FERRELLGAS L P

Ferrellgas Partners, L.P.

Overview

Ferrellgas Partners, L.P. is a Delaware limited partnership that operates primarily through its operating partnership, Ferrellgas, L.P. The company is a national distributor of propane and related equipment and supplies in the United States, with a core focus on propane distribution and portable tank exchange.

Core business and scope

• Primary business model
  • Retail distribution of propane and related equipment to residential, industrial/commercial, agricultural, and other customers.
  • Portable tank exchange business branded as Blue Rhino, delivered through a nationwide network of company-owned and independently owned distribution outlets.
  • Additional activities include the sale of refined fuels and common carrier services.

Market position

• Reported as the second largest retail marketer of propane in the United States by retail sales volume in fiscal 2026.
• Serves industrial/commercial and portable tank exchange customers nationwide through partnerships with major home-improvement centers, mass merchants, hardware stores, grocery stores, and convenience stores.

Geographic footprint

• Operations in all 50 states, the District of Columbia, and Puerto Rico.

Key scale and footprint metrics (as of July 31, 2026)

Locations and network

• 1,055 propane distribution locations in the United States.
• Service structure: 36 service centers and 664 service units.
• Portable tank exchange distribution: 135 company-owned distributors and 4 independently owned distributors.
• Portable tank exchange production facilities: 12 company-owned facilities.

Propane volumes

• Fiscal 2026 propane sales volume: 760 million gallons.
• Fiscal 2025 propane sales volume: 784 million gallons.
• Fiscal 2024 propane sales volume: 764 million gallons.

Owned vs. leased physical assets (high-level)

• Truck tractors: 62% owned, 38% leased.
• Propane transport trailers: 99% owned, 1% leased (131 total).
• Portable tank delivery trucks: 61% owned, 39% leased (644 total).
• Portable tank exchange delivery trailers: 88% owned, 12% leased (353 total).
• Bulk propane delivery trucks: 66% owned, 34% leased (1,465 total).
• Pickup and service trucks: 68% owned, 32% leased (942 total).
• Passenger vehicles: 57% owned, 43% leased (158 total).
• Other trailers: 99% owned, 1% leased (302 total).
• Railroad tank cars: 0% owned, 100% leased (27 total).

Propane storage and tanks

• Owned propane storage capacity: approximately 38.5 million gallons.
• Leased propane storage capacity: approximately 33.1 million gallons.
• Owned propane tanks on customer properties: approximately 0.7 million tanks.
• Owned portable cylinders: approximately 4.1 million cylinders.

Office and corporate footprint

• Corporate headquarters office space: 1,728 square feet (leased).
• Workforce is predominantly remote with centralized management.

Employees

• Total general partner employees (as of July 31, 2026): 3,934 full-time.
  • Propane field operations: 3,560.
  • Centralized corporate functions: 374.
• Less than 1% of these employees are represented by four different labor unions (affiliates of the International Brotherhood of Teamsters).

Customers and recurring revenue

• In fiscal 2026, no single customer accounted for 10% or more of consolidated revenues.
• About 70% of residential customers use equipment owned by the company; the remainder own their own tanks.

Brands, management and operations

• Blue Rhino is a core brand for portable tank exchanges and an important element of nationwide distribution.
• The company operates through a partnership structure with a general partner (Ferrellgas, Inc.) and an operating partnership (Ferrellgas, L.P.), with governance and conflict-of-interest considerations addressed in its risk factors.
• The company uses a technology-driven operating platform to route deliveries, administer customers, and manage operations.

Geographic and regulatory context

• Operations are subject to environmental, safety, transportation, and data privacy regulations, with ongoing considerations related to climate change legislation and privacy laws.