Ferrellgas Partners, L.P. Reports Fiscal 2016 Earnings
September 28 2016 - 7:05AM
Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the
“Company”) today reported financial results for the full fiscal
year ended July 31, 2016.
The Company reported a net loss attributable to Ferrellgas
Partners, L.P. of $665.4 million, compared to net earnings
attributable to Ferrellgas Partners, L.P. of $29.6 million in the
full fiscal year 2015. The net loss for the current fiscal
year includes a one-time non-cash impairment charge of $628.8
million in our Midstream operations – Crude oil Logistics segment
and a one-time non-cash impairment charge of $29.3 million in our
Other midstream operations – water solutions reporting unit.
The Company also announced Adjusted EBITDA of $344.7 million for
fiscal 2016, an increase of 14.8% from $300.2 million in the
previous year.
Continued strong expense controls in the Propane and related
equipment sales segment helped offset the impact of elevated
temperatures, which were 19% warmer than normal and 16% warmer than
the prior year period. Interest expense totaled $137.9 million for
the full fiscal year in 2016, compared to $100.4 million in the
prior year, primarily due to $500 million of notes issued in
connection with the Bridger acquisition in June 2015.
“As we highlighted last quarter, record temperatures across the
nation continue to have an adverse impact on the propane sector of
our company and low oil prices have seriously damaged our midstream
sector.” said James E. Ferrell, Interim President and Chief
Executive Officer. “In particular, unusually warm winters over the
past two years drove down propane sales across all our geographies,
and low crude oil prices have negatively impacted our midstream
logistics business.”
Because of the increase in debt incurred to fund the Bridger
acquisition, the recently announced Jamex settlement and the
effects of the record warm temperatures in fiscal 2016, our
leverage ratio has increased to levels approaching the 5.5x limit
provided in our secured credit facility and accounts receivable
securitization facility. On September 27, 2016, Ferrellgas
obtained an amendment under the secured credit facility and
accounts receivable securitization facility pursuant to which the
maximum leverage ratio is increased to a range of 5.95x to 6.05x
over the next six quarters.
Further, the Company is focused on the reduction of its debt and
leverage ratio. One tactic under consideration is a reduction
in our quarterly distribution, which will continue to be determined
by the board of directors of our general partner on a
quarter-by-quarter basis. The distribution for the first quarter of
fiscal 2017 has not yet been determined, but our board believes
that it is possible that the annual distribution rate may be
reduced from $2.05 to approximately $1.00 per common unit. Any such
reduction, together with any other debt-reducing actions taken
would likely remain in effect until our leverage ratio reaches a
level that we deem appropriate for our business.
Mr. Ferrell stated, “In light of the recent developments related
to our Jamex settlement, a prolonged downturn in the midstream
sector, as well as two full years of erratic weather patterns
driving down propane demand, we are taking prudent action at this
time to preserve capital and improve the Company’s financial
position. We are committed to strengthening our balance sheet by
de-levering in a meaningful way. We are confident this action will
support the long-term interests of our unitholders, employee-owners
and other stakeholders, and we look forward to growth in
distribution when our leverage ratio and debt return to more
reasonable levels.”
About Ferrellgas Ferrellgas 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. 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, and in other
documents filed from time to time by these entities with the
Securities and Exchange Commission.
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FERRELLGAS PARTNERS,
L.P. AND
SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except unit data) |
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(unaudited) |
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ASSETS |
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July 31, 2016 |
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July 31, 2015 |
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Current
Assets: |
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Cash and cash equivalents |
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$ |
4,965 |
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$ |
7,652 |
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Accounts and notes receivable, net
(including $106,464 and 123,791 of |
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accounts receivable pledged as
collateral at July 31, 2016 |
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and July 31, 2015,
respectively) |
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149,583 |
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196,918 |
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Inventories |
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90,594 |
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96,754 |
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Prepaid expenses and other current
assets |
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39,973 |
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64,285 |
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Total Current
Assets |
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285,115 |
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365,609 |
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Property, plant and
equipment, net |
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774,680 |
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965,217 |
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Goodwill |
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256,103 |
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478,747 |
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Intangible assets, net |
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280,185 |
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580,043 |
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Other
assets, net (a) |
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86,443 |
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48,113 |
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Assets
held for sale |
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780 |
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- |
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Total Assets |
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$ |
1,683,306 |
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$ |
2,437,729 |
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LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) |
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Current
Liabilities: |
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Accounts payable |
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$ |
67,928 |
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$ |
83,974 |
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Short-term borrowings |
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101,291 |
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75,319 |
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Collateralized note payable |
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64,000 |
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70,000 |
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Other current liabilities |
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128,958 |
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180,687 |
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Total Current
Liabilities |
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362,177 |
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409,980 |
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Long-term debt (a) (b) |
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1,941,335 |
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1,778,065 |
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Other liabilities |
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31,574 |
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41,975 |
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Contingencies and
commitments |
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Partners' Capital
(Deficit): |
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Common unitholders (98,002,665 and
100,376,789 units outstanding at |
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July 31, 2016 and July 31,
2015) |
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(570,754 |
) |
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299,730 |
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General partner unitholder (989,926
and 1,013,907 units outstanding at |
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July 31, 2016 and July 31,
2015) |
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(65,835 |
) |
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(57,042 |
) |
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Accumulated other comprehensive
loss |
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(10,468 |
) |
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(38,934 |
) |
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Total Ferrellgas Partners,
L.P. Partners' Capital (Deficit) |
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(647,057 |
) |
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203,754 |
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Noncontrolling Interest |
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(4,723 |
) |
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3,955 |
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Total Partners' Capital
(Deficit) |
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(651,780 |
) |
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207,709 |
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Total Liabilities and
Partners' Capital |
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$ |
1,683,306 |
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$ |
2,437,729 |
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(a) Reflects the reclassification of debt issuance costs within
Long-term debt that was previously reported within Other assets,
net. |
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(b) The principal difference between the Ferrellgas Partners,
L.P. balance sheet and that of Ferrellgas, L.P., is $182 million of
8.625% notes |
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which
are liabilities of Ferrellgas Partners, L.P. and not of Ferrellgas,
L.P. |
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FERRELLGAS PARTNERS, L.P. AND
SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF
EARNINGS |
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FOR THE THREE AND TWELVE MONTHS ENDED JULY 31,
2016 AND 2015 |
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(in thousands, except per unit
data) |
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(unaudited) |
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Three months
ended |
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Twelve months
ended |
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July 31 |
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July 31 |
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2016 |
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2015 |
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2016 |
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2015 |
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Revenues: |
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Propane and other gas liquids
sales |
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$ |
241,282 |
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$ |
256,121 |
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$ |
1,202,368 |
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$ |
1,657,016 |
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Midstream operations |
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137,811 |
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86,827 |
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625,238 |
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107,189 |
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Other |
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30,418 |
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39,563 |
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211,761 |
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260,185 |
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Total
revenues |
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409,511 |
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382,511 |
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2,039,367 |
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2,024,390 |
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Cost of sales: |
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Propane and other gas liquids
sales |
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115,592 |
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128,034 |
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564,433 |
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977,224 |
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Midstream operations |
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97,335 |
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70,526 |
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471,234 |
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76,590 |
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Other |
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14,812 |
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23,025 |
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126,237 |
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170,697 |
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Gross profit |
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181,772 |
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160,926 |
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877,463 |
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799,879 |
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Operating expense |
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111,326 |
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115,369 |
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457,910 |
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432,282 |
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Depreciation and amortization expense |
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|
37,815 |
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|
28,003 |
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|
150,513 |
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|
98,579 |
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General
and administrative expense |
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11,923 |
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26,730 |
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|
48,579 |
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|
56,431 |
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Equipment lease expense |
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|
7,279 |
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|
6,599 |
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|
28,833 |
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|
24,273 |
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Non-cash
employee stock ownership plan compensation charge |
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|
9,220 |
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7,985 |
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|
27,595 |
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|
24,713 |
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Non-cash
stock-based compensation charge (a) |
|
|
2,567 |
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|
|
6,281 |
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|
9,324 |
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|
25,982 |
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Asset
impairments |
|
|
628,802 |
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|
|
- |
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|
658,118 |
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- |
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Loss on
asset sales and disposal |
|
|
7,615 |
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|
|
2,521 |
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|
30,835 |
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|
7,099 |
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Operating income (loss) |
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|
(634,775 |
) |
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|
(32,562 |
) |
|
|
(534,244 |
) |
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|
130,520 |
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Interest
expense |
|
|
(35,048 |
) |
|
|
(28,599 |
) |
|
|
(137,937 |
) |
|
|
(100,396 |
) |
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Other
income (expense), net |
|
|
199 |
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|
65 |
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|
|
110 |
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(350 |
) |
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Earnings (loss) before income taxes |
|
|
(669,624 |
) |
|
|
(61,096 |
) |
|
|
(672,071 |
) |
|
|
29,774 |
|
|
|
|
|
|
|
|
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Income
tax benefit |
|
|
(1,482 |
) |
|
|
(1,763 |
) |
|
|
(36 |
) |
|
|
(315 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
|
(668,142 |
) |
|
|
(59,333 |
) |
|
|
(672,035 |
) |
|
|
30,089 |
|
|
|
|
|
|
|
|
|
|
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|
Net
earnings (loss) attributable to noncontrolling interest (b) |
|
|
(6,708 |
) |
|
|
(558 |
) |
|
|
(6,620 |
) |
|
|
469 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) attributable to Ferrellgas Partners, L.P. |
|
|
(661,434 |
) |
|
|
(58,775 |
) |
|
|
(665,415 |
) |
|
|
29,620 |
|
|
|
|
|
|
|
|
|
|
|
|
Less:
General partner's interest in net earnings (loss) |
|
|
(6,614 |
) |
|
|
(588 |
) |
|
|
(6,654 |
) |
|
|
296 |
|
|
|
|
|
|
|
|
|
|
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|
Common unitholders' interest in net earnings
(loss) |
|
$ |
(654,820 |
) |
|
$ |
(58,187 |
) |
|
$ |
(658,761 |
) |
|
$ |
29,324 |
|
|
|
|
|
|
|
|
|
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|
Earnings (loss) Per Unit |
|
|
|
|
|
|
|
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Basic
and diluted net earnings (loss) per common unitholders'
interest |
|
$ |
(6.68 |
) |
|
$ |
(0.64 |
) |
|
$ |
(6.68 |
) |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common units outstanding |
|
|
98,002.7 |
|
|
|
90,908.0 |
|
|
|
98,682.8 |
|
|
|
84,646.2 |
|
|
|
|
|
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Supplemental Data and Reconciliation of
Non-GAAP Items: |
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Three months
ended |
|
Twelve months
ended |
|
|
|
July 31 |
|
July 31 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Ferrellgas Partners,
L.P. |
|
$ |
(661,434 |
) |
|
$ |
(58,775 |
) |
|
$ |
(665,415 |
) |
|
$ |
29,620 |
|
|
Income tax benefit |
|
|
(1,482 |
) |
|
|
(1,763 |
) |
|
|
(36 |
) |
|
|
(315 |
) |
|
Interest expense |
|
|
35,048 |
|
|
|
28,599 |
|
|
|
137,937 |
|
|
|
100,396 |
|
|
Depreciation and amortization
expense |
|
|
37,815 |
|
|
|
28,003 |
|
|
|
150,513 |
|
|
|
98,579 |
|
|
EBITDA |
|
|
(590,053 |
) |
|
|
(3,936 |
) |
|
|
(377,001 |
) |
|
|
228,280 |
|
|
Non-cash employee stock ownership
plan compensation charge |
|
|
9,220 |
|
|
|
7,985 |
|
|
|
27,595 |
|
|
|
24,713 |
|
|
Non-cash stock based compensation
charge (a) |
|
|
2,567 |
|
|
|
6,281 |
|
|
|
9,324 |
|
|
|
25,982 |
|
|
Asset impairments |
|
|
628,802 |
|
|
|
- |
|
|
|
658,118 |
|
|
|
- |
|
|
Loss on asset sales and
disposal |
|
|
7,615 |
|
|
|
2,521 |
|
|
|
30,835 |
|
|
|
7,099 |
|
|
Other income (expense), net |
|
|
(199 |
) |
|
|
(65 |
) |
|
|
(110 |
) |
|
|
350 |
|
|
Change in fair value of contingent
consideration (included in operating expense) |
|
|
- |
|
|
|
- |
|
|
|
(100 |
) |
|
|
(6,300 |
) |
|
Severance costs ($128 and $1,329
included in operating costs for the three and twelve months ended
period |
|
|
|
|
|
|
|
|
|
July 31, 2016 and $0 and $124
included in general and administrative costs for the three and
twelve months |
|
|
|
|
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|
|
|
|
ended period July 31, 2016) |
|
|
128 |
|
|
|
- |
|
|
|
1,453 |
|
|
|
- |
|
|
Litigation accrual and related
legal fees associated with a class action lawsuit (included in
general |
|
|
|
|
|
|
|
|
|
and administrative expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
806 |
|
|
Unrealized (non-cash)
losses (gains) on changes in fair value of derivatives $(7) and
$1,585 included in operating |
|
|
|
|
|
|
|
|
expense for the three and twelve
months ended July 31, 2016 and $4,021 and $2,412 for the three and
twelve |
|
|
|
|
|
|
|
|
|
months ended July 31, 2015. Also
includes $(1,849) and $(448) included in midstream operations cost
of sales |
|
|
|
|
|
|
|
|
|
for the three and twelve months
ended July 31, 2016, respectively. |
|
|
(1,856 |
) |
|
|
4,021 |
|
|
|
1,137 |
|
|
|
2,412 |
|
|
Acquisition and transition expenses
(included in general and administrative expense) |
|
|
0 |
|
|
|
16,373 |
|
|
|
99 |
|
|
|
16,373 |
|
|
Net earnings (loss) attributable to
noncontrolling interest (b) |
|
|
(6,708 |
) |
|
|
(558 |
) |
|
|
(6,620 |
) |
|
|
469 |
|
|
Adjusted EBITDA (c) |
|
|
49,516 |
|
|
|
32,622 |
|
|
|
344,730 |
|
|
|
300,184 |
|
|
Net cash interest expense (d) |
|
|
(33,604 |
) |
|
|
(27,551 |
) |
|
|
(132,860 |
) |
|
|
(96,150 |
) |
|
Maintenance capital expenditures
(e) |
|
|
(3,549 |
) |
|
|
(4,749 |
) |
|
|
(17,137 |
) |
|
|
(19,612 |
) |
|
Cash paid for taxes |
|
|
(345 |
) |
|
|
(379 |
) |
|
|
(777 |
) |
|
|
(712 |
) |
|
Proceeds from asset sales |
|
|
51 |
|
|
|
1,845 |
|
|
|
6,023 |
|
|
|
5,905 |
|
|
Distributable cash flow to equity investors
(f) |
|
|
12,069 |
|
|
|
1,788 |
|
|
|
199,979 |
|
|
|
189,615 |
|
|
Distributable cash flow attributable to general partner and
non-controlling interest |
|
|
241 |
|
|
|
35 |
|
|
|
4,000 |
|
|
|
3,792 |
|
|
Distributable cash flow attributable to common unitholders |
|
|
11,828 |
|
|
|
1,753 |
|
|
|
195,979 |
|
|
|
185,823 |
|
|
Less:
Distributions paid to common unitholders |
|
|
50,226 |
|
|
|
41,359 |
|
|
|
202,119 |
|
|
|
165,433 |
|
|
Distributable cash flow excess/(shortage) |
|
$ |
(38,398 |
) |
|
$ |
(39,606 |
) |
|
$ |
(6,140 |
) |
|
$ |
20,390 |
|
|
|
|
|
|
|
|
|
|
|
|
Propane gallons sales |
|
|
|
|
|
|
|
|
|
Retail - Sales to End Users |
|
|
87,625 |
|
|
|
90,055 |
|
|
|
552,771 |
|
|
|
608,781 |
|
|
Wholesale - Sales to Resellers |
|
|
56,129 |
|
|
|
58,997 |
|
|
|
226,121 |
|
|
|
270,065 |
|
|
Total propane gallons sales |
|
|
143,754 |
|
|
|
149,052 |
|
|
|
778,892 |
|
|
|
878,846 |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream operations barrels |
|
|
|
|
|
|
|
|
|
Salt
water volume processed |
|
|
3,563 |
|
|
|
3,801 |
|
|
|
16,543 |
|
|
|
17,035 |
|
|
Crude
oil hauled |
|
|
14,587 |
|
|
|
10,447 |
|
|
|
79,411 |
|
|
|
10,447 |
|
|
Crude
oil sold |
|
|
1,891 |
|
|
|
527 |
|
|
|
6,860 |
|
|
|
702 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-cash stock-based compensation charges consist of the
following: |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
July 31 |
|
July 31 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Operating expense |
|
$ |
385 |
|
|
$ |
942 |
|
|
$ |
1,268 |
|
|
$ |
5,175 |
|
|
General and administrative
expense |
|
|
2,182 |
|
|
|
5,339 |
|
|
|
8,056 |
|
|
|
20,807 |
|
|
Total |
|
$ |
2,567 |
|
|
$ |
6,281 |
|
|
$ |
9,324 |
|
|
$ |
25,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 earnings (loss)
attributable to Ferrellgas Partners, L.P., 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 disposals, |
|
other income (expense), net, change in fair value of
contingent consideration, 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 earnings (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) Management considers distributable cash flow to
equity investors a meaningful non-GAAP measure of the partnership's
ability to declare and pay quarterly distributions |
|
to equity investors. Distributable cash flow to equity
investors, as management defines it, may not be comparable to
distributable cash flow to equity investors or similarly
titled |
|
measurements used by other corporations and partnerships. Items
added into our calculation of distributable cash flow to equity
investors that will not occur on a continuing basis |
|
may have
associated cash payments. Distributable cash flow 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. |
|
|
Contact:
Jim Saladin, Media Relations – jimsaladin@ferrellgas.com, 913-661-1833
Jack Herrold, Investor Relations – jackherrold@ferrellgas.com, 913-661-1851
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