Ferrellgas lowers guidance

: LPG
16/03/10

Propane retailer Ferrellgas revised its estimated 2016 guidance lower following a 16pc year-over-year decline in propane sales the quarter ended 31 January.

"Despite some very recent life in crude pricing, the propane industry remains in a much less competitive pricing environment," said chief executive Stephen Wambold.

The Overland Park, Kansas-based distributor estimates its 2016 earnings before taxes will total $360-375mn, down from its previous guidance of $400-420mn.

Ferrellgas sold 250.24mn gallons (5.96mn bl) of propane during the second quarter, a 16pc decrease from a year earlier, due to mild weather.

Ferrellgas, which distributes propane in the midcontinent, and other retailers are facing narrower margins due to lower propane prices. Ferrellgas reported profit fell 33pc from year-ago levels, to $57.76mn, in its fiscal second quarter. Conway, Kansas, propane averaged 33.875¢/USG for Ferrellgas' second fiscal quarter, a decrease of 43pc compared to the same period a year earlier.

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25/12/16

Viewpoint: European HVO prices unlikely to ease in 2026

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EU to dilute Ice vehicle phase out: German lawmaker

25/12/15

EU to dilute Ice vehicle phase out: German lawmaker

Brussels, 15 December (Argus) — The European Commission is likely this week to dilute its plan to phase out sales of new internal combustion engine (Ice) vehicles by 2035, according to a lawmaker. "The ban on internal combustion engines is history," said Manfred Weber, the chair of parliament's largest centre-right group EPP. He said the commission will present on 16 December an automotive package that "will revise the CO2 standards for cars, reversing the disastrous ban on internal combustion engines". Weber is a member of Germany's CDU/CSU party, as is commission president Ursula von der Leyen. German chancellor Friedrich Merz has called on the EU to allow the sale of vehicles with highly efficient combustion engines, plug-in hybrids and range-extender EVs beyond 2035. This had faced pushback, with more than 150 European e-mobility firms requesting the commission "stand firm" on its 2035 target. An EU official said the target is now likely to be for a 90pc GHG reduction from 2035 for new vehicles. "As it stands the targets for 2030, but also 2035, are not realistic," said Sigrid de Vries, director general of the European Automobile Manufacturers' Association (ACEA). "Even with a 90pc target [for reducing GHG by 2035], make no mistake, that will be very, very challenging." The European motor industry has already flagged the possibility of huge fines for manufacturers should they fail to meet existing emissions targets, which are for a 15pc reduction by 2029 compared with a 2021 baseline, and a 55pc reduction from the same baseline in 2030-34. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Aramco Jafurah project still in commissioning: Resend

25/12/15

Aramco Jafurah project still in commissioning: Resend

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Supply surplus masks regional market tightness: IEA

25/12/11

Supply surplus masks regional market tightness: IEA

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Saudi Arabia brings giant Jafurah gas project onstream

25/12/03

Saudi Arabia brings giant Jafurah gas project onstream

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