Liberty, MO (May 24, 2004)—Ferrellgas Partners, L.P. (NYSE: FGP) today declared a third quarter cash distribution of $0.50 per partnership common unit. The distribution is payable June 14, 2004, to common unitholders of record as of June 3, 2004.

The distribution covers the period from February 1, 2004, to April 30, 2004, the end of the partnership's third quarter of fiscal year 2004 and represents the partnership's thirty-ninth consecutive quarterly cash distribution to its common unitholders. Ferrellgas' annualized distribution is currently $2.00 per common unit.

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., currently serves more than one million customers in 49 states. Ferrellgas employees indirectly own approximately 18 million common units of the partnership through an employee stock ownership plan.