas, L.P., is $182 million of
8.625% notes |
which are liabilities of Ferrellgas Partners, L.P. and not of
Ferrellgas, L.P. |
|
|
|
|
|
|
|
|
|
FERRELLGAS PARTNERS, L.P. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
EARNINGS |
|
FOR THE THREE AND TWELVE MONTHS ENDED OCTOBER
31, 2016 AND 2015 |
|
(in thousands, except per unit
data) |
|
(unaudited) |
|
|
|
Three months
ended |
|
Twelve months ended |
|
|
|
October 31 |
|
October 31 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Propane
and other gas liquids sales |
|
$ |
242,399 |
|
|
$ |
245,301 |
|
|
$ |
1,199,466 |
|
|
$ |
1,507,956 |
|
|
Midstream
operations |
|
|
108,044 |
|
|
|
193,670 |
|
|
|
539,612 |
|
|
|
292,943 |
|
|
Other |
|
|
29,099 |
|
|
|
32,175 |
|
|
|
208,685 |
|
|
|
251,282 |
|
|
Total revenues |
|
|
379,542 |
|
|
|
471,146 |
|
|
|
1,947,763 |
|
|
|
2,052,181 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
Propane
and other gas liquids sales |
|
|
119,212 |
|
|
|
121,751 |
|
|
|
561,894 |
|
|
|
834,161 |
|
|
Midstream
operations |
|
|
94,642 |
|
|
|
153,604 |
|
|
|
412,272 |
|
|
|
228,226 |
|
|
Other |
|
|
11,746 |
|
|
|
14,448 |
|
|
|
123,535 |
|
|
|
163,253 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
153,942 |
|
|
|
181,343 |
|
|
|
850,062 |
|
|
|
826,541 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense |
|
|
104,992 |
|
|
|
114,981 |
|
|
|
447,921 |
|
|
|
444,380 |
|
|
Depreciation and amortization expense |
|
|
26,202 |
|
|
|
36,979 |
|
|
|
139,736 |
|
|
|
112,249 |
|
|
General
and administrative expense |
|
|
12,482 |
|
|
|
12,240 |
|
|
|
48,821 |
|
|
|
57,843 |
|
|
Equipment lease expense |
|
|
7,349 |
|
|
|
7,032 |
|
|
|
29,150 |
|
|
|
25,773 |
|
|
Non-cash
employee stock ownership plan compensation charge |
|
|
3,754 |
|
|
|
5,256 |
|
|
|
26,093 |
|
|
|
25,595 |
|
|
Non-cash
stock-based compensation charge (a) |
|
|
1,881 |
|
|
|
8,122 |
|
|
|
3,083 |
|
|
|
17,992 |
|
|
Asset
impairments |
|
|
- |
|
|
|
29,316 |
|
|
|
628,802 |
|
|
|
29,316 |
|
|
Loss on
asset sales and disposal |
|
|
6,423 |
|
|
|
14,917 |
|
|
|
22,341 |
|
|
|
21,055 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(9,141 |
) |
|
|
(47,500 |
) |
|
|
(495,885 |
) |
|
|
92,338 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(35,428 |
) |
|
|
(33,788 |
) |
|
|
(139,577 |
) |
|
|
(110,272 |
) |
|
Other
income (expense), net |
|
|
508 |
|
|
|
(122 |
) |
|
|
740 |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(44,061 |
) |
|
|
(81,410 |
) |
|
|
(634,722 |
) |
|
|
(17,957 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense (benefit) |
|
|
(590 |
) |
|
|
(844 |
) |
|
|
218 |
|
|
|
(649 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(43,471 |
) |
|
|
(80,566 |
) |
|
|
(634,940 |
) |
|
|
(17,308 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest (b) |
|
|
(398 |
) |
|
|
(773 |
) |
|
|
(6,245 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Ferrellgas Partners, L.P. |
|
|
(43,073 |
) |
|
|
(79,793 |
) |
|
|
(628,695 |
) |
|
|
(17,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
Less:
General partner's interest in net loss |
|
|
(431 |
) |
|
|
(798 |
) |
|
|
(6,287 |
) |
|
|
(173 |
) |
|
|
|
|
|
|
|
|
|
|
|
Common unitholders' interest in net loss |
|
$ |
(42,642 |
) |
|
$ |
(78,995 |
) |
|
$ |
(622,408 |
) |
|
$ |
(17,125 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss Per Unit |
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per common unitholders' interest |
|
$ |
(0.44 |
) |
|
$ |
(0.79 |
) |
|
$ |
(6.35 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common units outstanding |
|
|
97,457.6 |
|
|
|
100,376.8 |
|
|
|
97,949.0 |
|
|
|
89,232.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Reconciliation of
Non-GAAP Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Twelve months ended |
|
|
|
October 31 |
|
October 31 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Ferrellgas Partners,
L.P. |
|
$ |
(43,073 |
) |
|
$ |
(79,793 |
) |
|
$ |
(628,695 |
) |
|
$ |
(17,298 |
) |
|
Income
tax expense (benefit) |
|
|
(590 |
) |
|
|
(844 |
) |
|
|
218 |
|
|
|
(649 |
) |
|
Interest
expense |
|
|
35,428 |
|
|
|
33,788 |
|
|
|
139,577 |
|
|
|
110,272 |
|
|
Depreciation and amortization expense |
|
|
26,202 |
|
|
|
36,979 |
|
|
|
139,736 |
|
|
|
112,249 |
|
|
EBITDA |
|
|
17,967 |
|
|
|
(9,870 |
) |
|
|
(349,164 |
) |
|
|
204,574 |
|
|
Non-cash
employee stock ownership plan compensation charge |
|
|
3,754 |
|
|
|
5,256 |
|
|
|
26,093 |
|
|
|
25,595 |
|
|
Non-cash
stock based compensation charge (a) |
|
|
1,881 |
|
|
|
8,122 |
|
|
|
3,083 |
|
|
|
17,992 |
|
|
Asset
impairments |
|
|
- |
|
|
|
29,316 |
|
|
|
628,802 |
|
|
|
29,316 |
|
|
Loss on
asset sales and disposal |
|
|
6,423 |
|
|
|
14,917 |
|
|
|
22,341 |
|
|
|
21,055 |
|
|
Other
(income) expense, net |
|
|
(508 |
) |
|
|
122 |
|
|
|
(740 |
) |
|
|
23 |
|
|
Change in
fair value of contingent consideration (included in operating
expense) |
|
|
- |
|
|
|
(100 |
) |
|
|
- |
|
|
|
(4,600 |
) |
|
Severance
costs $414 and $938 included in operating costs for the three and
twelve months ended period |
|
|
|
|
|
|
|
|
|
October 31, 2016 and $1,055 and $1,128 included in
general and administrative costs for the three and twelve
months |
|
|
|
|
|
|
|
ended period October 31, 2016. Also includes $805 in operating
costs for the three and twelve months ended |
|
|
|
|
|
|
|
|
|
October 31, 2015 and $51 included in general and administrative
costs for the three and twelve months ended |
|
|
|
|
|
|
|
|
|
October 31, 2015. |
|
|
1,469 |
|
|
|
856 |
|
|
|
2,066 |
|
|
|
856 |
|
|
Litigation accrual and related legal fees associated with a class
action lawsuit (included in general |
|
|
|
|
|
|
|
|
|
and administrative expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
83 |
|
|
Unrealized (non-cash) losses (gains) on changes in fair value
of derivatives $(1,877) and $(1,330) included in operating |
|
|
|
|
|
|
|
expense for the three and twelve months ended October
31, 2016 and $1,038 and $3,450 for the three and twelve |
|
|
|
|
|
|
|
|
months ended October 31, 2015. Also includes $308 and $(140)
included in midstream operations cost of sales |
|
|
|
|
|
|
|
|
|
for the three and twelve months ended October 31, 2016,
respectively. |
|
|
(1,569 |
) |
|
|
1,038 |
|
|
|
(1,470 |
) |
|
|
3,450 |
|
|
Acquisition and transition expenses (included in general and
administrative expense) |
|
|
- |
|
|
|
15 |
|
|
|
84 |
|
|
|
16,388 |
|
|
Net loss
attributable to noncontrolling interest (b) |
|
|
(398 |
) |
|
|
(773 |
) |
|
|
(6,245 |
) |
|
|
(10 |
) |
|
Adjusted EBITDA (c) |
|
|
29,019 |
|
|
|
48,899 |
|
|
|
324,850 |
|
|
|
314,722 |
|
|
Net cash
interest expense (d) |
|
|
(33,618 |
) |
|
|
(32,502 |
) |
|
|
(133,976 |
) |
|
|
(105,762 |
) |
|
Maintenance capital expenditures (e) |
|
|
(3,322 |
) |
|
|
(6,215 |
) |
|
|
(14,244 |
) |
|
|
(20,739 |
) |
|
Cash paid
for taxes |
|
|
(1 |
) |
|
|
- |
|
|
|
(778 |
) |
|
|
(452 |
) |
|
Proceeds
from asset sales |
|
|
1,720 |
|
|
|
1,013 |
|
|
|
6,730 |
|
|
|
5,501 |
|
|
Distributable cash flow to equity investors
(f) |
|
|
(6,202 |
) |
|
|
11,195 |
|
|
|
182,582 |
|
|
|
193,270 |
|
|
Distributable cash flow attributable to general partner and
non-controlling interest |
|
|
(124 |
) |
|
|
224 |
|
|
|
3,652 |
|
|
|
3,865 |
|
|
Distributable cash flow attributable to common unitholders |
|
|
(6,078 |
) |
|
|
10,971 |
|
|
|
178,930 |
|
|
|
189,405 |
|
|
Less:
Distributions paid to common unitholders |
|
|
49,791 |
|
|
|
51,443 |
|
|
|
200,467 |
|
|
|
175,520 |
|
|
Distributable cash flow excess/(shortage) |
|
$ |
(55,869 |
) |
|
$ |
(40,472 |
) |
|
$ |
(21,537 |
) |
|
$ |
13,885 |
|
|
|
|
|
|
|
|
|
|
|
|
Propane gallons sales |
|
|
|
|
|
|
|
|
|
Retail -
Sales to End Users |
|
|
111,188 |
|
|
|
110,973 |
|
|
|
552,986 |
|
|
|
595,607 |
|
|
Wholesale
- Sales to Resellers |
|
|
51,990 |
|
|
|
50,566 |
|
|
|
227,545 |
|
|
|
258,696 |
|
|
Total
propane gallons sales |
|
|
163,178 |
|
|
|
161,539 |
|
|
|
780,531 |
|
|
|
854,303 |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream operations barrels |
|
|
|
|
|
|
|
|
|
Salt
water volume processed |
|
|
3,703 |
|
|
|
4,734 |
|
|
|
15,512 |
|
|
|
17,766 |
|
|
Crude
oil hauled |
|
|
11,264 |
|
|
|
24,264 |
|
|
|
66,411 |
|
|
|
34,711 |
|
|
Crude
oil sold |
|
|
1,792 |
|
|
|
1,510 |
|
|
|
7,142 |
|
|
|
2,006 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-cash stock-based compensation charges consist of the
following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
October 31 |
|
October 31 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Operating expense |
|
$ |
94 |
|
|
$ |
1,218 |
|
|
$ |
144 |
|
|
$ |
2,848 |
|
|
General and administrative expense |
|
|
1,787 |
|
|
|
6,904 |
|
|
|
2,939 |
|
|
|
15,144 |
|
|
Total |
|
$ |
1,881 |
|
|
$ |
8,122 |
|
|
$ |
3,083 |
|
|
$ |
17,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Amounts allocated to the general partner for its
1.0101% interest in the operating partnership, Ferrellgas,
L.P. |
(c) Adjusted EBITDA is calculated as net loss
attributable to Ferrellgas Partners, L.P., less the sum of the
following: income tax expense (benefit), interest expense,
depreciation and amortization expense, non-cash employee stock
ownership plan compensation charge, non-cash stock-based
compensation charge, asset impairments, loss on asset sales
and disposal, other (income) expense, net, change in fair value of
contingent consideration, severance costs, litigation accrual, and
related legal fees associated with a class action
lawsuit, unrealized (non-cash) losses (gains) on changes in
fair value of derivatives, acquisition and transition expenses and
net loss attributable to noncontrolling interest. Management
believes the presentation of this measure is relevant and
useful, because it allows investors to view the partnership's
performance in a manner similar to the method management uses,
adjusted for items management believes makes it easier to
compare its results with other companies that have different
financing and capital structures. This method of calculating
Adjusted EBITDA may not be consistent with that of other
companies and should be viewed in conjunction with measurements
that are computed in accordance with GAAP. |
(d) Net cash interest expense is the sum of interest
expense less non-cash interest expense and other expense, net. This
amount includes interest expense related to the accounts
receivable securitization facility. |
|
(e) Maintenance capital expenditures include capitalized
expenditures for betterment and replacement of property, plant and
equipment. |
|
(f) Distributable cash flow attributable to
equity investors is calculated as Adjusted EBITDA minus net cash
interest, maintenance capital expenditures, cash paid for taxes,
and proceeds from asset sales. Management considers
distributable cash flow attributable to equity investors a
meaningful measure of the partnership’s ability to declare and
pay quarterly distributions to equity investors. Distributable
cash flow attributable to equity investors, as management defines
it, may not be comparable to distributable cash
flow attributable to equity investors or similarly titled
measurements used by other corporations and partnerships. Items
added into our calculation of distributable cash
flow attributable to equity investors that will not occur on a
continuing basis may have associated cash payments. Distributable
cash flow attributable to equity investors may not be
consistent with that of other companies and should be viewed
in conjunction with measurements that are computed in accordance
with GAAP. |
|
Contacts
Jack Herrold, Investor Relations – jackherrold@ferrellgas.com, 913-661-1851
Jim Saladin, Media Relations – jimsaladin@ferrellgas.com, 913-661-1833
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