FERRELLGAS PARTNERS FINANCE CORP

Ferrellgas Partners, L.P.

Overview

• Delaware limited partnership formed in 1994, primarily engaged in retail distribution of propane and related equipment sales in the United States.
• Operates through Ferrellgas Partners, L.P. (the operating partnership) and its subsidiaries, with Ferrellgas, Inc. as the general partner.
• Class B Units were converted to Class A Units on March 16, 2026.

Scale and footprint

• Propane distribution locations: 1,055 in the United States (as of July 31, 2026).
• Service structure: 36 service centers and 664 service units (as of July 31, 2026).
• Portable tank exchange network: 135 company-owned distributors and 4 independently owned distributors (as of July 31, 2026).
• Portable tank exchange facilities: 12 company-owned production facilities (as of July 31, 2026).

Business model and offerings

• Core business: Retail distribution of propane to residential, industrial/commercial, agricultural, and other customers, plus sale of propane-related equipment and services.
• Portable tank exchange: Operates the nationally branded Blue Rhino network through a mix of company-owned and independent distributors.
• Additional activities: Sale of refined fuels and provision of common carrier services at distribution locations.
• Market position: The company is the second-largest retail marketer of propane in the United States by retail sales volume in fiscal 2026 and a leading national provider of portable tank exchange services.

Operations and capabilities

• Geographic reach: All 50 states, the District of Columbia, and Puerto Rico.
• Fleet and distribution: National distribution and delivery using bulk propane trucks, portable tanks, tank exchange delivery trucks, railroad tank cars, and related logistics.
• Technology and efficiency: Investments in a technology platform for routing, scheduling, and customer administration; remote service units with on-site management centralized at service centers; 24/7 emergency customer support.

Volume and customers

• Propane sales volume: 760 million gallons in fiscal 2026.
• Seasonal mix: Winter heating season (roughly November–March) drives volumes; portable tank exchange volumes peak in spring and summer.
• Residential customers with company-owned equipment: Approximately 70% (as of July 31, 2026).

Storage, tanks, and land

• Owned propane storage capacity: Approximately 38.5 million gallons.
• Owned tanks and cylinders: About 700,000 propane tanks and about 4.1 million portable cylinders.
• Leased storage capacity: Approximately 33.1 million gallons of underground storage capacity at various facilities.
• Real estate: Owns approximately 65% of operating locations; leases the remainder.
• Corporate presence: Headquarters in the Kansas City area with 1,728 square feet of office space; majority of corporate staff work remotely.

Workforce

• Employees at the general partner: 3,934 full-time employees (as of July 31, 2026).
• Union representation: Less than 1% of employees are represented by a small number of unions affiliated with the International Brotherhood of Teamsters.

Strategic focus

• Grow through disciplined acquisitions and organic expansion to increase customer base and geographic coverage.
• Use national presence and economies of scale for procurement, transportation, fleet, and administration.
• Invest in technology to improve efficiency, routing, scheduling, and customer service, including nationwide portable tank exchange capabilities.

Key notes

• Manages risk around propane purchases, including reliance on a limited number of suppliers and the use of hedging strategies.
• Operates under a partnership structure with governance and conflicts-of-interest provisions typical for Ferrellgas Partners and related entities.