If its just retail propane, and these press releases are reviewed by lawyers to avoid shareholder derivative suits, so I bet that is right, the annual report says the retail propane segment is only 44% of revenues last year. FYI
Don't know where you're getting your information, but it's wrong (and irrelevant).. In FY 2011 (the most recent year) propane was about 70% of revenue - $ 1.461 billion out of $ 2.154 billion. In the December Q, propane was a higher portion of the total, but that's seasonal. The bigger issue is that NRGY can't seem to make money in propane - it doesn't have the size to make money in a bad market.
The question is whether they sold at the bottom. The market doesn't seem to think so.