AmeriGas Partners (APU) 8-K AmeriGas Partners Reports 29% increase in Adjusted EBITDA

Exhibit 99.1

Contact:	610-337-7000	For Immediate Release:
	Hugh J. Gallagher, ext. 1029	April 30, 2013
	Simon Bowman, ext. 3645
	Shelly Oates, ext. 3202

AmeriGas Partners Reports 29% increase in Adjusted EBITDA

VALLEY FORGE, Pa., April 30 - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners for the second quarter of Fiscal 2013 ended March 31, 2013 of $221.8 million compared to $133.9 million for the same period last year. Net income attributable to AmeriGas Partners, L.P. for the current-year period includes the impact of $5.4 million in acquisition and transition expenses associated with Heritage Propane. Net income attributable to AmeriGas Partners, L.P. for the prior-year quarter includes the impact of a $13.4 million loss on extinguishment of debt and $8.1 million in acquisition and transition expenses. The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) increased to $317.6 million for the second quarter of 2013 compared to $246.0 million for the same period last year. The improved results for the current-year period reflect winter weather that was markedly colder than the record warmth experienced during the prior-year period and, to a much lesser extent, the full-period effects of Heritage Propane, which was acquired January 12, 2012.

For the three months ended March 31, 2013, retail propane volumes sold were 464.4 million gallons compared with retail propane volumes of 389.4 million gallons in the prior-year period. Weather for the quarter was 1.5% warmer than normal, but 24.5% colder than in the prior-year period, according to the National Oceanic and Atmospheric Administration (“NOAA”).

Jerry E. Sheridan, chief executive officer of AmeriGas, said, “Heating demand began the quarter on a weak note as the warm weather experienced during December carried into January. However, the business responded as expected once we began to experience a return to more seasonal weather in February and colder-than-normal weather in March. The late season return of normal winter weather helped to offset the impact of the warm January, and we ended the quarter with a nearly 20% increase in volume over the same period last year. Now that the heating season is winding down, we will turn our attention to ACE, our cylinder exchange program, and the final phase of the Heritage Propane integration.”

Sheridan continued, “Given our results thus far and our current assessment of business conditions for the remainder of the fiscal year, we now anticipate Adjusted EBITDA for fiscal 2013 to be near the midpoint of our previously-stated guidance of $620 million to $645 million and we remain on track to deliver at least $60 million in net synergies from the acquisition this year. Additionally, I am pleased that our board once again demonstrated their confidence in the business when they recently approved a 5% increase in our quarterly distribution to an annualized rate of $3.36 per limited partner unit. This marks the ninth consecutive year of increases, during which time we have increased our distribution by more than 50%.”

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AmeriGas Partners Reports 29% increase in Adjusted EBITDA Page 2

Revenues for the quarter increased to $1,184.9 million from $1,155.6 million in the prior-year period, reflecting the higher retail volumes sold offset largely by lower average selling prices. The average wholesale cost of propane at Mont Belvieu, Texas, for the current quarter was approximately 31% lower than the average cost in the same period last year. Total margin increased $86.9 million principally due to higher volumes sold and increased total margin related to ancillary sales and services.

Operating and administrative expenses increased $13.0 million as the full period impact of expenses associated with the operations of Heritage Propane and incremental costs associated with higher sales activity (primarily due to the colder weather) were only partially offset by expense synergies resulting from the acquisition. Operating income increased $71.2 million primarily reflecting the higher total margin partially offset by the increased operating expenses and greater depreciation and amortization expenses ($3.8 million) principally associated with Heritage Propane.

EBITDA, Adjusted EBITDA, and total margin are non-GAAP financial measures. Adjusted EBITDA is defined herein as earnings before interest expense, income taxes, depreciation and amortization, losses on extinguishment of debt and Heritage Propane acquisition and transition expenses. Total margin represents total revenues less total cost of sales. Management believes the presentation of these measures provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. These measures are not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. A reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure is included on the last page of this press release.

About AmeriGas

AmeriGas is the nation’s largest retail propane marketer, serving over two million customers in all 50 states from over 2,100 distribution locations. UGI Corporation, through subsidiaries, is the sole General Partner and owns 26% of the Partnership. An affiliate of Energy Transfer Partners, L.P. owns 32% of the Partnership and the public owns the remaining 42%.

AmeriGas Partners, L.P. will hold a live Internet Audio Webcast of its conference call to discuss second quarter earnings and other current activities at 9:00 AM ET on Wednesday, May 1, 2013. Interested parties may listen to the audio webcast both live and in replay on the Internet athttp://investors.amerigas.com/investor-relations/events-presentations or at the company websitehttp://www.amerigas.com under Investor Relations. A telephonic replay will be available from 12:00 PM ET on May 1 through 9:00 pm on May 6. The replay may be accessed at 1-877-344-7529, conference ID 10019733 and International access 1-412-317-0088, conference ID 10019733.

Comprehensive information about AmeriGas is available on the Internet athttp://www.amerigas.com.

This press release contains certain forward-looking statements which management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read the Partnership’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas, the impact of pending and future legal proceedings, political, economic and regulatory conditions in the U.S. and abroad, and our ability to successfully integrate Heritage Propane and achieve anticipated synergies. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

AP-06 # ##  4/30/13

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES

REPORT OF EARNINGS

(Thousands, except per unit and where otherwise indicated)

(Unaudited)

	Three Months Ended March 31,						Six Months Ended March 31,						Twelve Months Ended March 31,
	2013			2012			2013			2012			2013			2012
Revenues:
Propane	$	1,107,082		$	1,082,764		$	1,904,141		$	1,720,047		$	2,861,725		$	2,567,079
Other		77,825			72,810			157,413			119,339			282,059			203,270
		1,184,907			1,155,574			2,061,554			1,839,386			3,143,784			2,770,349
Costs and expenses:
Cost of sales - propane		594,128			652,393			1,023,691			1,082,373			1,583,976			1,656,125
Cost of sales - other		18,282			17,618			40,803			31,446			86,428			62,882
Operating and administrative expenses		265,298			252,275			508,815			412,185			985,323			705,861
Depreciation		37,607			35,351			75,930			56,282			153,873			98,841
Amortization		11,022			9,441			22,050			12,698			44,250			18,978
Other income, net		(7,635	)		(6,551	)		(15,806	)		(10,741	)		(31,586	)		(24,229	)
		918,702			960,527			1,655,483			1,584,243			2,822,264			2,518,458
Operating income		266,205			195,047			406,071			255,143			321,520			251,891
(Loss) gain on extinguishments of debt		0			(13,379	)		0			(13,379	)		30			(32,695	)
Interest expense		(41,776	)		(45,045	)		(82,972	)		(61,578	)		(164,035	)		(93,374	)
Income before income taxes		224,429			136,623			323,099			180,186			157,515			125,822
Income tax benefit (expense)		52			(764	)		(575	)		(1,214	)		(1,292	)		(1,256	)
Net income		224,481			135,859			322,524			178,972			156,223			124,566
Less: net income attributable to noncontrolling interests		(2,661	)		(1,974	)		(4,039	)		(2,562	)		(3,123	)		(2,503	)
Net income attributable to AmeriGas Partners, L.P.	$	221,820		$	133,885		$	318,485		$	176,410		$	153,100		$	122,063
General partner’s interest in net income attributable to AmeriGas Partners, L.P.	$	6,470		$	4,282		$	11,689		$	6,273		$	18,535		$	8,862
Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.	$	215,350		$	129,603		$	306,796		$	170,137		$	134,565		$	113,201
Income per limited partner unit (a)
Basic	$	1.61		$	1.26		$	2.54		$	2.13		$	1.44		$	1.67
Diluted	$	1.61		$	1.26		$	2.54		$	2.13		$	1.44		$	1.67
Average limited partner units outstanding:
Basic		92,830			83,153			92,827			70,073			92,813			63,602
Diluted		92,895			83,195			92,901			70,124			92,882			63,653
SUPPLEMENTAL INFORMATION:
Retail gallons sold (millions)		464.4			389.4			815.1			610.3			1,222.3			911.8
EBITDA (b)	$	312,173		$	224,486		$	500,012		$	308,182		$	516,550		$	334,512
Adjusted EBITDA (b)	$	317,569		$	246,003		$	510,896		$	333,416		$	561,736		$	379,062
Expenditures for property, plant and equipment:
Maintenance capital expenditures	$	11,293		$	11,514		$	21,347		$	23,304		$	43,108		$	41,757
Transition capital related to Heritage integration	$	6,440		$	1,343		$	10,981		$	1,343		$	27,246		$	1,343
Growth capital expenditures	$	10,215		$	10,640		$	22,109		$	20,453		$	42,123		$	38,614

(a) Income per limited partner unit is computed in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships. Refer to Note 2 to the consolidated financial statements included in the AmeriGas Partners, L.P. Annual Report on Form 10-K for the fiscal year ended September 30, 2012.

(b) Earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) should not be considered as an alternative to net income attributable to AmeriGas Partners, L.P. (as an indicator of operating performance) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States (“GAAP”). Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with that of other companies within the propane industry and (2) assess the Partnership’s ability to meet loan covenants. The Partnership’s definition of EBITDA may be different from those used by other companies.

(continued)

1

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES

REPORT OF EARNINGS

(Thousands, except per unit and where otherwise indicated)

(Unaudited)

(continued)

Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years.

Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership which is one of UGI Corporation’s reportable segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosure about reportable segments as the profitability measure for its domestic propane segment. EBITDA in the three, six and twelve months ended March 31, 2013 includes acquisition and transition expense of $5,396, $10,884 and $45,216, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes acquisition and transition expense of $8,138, $11,855 and $11,855, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes pre-tax losses of $13,379, $13,379 and $32,695, respectively, from extinguishments of debt.

The following table includes reconciliations of net income attributable to AmeriGas Partners, L.P. to EBITDA and Adjusted EBITDA (1) for all periods presented:

	Three Months Ended March 31,					Six Months Ended March 31,				Twelve Months Ended March 31,
	2013			2012		2013		2012		2013			2012
Net income attributable to AmeriGas Partners, L.P.	$	221,820		$	133,885	$	318,485	$	176,410	$	153,100		$	122,063
Income tax (benefit) expense		(52	)		764		575		1,214		1,292			1,256
Interest expense		41,776			45,045		82,972		61,578		164,035			93,374
Depreciation		37,607			35,351		75,930		56,282		153,873			98,841
Amortization		11,022			9,441		22,050		12,698		44,250			18,978
EBITDA	$	312,173		$	224,486	$	500,012	$	308,182	$	516,550		$	334,512
Heritage Propane acquisition and transition expense		5,396			8,138		10,884		11,855		45,216			11,855
Loss (gain) on extinguishments of debt		—			13,379		—		13,379		(30	)		32,695
Adjusted EBITDA (1)	$	317,569		$	246,003	$	510,896	$	333,416	$	561,736		$	379,062

The following table includes a reconciliation of forecasted net income attributable to AmeriGas Partners, L.P. to forecasted EBITDA and Adjusted EBITDA for the fiscal year ending September 30, 2013:

	Forecast Fiscal Year Ending September 30, 2013
Net income attributable to AmeriGas Partners, L.P. (estimate)	$	239,000
Interest expense (estimate)		166,000
Income tax expense (estimate)		2,500
Depreciation (estimate)		156,000
Amortization (estimate)		44,000
EBITDA	$	607,500
Transition expenses (estimate)		25,000
Adjusted EBITDA (1)	$	632,500

(1) Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.