Partners' Capital

3 Months Ended

Oct. 31, 2012

Partners' Capital

F.  Partners' capital

Partnership distributions paid

Ferrellgas Partners has paid the following distributions:

	For the three months ended October 31,
	2012		2011
Public common unitholders	$	26,470	$	25,640
Ferrell Companies  (1)		10,735		10,040
FCI Trading  (2)		98		98
Ferrell Propane  (3)		26		26
Mr. Ferrell  (4)		2,179		2,179
General partner		399		384
	$	39,907	$	38,367

(1) Ferrell Companies is the owner of the general partner and a 27% direct owner of Ferrellgas Partner’s common units and thus a related party.

(2) FCI Trading is an affiliate of the general partner and thus a related party.

(3) Ferrell Propane is controlled by the general partner and thus a related party.

(4) James E. Ferrell (“Mr. Ferrell”) is the Executive Chairman of the general partner and thus a related party.

On November 20, 2012, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended October 31, 2012, which is expected to be paid on December 14, 2012. Included in this cash distribution are the following amounts to be paid to related parties:

Ferrell Companies	$	10,735
FCI Trading		98
Ferrell Propane		26
Mr. Ferrell		2,179
General partner		399

See additional discussions about transactions with related parties in Note I – Transactions with related parties.

Accumulated other comprehensive  loss (“AOCL”)

See Note H – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCL for the three months ended October 31, 2012 and 2011.

General partner’s commitment to maintain its capital account

Ferrellgas’ partnership agreements allows the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity.

During the three months ended October 31, 2012, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest.

During the three months ended October 31,  2011, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest.

Ferrellgas, L.P. [Member]

Partners' Capital

F.  Partners’ capital

Partnership distributions paid

Ferrellgas, L.P. has paid the following distributions:

	For the three months ended October 31,
	2012		2011
Ferrellgas Partners	$	39,907	$	38,367
General partner		407		391
	$	40,314	$	38,758

On November 20, 2012, Ferrellgas, L.P. declared distributions for the three months ended October 31, 2012 to Ferrellgas Partners and the general partner of $47.8 million and $0.5 million, respectively, which is expected to be paid on December 14, 2012.  

See additional discussions about transactions with related parties in Note I – Transactions with related parties.

Accumulated other comprehensive loss (“AOCL”)

See Note H – Derivative instruments and hedging activities–  for details regarding changes in fair value on risk management financial derivatives recorded within AOCL for the three months ended October 31, 2012 and 2011.

General partner’s commitment to maintain its capital account

Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity.

During the three months ended October 31, 2012, the general partner made non-cash contributions of $55 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the three months ended October 31, 2011, the general partner made non-cash contributions of $55 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.