Exhibit 99.1

FERRELLGAS PARTNERS, L.P. REPORTS

THIRD QUARTER FISCAL 2023 RESULTS

•	Financial Highlights

•

Gross Profit for the third fiscal quarter increased $10.4 million, or 4%, compared to the prior year period.

•

Margin per gallon for the third fiscal quarter increased $0.13, or 12%, compared to the prior year period.

•

Net earnings attributable to Ferrellgas Partners, L.P. increased $4.8 million, or 7%, compared to the prior year period.

•

Adjusted EBITDA increased by $8.5 million, or 7%, compared to the prior year period.

•	Company Highlights

•

Ferrellgas was named as one of the “Most Trustworthy Companies in America” by Newsweek magazine.

•

The Company welcomed Apollo Propane, Inc. located in Moraine, Ohio, as its newest acquisition to the Ferrellgas Family during the third fiscal quarter.

•

198 employees received Ferrellgas Flame Awards in the areas of Safety, Customer Service, Innovation, and Leadership. Additionally, Blue Rhino recognized three Golden Rhino Award recipients in the third fiscal quarter.

Liberty, MO., June 14, 2023 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (OTC: FGPR) (“Ferrellgas” or the “Company”) today reported financial results for its third fiscal quarter ended April 30, 2023.

“We were honored that our Company was named by Newsweek as one of the ‘Most Trustworthy Companies in America’ based on the results of an independent survey,” said James E. Ferrell, Chief Executive Officer and President. “As the only national propane company on the list, we take pride in our over 84-year history of serving our customers, who know they can trust that their needs for clean, affordable energy will be taken care of by our 4,000-plus employee-owners.”

Third quarter fiscal results continued this positive trend. Gross profit increased $10.4 million, or 4%, for the third fiscal quarter. Revenues decreased $60.2 million for the third fiscal quarter compared to the prior year period. Gallons sold decreased 7%, or 17.8 million gallons, compared to the prior year third fiscal quarter as near-record warmer weather reduced customer demand. However, cost of sales was favorable with a decrease of $70.6 million, or 19%, for the third fiscal quarter. Margin per gallon increased $0.13, or 12%, compared to the prior year period. Ferrellgas has achieved positive results in contract negotiations with both suppliers and customers as it continues to leverage asset utilization management practices.

Operating income per gallon increased $0.04, or 11%, compared to the prior year period. Operating income for the third fiscal quarter increased $4.6 million, or 5%, compared to the prior year period. A focus on cost containment and strategic initiatives on right-timed delivery contributed to these favorable results, which were partially offset by higher fleet charges related to cost of diesel, maintenance and repairs.

The Company reported net earnings attributable to Ferrellgas Partners, L.P. of $72.4 million and $67.6 million, for the third fiscal quarters of 2023 and 2022, respectively. Adjusted EBITDA, a non-GAAP financial measure, increased by $8.5 million, or 7%, to $125.6 million in the third fiscal quarter 2023 compared to $117.1 million in the prior year period. The change was primarily due to the $4.6 million increase in operating income, noted above, and a favorable EBITDA adjustment for $3.6 million in legal fees related to non-core businesses.

As previously announced, on April 7, 2023, the Company made a cash distribution in the aggregate amount of approximately $49.9 million to holders of record of the Class B Units as of March 23, 2023. The aggregate distribution of approximately $150.0 milion paid to date was made possible by the Company’s continued strong performance.

Several factors were key in driving the Company’s positive quarterly results. New mobile technology consisting of handheld devices for drivers to capture information and other tank monitoring notifications enable Ferrellgas, as a national logistics company, to deliver propane efficiently and in a timely manner. More importantly, the leadership and experience of the Company’s employee-owners enable it to provide for its customers both on a routine basis and during critical events. Using its nationwide footprint, the Company ships on all major supply avenues – truck, rail, sea – and has relationships with more than 100 carriers.

We also had almost 200 third quarter nominations for Ferrellgas Flame awards during the quarter. This employee recognition program is yet another way Ferrellgas shows appreciation to its most valuable resource, its employee-owners. In addition to performance recognition, Ferrellgas believes in education and continuous improvement. The Golden Rhino Award program recognizes a Blue Rhino employee or group each quarter from production, operations and corporate for their accomplishments. The International Rhino Foundation (“IRF”) joined a Company call to further its partnership and educate employee-owners on the benefits of rhinoceroses to the world’s ecosystems. Blue Rhino released limited edition propane tank sleeves in support of the IRF’s “Keep the Five Alive” event, which raises awareness about the need to save the five rhinoceros species remaining in the wild.

While the country has seen workers move around for other opportunities, most employee-owners are choosing to stay with Ferrellgas. Company-wide, retention has improved almost 13% through the 2023 fiscal year period. Front-line employee retention, which includes drivers, service technicians, material handlers, and production employees, among others, improved almost 12% through the 2023 fiscal year.

“I want to thank all our people in the field and corporate who work so hard to support our Blue Rhino tank exchange and Retail operations,” Ferrell added. “These drivers, billing specialists, technicians, customer service workers, and many more, all work together to meet our goals and serve our customers. I could not be prouder of all that they accomplish.”

On Wednesday, June 14, 2023, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/m5rtuq5d to discuss the results of operations for the third fiscal quarter ended April 30, 2023. The webcast of the teleconference will begin at 8:30 a.m. Central Time (9:30 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com.

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. Its Blue Rhino propane exchange brand is sold at more than 60,000 locations nationwide. Ferrellgas was named one of Newsweek’s Most Trustworthy Companies in America in 2023. Ferrellgas employees indirectly own 1.1 million Class A 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 September 30, 2022. 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, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2022, and in other documents filed from time to time by these entities with the Securities and Exchange Commission.

Contacts

Investor Relations – InvestorRelations@ferrellgas.com

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)


ASSETS	April 30, 2023		July 31, 2022

Current assets:
Cash and cash equivalents (including $11,127 and $11,208 of restricted cash at April 30, 2023 and July 31, 2022, respectively)	$	104,657	$	158,737
Accounts and notes receivable, net		199,042		150,395
Inventories		97,813		115,187
Price risk management asset		8,463		43,015
Prepaid expenses and other current assets		35,324		30,764
Total current assets		445,299		498,098

Property, plant and equipment, net		619,285		603,148
Goodwill, net		257,006		257,099
Intangible assets (net of accumulated amortization of $347,423 and $440,121 at April 30, 2023 and July 31, 2022, respectively)		108,806		97,638
Operating lease right-of-use assets		60,244		72,888
Other assets, net		64,713		79,244
Total assets	$	1,555,353	$	1,608,115


LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)

Current liabilities:
Accounts payable	$	49,791	$	57,586
Broker margin deposit liability		6,207		32,805
Current portion of long-term debt		2,717		1,792
Current operating lease liabilities		24,150		25,824
Other current liabilities		159,054		185,805
Total current liabilities		241,919		303,812

Long-term debt		1,455,209		1,450,016
Operating lease liabilities		36,941		47,231
Other liabilities		32,076		43,518

Contingencies and commitments

Mezzanine equity:
Senior preferred units, net of issue discount and other offering costs (700,000 units outstanding at April 30, 2023 and July 31, 2022)		651,349		651,349

Equity (Deficit):
Limited partner unitholders
Class A (4,857,605 units outstanding at April 30, 2023 and July 31, 2022)		(1,160,913)		(1,229,823)
Class B (1,300,000 units outstanding at April 30, 2023 and July 31, 2022)		383,012		383,012
General partner unitholder (49,496 units outstanding at April 30, 2023 and July 31, 2022)		(70,119)		(71,320)
Accumulated other comprehensive (loss) income		(7,298)		37,907
Total Ferrellgas Partners, L.P. deficit		(855,318)		(880,224)
Noncontrolling interest		(6,823)		(7,587)
Total deficit		(862,141)		(887,811)
Total liabilities, mezzanine and deficit	$	1,555,353	$	1,608,115

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,
	2023		2022		2023		2022		2023		2022
Revenues:
Propane and other gas liquids sales	$	559,047	$	622,211	$	1,596,777	$	1,652,419	$	1,962,237	$	1,969,752
Other		28,300		25,332		87,802		74,568		109,895		92,361
Total revenues		587,347		647,543		1,684,579		1,726,987		2,072,132		2,062,113

Cost of sales:
Propane and other gas liquids sales		291,826		362,958		852,399		966,709		1,059,694		1,141,855
Other		3,673		3,176		12,692		10,343		14,858		12,915

Gross profit		291,848		281,409		819,488		749,935		997,580		907,343

Operating expense - personnel, vehicle, plant & other		147,477		147,293		434,572		392,418		562,757		509,336
Operating expense - equipment lease expense		5,861		5,775		17,471		17,487		23,078		24,087
Depreciation and amortization expense		23,753		23,067		69,453		65,306		94,044		86,768
General and administrative expense		16,213		10,962		54,161		39,321		67,620		50,626
Non-cash employee stock ownership plan compensation charge		767		776		2,212		2,436		2,946		3,370
Loss (gain) on asset sales and disposals		958		1,299		2,928		(6,566)		2,876		(6,973)

Operating income		96,819		92,237		238,691		239,533		244,259		240,129

Interest expense		(24,297)		(23,965)		(72,483)		(74,499)		(98,077)		(99,105)
Gain on extinguishment of debt		—		—		—		—		—		5,088
Other income, net		852		99		1,865		4,406		2,292		4,483
Reorganization expense - professional fees		—		—		—		—		—		(236)

Earnings before income tax expense		73,374		68,371		168,073		169,440		148,474		150,359

Income tax expense		367		248		888		825		1,044		960

Net earnings		73,007		68,123		167,185		168,615		147,430		149,399

Net earnings attributable to noncontrolling interest^(a)		580		537		1,203		1,230		840		836

Net earnings attributable to Ferrellgas Partners, L.P.	$	72,427	$	67,586	$	165,982	$	167,385	$	146,590	$	148,563

Class A unitholders' interest in net earnings (loss)	$	6,115	$	7,336	$	16,608	$	16,668	$	(18,830)	$	(17,989)

Net earnings (loss) per unitholders' interest
Basic and diluted net earnings (loss) per Class A Unit	$	1.26	$	1.51	$	3.42	$	3.43	$	(3.88)	$	(3.70)
Weighted average Class A Units outstanding - basic and diluted		4,858		4,858		4,858		4,858		4,858		4,858

Supplemental Data and Reconciliation of Non-GAAP Items:


	Three months ended				Nine Months ended				Twelve months ended
	April 30,				April 30,				April 30,
	2023		2022		2023		2022		2023		2022
Net earnings attributable to Ferrellgas Partners, L.P.	$	72,427	$	67,586	$	165,982	$	167,385	$	146,590	$	148,563
Income tax expense		367		248		888		825		1,044		960
Interest expense		24,297		23,965		72,483		74,499		98,077		99,105
Depreciation and amortization expense		23,753		23,067		69,453		65,306		94,044		86,768
EBITDA		120,844		114,866		308,806		308,015		339,755		335,396
Non-cash employee stock ownership plan compensation charge		767		776		2,212		2,436		2,946		3,370
Loss (gain) loss on asset sales and disposal		958		1,299		2,928		(6,566)		2,876		(6,973)
Gain on extinguishment of debt		—		—		—		—		—		(5,088)
Other income, net		(852)		(99)		(1,865)		(4,406)		(2,292)		(4,483)
Reorganization expense - professional fees		—		—		—		—		—		236
Severance costs include $0, $51 and $82 in operating expense for the three, nine and twelve months ended April 30, 2023, respectively. Also includes $0, $593 and $594 in general and administrative expense for the three, nine and twelve months ended April 30, 2023, respectively.		—		49		644		546		676		546
Legal fees and settlements related to non-core businesses		3,295		(303)		17,274		4,635		20,577		6,192
Net earnings attributable to noncontrolling interest ^(a)		580		537		1,203		1,230		840		836
Adjusted EBITDA ^(b)		125,592		117,125		331,202		305,890		365,378		330,032
Net cash interest expense^(c)		(21,426)		(25,654)		(64,297)		(72,393)		(91,270)		(94,830)
Maintenance capital expenditures^(d)		(5,208)		(5,477)		(15,415)		(13,116)		(19,318)		(24,767)
Cash paid for income taxes		(217)		(243)		(713)		(650)		(1,081)		(918)
Proceeds from certain asset sales		591		642		2,079		3,368		2,824		4,249
Distributable cash flow attributable to equity investors^(e)		99,332		86,393		252,856		223,099		256,533		213,766
Less: Distributions accrued or paid to preferred unitholders		15,590		15,715		48,063		49,037		64,313		65,050
Distributable cash flow attributable to general partner and non-controlling interest		(1,986)		(1,720)		(5,056)		(4,462)		(5,130)		(4,275)
Distributable cash flow attributable to Class A and B Unitholders ^(f)		81,756		68,958		199,737		169,600		187,090		144,441
Less: Distributions paid to Class A and B Unitholders ^(g)		49,998		—		49,998		49,998		99,996		49,998
Distributable cash flow excess ^(h)	$	31,758	$	68,958	$	149,739	$	119,602	$	87,094	$	94,443

Propane gallons sales
Retail - Sales to End Users		182,937		198,783		514,995		529,884		609,427		625,817
Wholesale - Sales to Resellers		51,015		52,943		155,829		158,955		203,390		210,010
Total propane gallons sales		233,952		251,726		670,824		688,839		812,817		835,827

(a)	Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership, Ferrellgas, L.P.

(b)

Adjusted EBITDA is calculated as net earnings attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss (gain) on asset sales and disposals, gain on extinguishment of debt, other income, net, reorganization expense – professional fees, severance costs, legal fees and settlements related to non-core businesses, and net earnings 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 make it easier to compare its results with other companies that have different financing and capital structures.

Adjusted EBITDA, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of Adjusted EBITDA that will not occur on a continuing basis may have associated cash payments. Adjusted EBITDA 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 income, net. This amount includes interest expense related to the terminated accounts receivable securitization facility.

(d)	Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment, and may from time to time include the purchase of assets that are typically leased.

(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 income 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, including holders of the operating partnership’s Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. 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 should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(f)

Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(g)	The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2023 or fiscal 2022.

(h)

Distributable cash flow excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility or, previously, under our terminated accounts receivable securitization facility. Management considers Distributable cash flow excess a meaningful measure of the partnership’s ability to effectuate those purposes. Distributable cash flow excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow excess should be viewed in conjunction with measurements that are computed in accordance with GAAP.