Exhibit 99.1

Ferrellgas Partners, L.P. Reports THIRD

Quarter Fiscal 2020 Results

·  Gross Profit increased by $6.2 million, or almost 3 percent, compared to the prior year period as a result of an 8 cent increase in gross margin per gallon combined with a 24 percent increase in tank exchange volumes.

·  Propane sales volume for the quarter decreased by 17.2 million gallons due to weather that was 10 percent warmer than the prior year and to the widespread slowdown of the economy due to COVID-19 primarily impacting the Industrial/Commercial customer base.

·  Successfully issued $700M of Senior Secured Notes due 2025

OVERLAND PARK, KS., June 4, 2020 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (OTC Pink: FGPR) (“Ferrellgas” or the “Company”) today reported financial results for its third quarter ended April 30, 2020.

For the quarter, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $15.4 million, or $0.16 per common unit, compared to prior year period net earnings of $20.5 million, or $0.21 per common unit. The $15.4 million net loss attributable to Ferrellgas Partners, L.P. includes $37.4 million loss from early extinguishment of debt. Adjusted EBITDA, a non-GAAP measure, for the quarter was $92.3 million compared to $88.6 million in the prior year’s third quarter, a 4 percent increase.

The Company’s propane operations reported that total gallons sold for the quarter were 246.8 million, down from 264.1 million gallons in the prior year due to warmer termperatures than prior year and the widespread slowdown of the economy due to COVID-19, partially offset by customer growth. Gross margin cents per gallon were 8 cents, or 10 percent higher than the prior year due to wholesale propane prices that were approximately 50 percent lower than the prior year. The Company continues its aggressive operating strategies in gaining market share. This strategic focus resulted in over 22,000 new customers and over 3,900 new tank exchange selling locations, or approximately three and seven percent more than prior year, respectively. Additionally, the Company successfully issued $700M of senior first lien notes due 2025. Proceeds were used to repay the senior secured credit facility, to collateralize letters of credit and for general corporate purposes.

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)

ASSETS		April 30, 2020			July 31, 2019
Current Assets:
Cash and cash equivalents (including $141,318 and $0 of restricted cash at April 30, 2020 and July 31, 2019, repspectively)	$	318,847		$	11,054
Accounts and notes receivable, net (including $134,443 and $106,145 of accounts receivable pledged as collateral at April 30, 2020 and July 31, 2019, respectively)		142,952			107,596
Inventories		65,209			80,454
Prepaid expenses and other current assets		47,223			42,275
Total Current Assets		574,231			241,379
Property, plant and equipment, net		596,978			596,723
Goodwill, net		247,195			247,195
Intangible assets, net		103,966			108,557
Operating lease right-of-use asset		110,497			-
Other assets, net		87,472			69,105
Total Assets	$	1,720,339		$	1,262,959
LIABILITIES AND PARTNERS' DEFICIT
Current Liabilities:
Accounts payable	$	37,025		$	33,364
Short-term borrowings		-			43,000
Collateralized note payable		-			62,000
Current portion of long-term debt (a)		359,050			631,756
Current operating lease liabilities		31,914			-
Other current liabilities		174,823			138,237
Total Current Liabilities		602,812			908,357
Long-term debt		2,146,044			1,457,004
Operating lease liabilities		76,133			-
Other liabilities		52,167			36,536
Contingencies and commitments
Partners Deficit:
Common unitholders (97,152,665 units outstanding at April 30, 2020 and July 31, 2019)		(1,057,859	)		(1,046,245	)
General partner unitholder (989,926 units outstanding at April 30, 2020 and July 31, 2019)		(70,593	)		(70,476	)
Accumulated other comprehensive loss		(20,580	)		(14,512	)
Total Ferrellgas Partners, L.P. Partners' Deficit		(1,149,032	)		(1,131,233	)
Noncontrolling interest		(7,785	)		(7,705	)
Total Partners' Deficit		(1,156,817	)		(1,138,938	)
Total Liabilities and Partners' Deficit	$	1,720,339		$	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						Nine months ended						Twelve months ended
	April 30						April 30						April 30
	2020			2019			2020			2019			2020			2019
Revenues:
Propane and other gas liquids sales	$	391,745		$	459,556		$	1,150,377		$	1,344,634		$	1,414,601		$	1,641,311
Midstream operations					-			-			-			-			21,688
Other		20,385			20,069			65,800			60,677			80,657			89,833
Total revenues		412,130			479,625			1,216,177			1,405,311			1,495,258			1,752,832
Cost of sales:
Propane and other gas liquids sales		176,265			250,389			548,136			766,056			684,596			936,618
Midstream operations		-			-			-			-			-			25,849
Other		2,740			2,320			9,774			8,789			12,391			23,104
Gross profit		233,125			226,916			658,267			630,466			798,271			767,261
Operating expense - personnel, vehicle, plant & other		121,558			119,991			364,334			351,541			481,661			472,532
Depreciation and amortization expense		20,366			20,617			59,380			59,214			79,012			84,444
General and administrative expense		12,560			11,516			36,447			42,037			54,404			56,705
Operating expense - equipment lease expense		8,075			8,319			24,724			24,597			33,200			32,041
Non-cash employee stock ownership plan compensation charge		757			(4	)		2,182			4,688			3,187			7,816
Loss on asset sales and disposals		1,859			1,683			6,242			8,403			8,807			149,388
Operating income (loss)		67,950			64,794			164,958			139,986			138,000			(35,665	)
Interest expense		(45,703	)		(44,162	)		(138,948	)		(132,931	)		(183,636	)		(177,543	)
Loss on extinguishment of debt		(37,399	)		-			(37,399	)		-			(37,399	)		-
Other income (expense), net		(158	)		251			(214	)		356			(201	)		(138	)
Earnings (loss) before income tax expense (benefit)		(15,310	)		20,883			(11,603	)		7,411			(83,236	)		(213,346	)
Income tax expense (benefit)		161			123			794			284			833			(2,676	)
Net earnings (loss)		(15,471	)		20,760			(12,397	)		7,127			(84,069	)		(210,670	)
Net earnings (loss) attributable to noncontrolling interest (a)		(78	)		299			133			337			(502	)		(1,776	)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.		(15,393	)		20,461			(12,530	)		6,790			(83,567	)		(208,894	)
Less: General partner's interest in net earnings (loss)		(154	)		205			(125	)		68			(835	)		(2,089	)
Common unitholders' interest in net earnings (loss)	$	(15,239	)	$	20,256		$	(12,405	)	$	6,722		$	(82,732	)	$	(206,805	)
Earnings (loss) Per Common Unit
Basic and diluted net earnings loss per common unitholders' interest	$	(0.16	)	$	0.21		$	(0.13	)	$	0.07		$	(0.85	)	$	(2.13	)
Weighted average common units outstanding - basic		97,152.7			97,152.7			97,152.7			97,152.7			97,152.7			97,152.7

Supplemental Data and Reconciliation of Non-GAAP Items:
	Three months ended						Nine months ended						Twelve months ended
	April 30						April 30						April 30
	2020			2019			2020			2019			2020			2019
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	(15,393	)	$	20,461		$	(12,530	)	$	6,790		$	(83,567	)	$	(208,894	)
Income tax expense (benefit)		161			123			794			284			833			(2,676	)
Interest expense		45,703			44,162			138,948			132,931			183,636			177,543
Depreciation and amortization expense		20,366			20,617			59,380			59,214			79,012			84,444
EBITDA		50,837			85,363			186,592			199,219			179,914			50,417
Non-cash employee stock ownership plan compensation charge		757			(4	)		2,182			4,688			3,187			7,816
Loss on asset sales and disposal		1,859			1,683			6,242			8,403			8,807			149,388
Loss on extinguishment of debt		37,399			-			37,399			-			37,399			-
Other income (expense), net		158			(251	)		214			(356	)		201			138
Severance expense includes $690 in operating expense and $910 in general and administrative expense for the nine and twelve months ended period ending April 30, 2019.		-			-			-			1,600			-			1,600
Legal fees and settlements related to non-core businesses		1,325			1,471			5,887			10,643			13,608			13,301
Multi-employer pension plan withdrawal settlement		-			-			-			1,524			-			1,524
Exit costs associated with contracts - Midstream dispositions		-			-			-			-			-			11,804
Lease accounting standard adjustment and other		80			-			134			-			134			-
Net earnings (loss) attributable to noncontrolling interest (a)		(78	)		299			133			337			(502	)		(1,776	)
Adjusted EBITDA (b)		92,337			88,561			238,783			226,058			242,748			234,212
Net cash interest expense (c)		(43,442	)		(40,747	)		(129,341	)		(123,325	)		(170,806	)		(168,553	)
Maintenance capital expenditures (d)		(6,803	)		(13,506	)		(18,700	)		(45,038	)		(20,436	)		(53,570	)
Cash paid for taxes		(49	)		(23	)		(50	)		(21	)		(170	)		(188	)
Proceeds from certain asset sales		851			456			2,510			2,416			4,343			7,264
Distributable cash flow attributable to equity investors (e)		42,894			34,741			93,202			60,090			55,679			19,165
Distributable cash flow attributable to general partner and non-controlling interest		858			695			1,864			1,202			1,113			383
Distributable cash flow attributable to common unitholders (f)		42,036			34,046			91,338			58,888			54,566			18,782
Less: Distributions paid to common unitholders		-			-			-			9,715			-			19,430
Distributable cash flow excess/(shortage)	$	42,036		$	34,046		$	91,338		$	49,173		$	54,566		$	(648	)
Propane gallons sales
Retail - Sales to End Users		186,175			204,441			552,340			573,152			651,454			666,572
Wholesale - Sales to Resellers		60,660			59,641			179,695			179,256			233,005			233,974
Total propane gallons sales		246,835			264,082			732,035			752,408			884,459			900,546

(a)	Amounts allocated to the general partner for its 1.0101% interest in the operating partnership, Ferrellgas, L.P.
(b)	Adjusted EBITDA is calculated as net earnings (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, loss on asset sales and disposals, loss on extinguishment of debt, 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, lease accounting standard adjustment and other and net earnings (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.
(c)	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.
(d)	Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment.
(e)	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.
(f)	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 .