Partners' Capital

3 Months Ended

Oct. 31, 2011

F. Partners' capital

Partnership distributions paid

Ferrellgas Partners has paid the following distributions:


	For the three months ended October 31,
	2011	2010
Public common unitholders	$25,640	$22,433
Ferrell Companies (1)	10,040	10,040
FCI Trading Corp. (2)	98	98
Ferrell Propane, Inc. (3)	26	26
James E. Ferrell (4)	2,179	2,177
General partner	384		351
	$38,367	$35,125

(1) Ferrell Companies is the owner of the general partner and a 26% owner of Ferrellgas Partner's common units and thus a related party.

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

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

(4) James E. Ferrell is the Executive Chairman and Chairman of the Board of Directors of the general partner and thus a related party.

On November 22, 2011, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended October 31, 2011, which is expected to be paid on December 15, 2011.

Included in this cash distribution are the following amounts expected to be paid to related parties:

Ferrell Companies	$10,040
FCI Trading	98
Ferrell Propane	26
James E. Ferrell	2,179
General partner	384

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

Other comprehensive income ("OCI")

See Note G – Derivatives – for details regarding changes in fair value on risk management financial derivatives recorded within OCI for the three months ended October 31, 2011 and 2010.

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, 2011, 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, 2010, the general partner made cash contributions of $39 thousand and non-cash contributions of $69 thousand to Ferrellgas to maintain its effective 2% general partner interest.

Ferrellgas, L.P. And Subsidiaries [Member]

Partners' Capital

F. Partners' capital

Partnership distributions paid

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


	For the three months ended October 31,
	2011	2010
Ferrellgas Partners	$38,367	$35,125
General partner	391	359
	$38,758	$35,484

On November 22, 2011, Ferrellgas, L.P. declared distributions for the three months ended October 31, 2011 to Ferrellgas Partners and the general partner of $46.2 million and $0.5 million, respectively, which is expected to be paid on December 15, 2011.

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

Other comprehensive income ("OCI")

See Note G – Derivatives – for details regarding changes in fair value on risk management financial derivatives recorded within OCI for the three months ended October 31, 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, 2011, 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, 2010, the general partner made cash contributions of $20 thousand and non-cash contributions of $35 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

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