922359--9/28/2009--FERRELLGAS_PARTNERS_L

related topics

{debt, indebtedness, cash}

{investment, property, distribution}

{gas, price, oil}

{stock, price, share}

{acquisition, growth, future}

Risks Inherent in the Distribution of Propane Sudden and sharp wholesale propane price decreases may result in customers not fulfilling their obligations under contracted pricing arrangements previously entered into with us. The decreased sales volumes of these higher sales price arrangements may adversely affect our profit margins. reases in propane prices may cause our residential customers to increase their conservation efforts. Our substantial debt and other financial obligations could impair our financial condition and our ability to fulfill our obligations. Ferrellgas Partners or the operating partnership may be unable to refinance their indebtedness or pay that indebtedness if it becomes due earlier than scheduled. Restrictive covenants in the agreements governing our indebtedness and other financial obligations may reduce our operating flexibility. The availability of cash from our credit facility may be impacted by many factors beyond our control. We may not be successful in making acquisitions and any acquisitions we make may not result in our anticipated results; in either case, this would potentially limit our growth, limit our ability to compete and impair our results of operations. Risks Inherent to an Investment in Our Debt Securities Ferrellgas Partners and the operating partnership are required to distribute all of their available cash to their equity holders and Ferrellgas Partners and the operating partnership are not required to accumulate cash for the purpose of meeting their future obligations to holders of their debt securities, which may limit the cash available to service those debt securities. do not require us to accumulate cash for the purpose of meeting obligations to holders of any debt securities of Ferrellgas Partners or the operating partnership accumulate cash for the purpose of meeting obligations to holders of Debt securities of Ferrellgas Partners will be structurally subordinated to all indebtedness and other liabilities of the operating partnership and its subsidiaries. Debt securities of Ferrellgas Partners are expected to be non-recourse to the operating partnership, which will limit remedies of the holders of may be unable to repurchase debt securities upon a change of control; it may be difficult to determine if a change of control has occurred. There may be no active trading market for our debt securities, which may limit a holder s ability to sell our debt securities. Risks Inherent to an Investment in Ferrellgas Partners Equity Risks Arising from Our Partnership Structure and Relationship with Our General Partner Ferrellgas Partners is a holding entity and has no material operations or assets. Accordingly, Ferrellgas Partners is dependent on distributions from the operating partnership to service its obligations. These distributions are not guaranteed and may be restricted.

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922359--9/28/2009--FERRELLGAS_PARTNERS_L_P