Wednesday, September 28, 2016
Overland Park, KS (September 28, 2016) — Ferrellgas Partners, LP today announced that James E. Ferrell, Company founder and Chairman of the Board of Directors, has been appointed as Interim President and Chief Executive Officer, effective immediately. Mr. Ferrell, who founded and lead Ferrellgas from 1969 until 2009, succeeds Stephen L. Wambold who became Chief Executive Officer in 2009. In 1997, Wambold began his career at Ferrellgas as a district manager in Indiana and in 2006 was appointed COO. Wambold stepped down from his role as President, CEO, and member of the Board the same day the company reported a $665.4 million loss for fiscal year ending July 31. The prior year Ferrellgas reported net earnings of $29.6 million, the company announced in a release. The 2016 loss includes a one-time, non-cash impairment charge of $628.8 million in the company's midstream operations.
Ferrell said in a release, "Record temperatures across the nation continue to have an adverse impact on the propane sector of our company, and low oil prices have seriously damaged our midstream sector." The company also acquired Bridger Logistics, LLC in 2015, which owns extensive crude oil distribution assets for $837.5 million, one in a series of acquisitons led by Wambold.
According to the Kansas City Business Journal's Top Area Public Companies list, Ferrellgas ranks No. 11 with $2.02 billion in revenue in 2015. Ferrellgas employs more than 350 employees in the local area and 4,000 nationwide.
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, and provides midstream services to major energy companies in the United States. 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 September 28, 2016. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com
Ferrell said in a release, "Record temperatures across the nation continue to have an adverse impact on the propane sector of our company, and low oil prices have seriously damaged our midstream sector." The company also acquired Bridger Logistics, LLC in 2015, which owns extensive crude oil distribution assets for $837.5 million, one in a series of acquisitons led by Wambold.
According to the Kansas City Business Journal's Top Area Public Companies list, Ferrellgas ranks No. 11 with $2.02 billion in revenue in 2015. Ferrellgas employs more than 350 employees in the local area and 4,000 nationwide.
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, and provides midstream services to major energy companies in the United States. 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 September 28, 2016. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com
