Ferrellgas is a U.S. propane distributor and considers itself the second largest retail propane marketer in the country by volume. The company operates two businesses. The first is retail propane distribution, where Ferrellgas delivers propane by truck from roughly 1,057 distribution locations to residential, commercial, industrial, and agricultural customers. Key end uses include space and water heating, crop drying, agricultural irrigation, forklift fuel, and manufacturing. The second is Blue Rhino, Ferrellgas' portable tank exchange brand, which delivers pre-filled propane cylinders used primarily for outdoor grilling to over 6,000 retail locations including home improvement centers, grocery stores, and convenience stores. Ferrellgas earns a margin on the spread between what it charges customers and what it pays to buy and deliver propane. Volume is the primary earnings driver, and is heavily influenced by winter weather for the heating business and by grilling season for Blue Rhino—the two businesses are counter-seasonal, which smooths out weather variability. About 69% of residential customers use Ferrellgas-owned tanks, which creates meaningful switching friction and supports recurring volume. Ferrellgas hedges commodity price risk through derivatives and forward contracts. The company grows through tuck-in acquisitions that add route density and through organic expansion into national accounts, autogas, and continued Blue Rhino location growth.