Ferrellgas Partners L P (FGP) SEC Filing 10-Q Quarterly report for the period ending Wednesday, January 31, 2018

Exhibit 99.1

FERRELLGAS PARTNERS, L.P. REPORTS RESULTS FOR SECOND QUARTER FISCAL 2018

·                  Net Loss of $1.8 million, or $0.02 per common unit, compared to net earnings of $38.1 million, or $0.39 per common unit in the prior year period.

—           Net of non-cash charges, net earnings of $47.3 million, $0.49 per common unit is a 26 percent increase over the prior year period.

·                  Adjusted EBITDA of $120.6 million, up 15 percent over the prior year period.

·                  Retail volume growth of approximately 17 percent over the prior year period.

·                  Tank Exchange volume growth of approximately 15 percent over the prior year period.

·                  Completed two sales of non-core assets during the quarter.

·                  Credit covenant calculations strengthening.

·                  8,700 new customers, growth of more than 1 percent over the prior year.

·                  Midstream operations stabilized, focused on growth.

Liberty, Mo., March 8, 2018 — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its second fiscal quarter ended January 31, 2018. The Company reported a net loss attributable to Ferrellgas Partners, L.P. of $1.8 million, or $0.02 per common unit, which includes non-cash charges of approximately $49 million largely associated with its de-leveraging efforts. This is compared to net earnings attributable to Ferrellgas Partners, L.P. of $38.1 million, or $0.39 per common unit, for the prior year period

The Company reported that total gallons sold in the second quarter increased 42.3 million gallons over the same period in the prior year, with slightly lower margins as it aggressively competes for and wins new customers. Total gallon growth of 16 percent over the same period in the prior year helped the company report adjusted EBITDA of $120.6 million, compared to $105.0 million in the prior year period, a 15 percent increase.

At the end of this second quarter of the Company’s fiscal year, its leverage ratio was 6.96x, down from 7.57x at the end of the first quarter reflecting successful efforts to de-lever, as well as increased adjusted EBITDA. This level was lower than the 7.75x limit allowed under its secured credit facility and accounts receivable securitization facilities, as amended in April 2017. Based on the Company’s current forecast, the leverage ratio is expected to continue to strengthen and decrease throughout the fiscal year.

“Our company has momentum and the future continues to look bright on all fronts,” continued Mr. Ferrell. “We’ve closed on a number of accretive, bolt-on acquisitions that complement our strategic footprint and plan to stay aggressive in pursuit of well-run businesses that fit our model. We are expanding the number and capacity of our Blue Rhino-owned production facilities in order to reduce freight costs and streamline production — initiatives that are increasingly important as we added more than 3,000 new Blue Rhino selling locations since the prior year period. Our Midstream operations have stabilized and are now