Ferrellgas is the second largest retail propane distributor in the United States by volume. The company delivers propane to residential, industrial, commercial, and agricultural customers across all 50 states, the District of Columbia, and Puerto Rico through 1,055 distribution locations. Ferrellgas also operates Blue Rhino, a national portable propane tank exchange brand sold through home improvement centers, mass merchants, and grocery stores. Ferrellgas earns a margin on the spread between customer retail pricing and the wholesale cost to purchase and deliver propane. The business is seasonal, driven largely by winter heating demand, though Blue Rhino grilling demand provides a partial summer offset. Approximately 70% of residential customers use Ferrellgas-owned tanks, creating switching costs and supporting customer retention. Key operating costs include delivery labor, vehicle maintenance, and fuel, which Ferrellgas manages using routing technology. Ferrellgas also hedges wholesale commodity prices through derivatives. The company expands through tuck-in acquisitions of regional propane distributors and pursues organic growth in national commercial accounts, autogas fleet fueling, and power generation.