Exhibit 99.1

Ferrellgas Partners, L.P. Reports First Quarter Fiscal 2020 Results

· Gross Profit increased by $10.4 million, or 7.2 percent, compared to the prior year period as a result of a 3 percent increase in retail customers and a 4 percent increase in tank exchange selling locations combined with a 4.2¢ increase in margin cpg.

· Propane sales volume for the quarter increased 1.3 million gallons despite weather that was 4 percent warmer than the prior year as a result of the growth in customer count.

· Successfully completed two accretive retail acquisitions during the quarter.

OVERLAND PARK, KS., December 6, 2019 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its first quarter ended October 31, 2019.

For the quarter, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $45.3 million, or $0.46 per common unit, compared to prior year period net loss of $57.0 million, or $0.58 per common unit. Adjusted EBITDA, a non-GAAP measure, for the quarter was $25.1 million compared to $17.8 million in the prior year’s first quarter, a 41 percent increase.

The Company’s propane operations reported that total gallons sold for the quarter were 179.9 million, up from 178.6 million gallons in the prior year. Margin cents per gallon were 4.2¢, or 5.7 percent higher than the prior year despite increased competitive pressures in the tank exchange business. The Company continues its aggressive operating strategies in gaining market share. This strategic focus resulted in over 18,000 new customers, or approximately 3 percent more than prior year. Additionally, the Company’s current Blue Rhino tank exchange sales locations have increased over 4 percent from prior year to over 55,900 locations. Continued commitment to operating expense control during this growth period resulted in a $14.1 million increase in Operating Income despite a mere $4.2 million increase, or 3.8 percent, in operating expenses during the quarter.

The Company also successfully completed two accretive retail acquisitions in Colorado and New York during the quarter.

As previously announced, the Company indefinitely suspended its quarterly cash distribution as a result of not meeting the required fixed charge coverage ratio contained in the senior unsecured notes due June of 2020. Additionally, Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in our ongoing process to address our upcoming debt maturities. The Company does not intend to comment further on its progress in this regard or on potential options until further disclosure is appropriate or required by law.  For that reason, and in view of the information the Company otherwise makes available in earnings releases and quarterly and annual reports, the Company has suspended the practice of holding conference calls with investors, analysts and other interested parties in connection with periodic reporting of financial results for completed periods.

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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. 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 October 15, 2019. 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 include those 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, 2019, and in other documents filed from time to time by these entities with the Securities and Exchange Commission.

Contacts

Investor Relations – InvestorRelations@ferrellgas.com

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FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

	October 31, 2019			July 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	29,805		$	11,054
Accounts and notes receivable, net (including $118,164 and $106,145 of accounts receivable pledged as collateral at October 31, 2019 and July 31, 2019, respectively)		123,841			107,596
Inventories		84,995			80,454
Prepaid expenses and other current assets		50,582			42,275
Total Current Assets		289,223			241,379
Property, plant and equipment, net		598,887			596,723
Goodwill, net		247,195			247,195
Intangible assets, net		108,493			108,557
Operating lease right-of-use asset		124,047			-
Other assets, net		75,443			69,105
Total Assets	$	1,443,288		$	1,262,959
LIABILITIES AND PARTNERS' DEFICIT
Current Liabilities:
Accounts payable	$	44,421		$	33,364
Short-term borrowings		80,000			43,000
Collateralized note payable		73,000			62,000
Current portion of long-term debt (a)		358,080			631,756
Current operating lease liabilities		33,832			-
Other current liabilities		187,731			138,237
Total Current Liabilities		777,064			908,357
Long-term debt		1,731,920			1,457,004
Operating lease liabilities		88,773			-
Other liabilities		36,915			36,536
Contingencies and commitments
Partners' Deficit:
Common unitholders (97,152,665 units outstanding at October 31, 2019 and July 31, 2019)		(1,091,704	)		(1,046,245	)
General partner unitholder (989,926 units outstanding at October 31, 2019 and July 31, 2019)		(70,935	)		(70,476	)
Accumulated other comprehensive loss		(20,598	)		(14,512	)
Total Ferrellgas Partners, L.P. Partners' Deficit		(1,183,237	)		(1,131,233	)
Noncontrolling interest		(8,147	)		(7,705	)
Total Partners' Deficit		(1,191,384	)		(1,138,938	)
Total Liabilities and Partners' Deficit	$	1,443,288		$	1,262,959

(a) The principal difference between the Ferrellgas Partners, L.P. balance sheet and that of Ferrellgas, L.P., is $357 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

(unaudited)

	Three months ended						Twelve months ended
	October 31						October 31
	2019			2018			2019			2018
Revenues:
Propane and other gas liquids sales	$	273,385		$	334,966		$	1,547,277		$	1,675,184
Midstream operations		-			-			-			161,559
Other		19,829			17,343			78,020			134,053
Total revenues		293,214			352,309			1,625,297			1,970,796
Cost of sales:
Propane and other gas liquids sales		134,028			204,136			832,408			998,035
Midstream operations		-			-			-			147,434
Other		3,681			3,047			12,040			57,999
Gross profit		155,505			145,126			780,849			767,328
Operating expense - personnel, vehicle, plant & other		114,543			110,331			473,080			471,617
Depreciation and amortization expense		19,219			18,992			79,073			95,055
General and administrative expense		9,695			14,179			55,510			55,416
Operating expense - equipment lease expense		8,388			7,863			33,598			29,394
Non-cash employee stock ownership plan compensation charge		795			2,748			3,740			12,645
Asset impairments		-			-			-			10,005
Loss on asset sales and disposals		2,235			4,504			8,699			191,008
Operating income (loss)		630			(13,491	)		127,149			(97,812	)
Interest expense		(45,697	)		(43,878	)		(179,438	)		(171,538	)
Other income (expense), net		(132	)		19			218			436
Loss before income taxes		(45,199	)		(57,350	)		(52,071	)		(268,914	)
Income tax expense (benefit)		518			158			683			(2,897	)
Net loss		(45,717	)		(57,508	)		(52,754	)		(266,017	)
Net loss attributable to noncontrolling interest (b)		(373	)		(493	)		(178	)		(2,336	)
Net loss attributable to Ferrellgas Partners, L.P.		(45,344	)		(57,015	)		(52,576	)		(263,681	)
Less: General partner's interest in net loss		(453	)		(570	)		(525	)		(2,637	)
Common unitholders' interest in net loss	$	(44,891	)	$	(56,445	)	$	(52,051	)	$	(261,044	)
Loss Per Common Unit
Basic and diluted net earnings loss per common unitholders' interest	$	(0.46	)	$	(0.58	)	$	(0.54	)	$	(2.69	)
Weighted average common units outstanding - basic		97,152.7			97,152.7			97,152.7			97,152.7

Supplemental Data and Reconciliation of Non-GAAP Items:

	Three months ended						Twelve months ended
	October 31						October 31
	2019			2018			2019			2018
Net loss attributable to Ferrellgas Partners, L.P.	$	(45,344	)	$	(57,015	)	$	(52,576	)	$	(263,681	)
Income tax expense (benefit)		518			158			683			(2,897	)
Interest expense		45,697			43,878			179,438			171,538
Depreciation and amortization expense		19,219			18,992			79,073			95,055
EBITDA		20,090			6,013			206,618			15
Non-cash employee stock ownership plan compensation charge		795			2,748			3,740			12,645
Asset impairments		-			-			-			10,005
Loss on asset sales and disposal		2,235			4,504			8,699			191,008
Other income (expense), net		132			(19	)		(218	)		(436	)
Severance expense includes $690  in operating expense and $910 in general and administrative expense for the twelve months ended period ending October 31, 2018.		-			-			1,600			-
Legal fees and settlements related to non-core businesses		2,043			3,564			16,843			9,629
Multi-employer pension plan withdrawal settlement		-			1,524			-			1,524
Exit costs associated with contracts - Midstream dispositions		-			-			-			11,804
Unrealized (non-cash) gains on changes in fair value of derivatives $(314) included in midstream operations cost of sales for the twelve months ended October 31, 2018.		-			-			-			(314	)
Lease accounting standard adjustment		170						170
Net loss attributable to noncontrolling interest (b)		(373	)		(493	)		(178	)		(2,336	)
Adjusted EBITDA (c)		25,092			17,841			237,274			233,544
Net cash interest expense (d)		(42,583	)		(40,899	)		(166,474	)		(163,734	)
Maintenance capital expenditures (e)		(6,467	)		(5,385	)		(47,856	)		(24,298	)
Cash refund from (paid for) taxes		-			(2	)		(139	)		295
Proceeds from certain asset sales		835			1,061			4,023			9,056
Distributable cash flow attributable to equity investors (f)		(23,123	)		(27,384	)		26,828			54,863
Distributable cash flow attributable to general partner and non-controlling interest		(462	)		(548	)		537			1,097
Distributable cash flow attributable to common unitholders (g)		(22,661	)		(26,836	)		26,291			53,766
Less: Distributions paid to common unitholders		-			9,715			-			38,861
Distributable cash flow excess/(shortage)	$	(22,661	)	$	(36,551	)	$	26,291		$	14,905
Propane gallons sales
Retail - Sales to End Users		129,901			129,667			672,500			647,341
Wholesale - Sales to Resellers		50,039			48,960			233,645			235,741
Total propane gallons sales		179,940			178,627			906,145			883,082

(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, asset impairments, loss on asset sales and disposals, other income (expense), net, severance expense, legal fees and settlements related to non-core businesses, multi-employer pension plan withdrawal settlement, exit costs associated with contracts - Midstream dispositions, unrealized (non-cash) gains on changes in fair value of derivatives, lease accounting standard adjustment 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 expense, maintenance capital expenditures and cash paid for taxes plus proceeds from certain 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.
(g)	Distributable cash flow attributable to common unitholders is calculated as Distributable cash flow attributable to equity investors minus distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to common unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to common unitholders. Distributable cash flow attributable to common unitholders, as management defines it, may not be comparable to distributable cash flow attributable to common unitholders or similarly titled measurements used by other corporations and partnerships. Items added to our calculation of distributable cash flow attributable to common unit holders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to common unitholders may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP .