LP Gas, May 2010

NEWS B R I E FS About 1400 attend Southeastern show This years Southeastern Convention International Propane Expo held last month at the Georgia World Congress Center in Atlanta drew 1339 attendees a decline of about 100 attendees from the previous year However total attendance which combines attendees exhibitors staff and guests reached 2928 an increase of 121 from the previous year Also on the increase from 2009 totals were exhibiting companies 219 compared to 192 exhibitor personnel 1296 compared to 1116 and square footage 54000 net compared to 47500 The 2011 show will be held April 16 18 in Atlanta EPA certifi es Roush E 150 E 250 E 350 Roush Performance announced that its 2010 E 150 E 250 and E 350 propane fuel conversion system met the federal emission regulatory requirements as established by the Environmental Protection Agency EPA These vehicles are now certifi ed to be sold anywhere in the country with the exception of California and those states that have adopted the California Air Resources Board CARB certifi cation standards CARB certifi cation is currently pending as is EPA approval for other additional model year vans Production and shipment I N D U S T R Y N E W S N U M B E R S VitalSigns Climate change energy policy part of Propane Days agenda Climate change and energy policy will be key issues at this years Propane Days set for June 7 9 in Washington D C as the industry meets with members of Congress on Capitol Hill Now in its sixth year the legislative outreach program aims to educate Congress on policy objectives The event has broken attendance records for three straight years with 400 participants attending last year from 44 states Washington D C and Canada Propane Days drew 400 people to Washington D C last year Congress has debated the climatechange issue in recent years Event organizers say that Propane Days will provide participants with the tools needed to effectively tell Congress to support policies that will help grow the market for clean alternative fuels Other policy issues planned for Propane Days include streamlining regulations for converting vehicles to propane extending alternative fuel tax credits and reforming the Propane Education and Research Act Rep Bart Stupak D Mich is the keynote speaker on June 8 Chairman of the Energy and Commerce Subcommittee on Oversight and Investigations Stupak is the lead sponsor of legislation to reform the Propane Education and Research Act Propane Days kicks off with a welcome reception on June 7 LP Gas Stock Index PROPANE MASTER LIMITED PARTNERSHIP COMPARISON Total Units Quarter Price Tax Debt Debt Outstanding Company Symbol Ended 4 14 10 Distribution Yield Deferral Capital Mkt Cap millions AmeriGas APU Dec 4173 268 64 75 74 34 571 Energy Transfer ETP Dec 4861 358 74 80 57 76 1678 Ferrellgas FGP Jan 2307 200 87 90 87 67 695 Inergy NRGY Dec 3782 274 72 80 62 55 637 Suburban SPH Dec 4830 334 69 80 48 20 355 Average 73 66 50 LAST TWELVE MONTHS Gross Gross Gross Profi t EBITDA Gallons Sold Percent Gross Profi t EBITDA Company Revenue Profi t Margin Per employee millions millions Change Per gallon Per gallon AmeriGas 21897 9291 424 156151 340 917 84 101 037 Energy Transfer 12116 6966 575 164017 313 568 55 123 055 Ferrellgas 20038 7140 356 196316 254 683 24 105 037 Inergy 14783 4618 312 163643 245 308 72 150 079 Suburban 7798 5731 735 205929 229 335 101 171 068 Average 481 177211 58 130 055 1 Energy Transfer LTM results are only those of ETPs propane segment Heritage Propane Wells Fargo Securities LLC 2 Suburbans gallons sold include propane and heating oil gallons Ron Londe analyst 8 LPGas May 2010 www LPGasmagazine com