Inergy, L.P. Declares Quarterly Cash Distribution

The Board of Directors of Inergy GP, LLC, general partner of Inergy, L.P. (NYSE:NRGY) (NRGY), announced that it has declared the company’s quarterly cash distribution of $0.375 per limited partner unit ($1.50 annually) for the quarter ended March 31, 2012. The distribution will be paid on May 15, 2012, to unitholders of record as of May 8, 2012.

In a separate release this morning, Inergy announced that it has entered into an agreement to contribute its retail propane operations to Suburban Propane, L.P. (NYSE:SPH) (SPH) in exchange for approximately $1.8 billion. Under the terms of the agreement, which has been unanimously approved by NRGY's Board of Directors, NRGY will receive $600 million in SPH common units, and SPH will offer to exchange NRGY’s outstanding senior notes for up to $1.0 billion of new SPH senior notes and $200 million in cash. Following the closing of the transaction, which is expected in the fourth fiscal quarter of 2012, NRGY has agreed to distribute 13.7 million of the SPH common units it receives, to NRGY unitholders following the registration of the units under federal securities laws.

“Inergy’s declared annual distribution of $1.50 per unit, based upon expected cash earnings generated from the businesses we own and operate today, including the cash flow from our investment in NRGM provides our unitholders with ample total unit coverage,” said John Sherman, President and CEO of Inergy. “Furthermore, the new distribution combined with a strengthening balance sheet, position us to return the partnership to growth in distributable cash flow over time.”

Inergy will host a live conference call and internet webcast today April 26, 2012, at 1:00 p.m. Central Time to discuss the retail propane transaction, provide an update on its business outlook and discuss its business strategy. A presentation regarding this transaction and Inergy’s business outlook will be made available prior to the call and can be accessed on Inergy's website, www.inergylp.com. The call-in number for the live conference call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 75951550.

Separately, Inergy plans to release its fiscal 2012 second quarter earnings on May 3, 2012. Inergy will host a live conference call and internet webcast on May 3, 2012 at 11:00 a.m. Central Time to discuss the results of operations for the quarter ended May 3, 2012. The call-in number for the earnings call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 75954528.

About Inergy, L.P.

Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy’s operations include the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and agricultural customers from customer service centers throughout the United States. The company also operates a natural gas storage business in Texas and an NGL supply logistics, transportation, and wholesale marketing business that serves customers in the United States and Canada. Through its general partner interest and majority equity ownership interest in Inergy Midstream, L.P. (NYSE:NRGM), Inergy is also engaged in the development and operation of natural gas and NGL storage and transportation business in the Northeast region of the United States.

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