AmeriGas Partners (APU) 8-K AmeriGas Partners Reports Third Quarter Results, Raises 2007 Guidance

Exhibit 99

Contact:	610-337-1000	For Immediate Release:
	Robert W. Krick, ext. 3645	August 1, 2007
	Brenda A. Blake, ext. 3202

AmeriGas Partners Reports Third Quarter Results, Raises 2007 Guidance

VALLEY FORGE, Pa., August 1 — AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported a significantly lower seasonal net loss for the third fiscal quarter ended June 30, 2007 of $5.7 million compared to a loss of $14.8 million for the same period last year. The Partnership’s earnings before interest expense, income taxes, depreciation and amortization (EBITDA) increased substantially to $30.9 million for the third fiscal quarter of 2007 compared to EBITDA of $20.7 million for the prior-year period.

For the three months ended June 30, 2007, retail volumes sold increased 6.4% to 182.1 million gallons from 171.1 million gallons in the prior-year period. Weather nationally was 6.1% warmer than normal during the recent quarter compared to weather that was 21.9% warmer than normal in the prior-year period, according to the National Oceanic and Atmospheric Administration.

Eugene V. N. Bissell, chief executive officer of AmeriGas, said, “We continued to execute at a high level this quarter. Based upon our performance year-to-date, we now expect EBITDA for the fiscal year ending September 30, 2007 to be in a new record range of $290 million to $295 million, excluding the approximately $47 million gain on the previously-announced sale of our Arizona storage terminal that occurred in July.”

Revenues for the quarter increased to $433.9 million versus $379.1 million a year ago due to higher retail selling prices and higher sales volumes principally due to colder weather and the effects of higher sales in our cylinder exchange program. Total margin increased $17.1 million compared to the prior-year quarter principally due to higher retail volumes sold at higher average unit margins. Operating and administrative expenses increased $7.5 million during the quarter due to higher employee compensation and benefits expense, higher vehicle costs and higher repair and maintenance expenses partially offset by lower general insurance expense, reflecting continued improvement in claims experience.

AmeriGas Partners is the nation’s largest retail propane marketer, serving nearly 1.3 million customers from over 600 locations in 46 states. UGI Corporation (NYSE:UGI), through subsidiaries, owns 44% of the Partnership and individual unitholders own the remaining 56%.

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AmeriGas Partners Reports Third Quarter Results, Raises 2007 Guidance Page 2

AmeriGas Partners, L. P. will host its third quarter FY 2007 earnings conference call on Wednesday, August 1, 2007, at 4:00 PM ET. Interested parties may listen to a live audio broadcast of the conference call athttp://www.shareholder.com/ugi/APU/medialist.cfm or at the company website:www.amerigas.com by clicking on Investor Relations. A telephonic replay of the call may be accessed from 7:00 PM ET on August 1 through Friday, August 3 at 1-888-203-1112, passcode 9403488 (International replay 719-457-0820, passcode 9403488). A webcast replay may be accessed through August 31.

The financial table appended to this news release can be viewed directly athttp://www.shareholder.com/ugi/APU/3Q07FinancialTable.pdf.

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 onForm 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, price volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas and political, economic and regulatory conditions in the U. S. and abroad. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

Comprehensive information about AmeriGas is available on the Internet atwww.amerigas.com.

AP-12 ### 8/1/07

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS
(Thousands, except per unit and where otherwise indicated)
(Unaudited)

	Three Months Ended						Nine Months Ended						Twelve Months Ended
	June 30,						June 30,						June 30,
	2007			2006			2007			2006			2007			2006
Revenues:
Propane	$	388,964		$	338,047		$	1,723,661		$	1,604,821		$	2,072,554		$	1,927,360
Other		44,953			41,062			136,655			122,642			179,565			159,406
		433,917			379,109			1,860,316			1,727,463			2,252,119			2,086,766
Costs and expenses:
Cost of sales — propane		251,663			215,900			1,107,673			1,041,719			1,343,260			1,256,733
Cost of sales — other		20,440			18,456			53,440			47,738			72,165			62,853
Operating and administrative expenses		135,937			128,469			430,089			403,502			561,875			529,218
Depreciation		17,935			16,729			53,161			50,485			70,469			66,769
Amortization		998			1,111			2,913			3,524			4,048			4,896
Other (income), net		(5,091	)		(4,429	)		(13,515	)		(13,368	)		(16,446	)		(17,623	)
		421,882			376,236			1,633,761			1,533,600			2,035,371			1,902,846
																		��
Operating income		12,035			2,873			226,555			193,863			216,748			183,920
Loss on extinguishment of debt		—			—			—			(17,079	)		—			(17,079	)
Interest expense		(17,837	)		(17,820	)		(53,626	)		(56,167	)		(71,553	)		(75,109	)
Income before income taxes		(5,802	)		(14,947	)		172,929			120,617			145,195			91,732
Income tax benefit (expense)		187			105			(863	)		(2	)		(1,046	)		293
Minority interests		(97	)		5			(2,252	)		(1,680	)		(2,112	)		(1,482	)
Net (loss) income	$	(5,712	)	$	(14,837	)	$	169,814		$	118,935		$	142,037		$	90,543
General partner’s interest in net (loss) income (a)	$	(13	)	$	(148	)	$	15,327		$	3,134		$	1,836		$	905
Limited partners’ interest in net (loss) income (a)	$	(5,699	)	$	(14,689	)	$	154,487		$	115,801		$	140,201		$	89,638
Net (loss) income per limited partner unit (a)
Basic	$	(0.10	)	$	(0.26	)	$	2.72		$	2.04		$	2.47		$	1.59
Diluted	$	(0.10	)	$	(0.26	)	$	2.72		$	2.04		$	2.47		$	1.59
Average limited partner units outstanding:
Basic		56,822			56,797			56,817			56,797			56,812			56,330
Diluted		56,822			56,797			56,851			56,833			56,848			56,370
SUPPLEMENTAL INFORMATION:
Retail gallons sold (millions)		182.1			171.1			835.1			804.4			1,005.9			981.8
EBITDA (b) (c)	$	30,871		$	20,718		$	280,377		$	229,113		$	289,153		$	237,024
Distributable cash (b)		6,588			(1,529	)		207,138			173,061			191,320			158,288
Capital expenditures:
Maintenance capital expenditures		6,446			4,427			19,613			16,964			26,280			20,706
Growth capital expenditures		13,116			11,642			38,640			34,706			51,013			43,443

(a)

In accordance with Emerging Issues Task Force Issue No. 03-6, “Participating Securities and the Two-Class Method under FASB Statement No. 128” (“EITF 03-6”) the Partnership calculates net income per limited partner unit for each period according to distributions declared and participation rights in undistributed earnings, as if all of the earnings for the period had been distributed. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings per unit to the general partner and a dilution of the earnings per unit for the limited partners. The dilutive effect of EITF 03-6 on net income per diluted limited partner unit was $(0.24) and $(0.01) for the nine and twelve months ended June 30, 2007, respectively, and $(0.03) for the nine months ended June 30, 2006. There was no dilutive effect of EITF 03-6 for the three months ended June 30, 2007 and 2006 or the twelve months ended June 30, 2006.

(b)

EBITDA (earnings before interest expense, income taxes, depreciation and amortization) should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States. Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to compare the Partnership’s operating performance with other companies within the propane industry and to evaluate our ability to meet loan covenants.

(continued)

(continued)

Management defines distributable cash as EBITDA less interest expense and maintenance capital expenditures and excluding losses on extinguishments of debt in connection with a refinancing. Maintenance capital expenditures are defined in the Partnership Agreement as expenditures made to maintain the operating capacity of the Partnership’s existing capital assets. Management believes distributable cash is a meaningful non-GAAP measure for evaluating the Partnership’s ability to declare and pay quarterly distributions. The Partnership’s definition of distributable cash may be different from that used by other entities.

The following table includes reconciliations of net income to EBITDA and distributable cash for all periods presented:

	Three Months Ended						Nine Months Ended						Twelve Months Ended
	June 30,						June 30,						June 30,
	2007			2006			2007			2006			2007			2006
Net (loss) income	$	(5,712	)	$	(14,837	)	$	169,814		$	118,935		$	142,037		$	90,543
Income tax expense (benefit)		(187	)		(105	)		863			2			1,046			(293	)
Interest expense		17,837			17,820			53,626			56,167			71,553			75,109
Depreciation		17,935			16,729			53,161			50,485			70,469			66,769
Amortization		998			1,111			2,913			3,524			4,048			4,896
EBITDA		30,871			20,718			280,377			229,113			289,153			237,024
Interest expense		(17,837	)		(17,820	)		(53,626	)		(56,167	)		(71,553	)		(75,109	)
Maintenance capital expenditures		(6,446	)		(4,427	)		(19,613	)		(16,964	)		(26,280	)		(20,706	)
Loss on extinguishment of debt		—			—			—			17,079			—			17,079
Distributable cash	$	6,588		$	(1,529	)	$	207,138		$	173,061		$	191,320		$	158,288

(c) The following table includes a reconciliation of forecasted net income to forecasted adjusted EBITDA for the fiscal year ending September 30, 2007:

	Forecast
	Fiscal
	Year
	Ending
	September 30,
	2007
Net income (estimate)	$	193,500
Interest expense (estimate)		71,000
Income tax expense (estimate)		1,000
Depreciation (estimate)		70,000
Amortization (estimate)		4,000
Expected gain on storage facility sale		(47,000	)
Adjusted EBITDA (estimate)	$	292,500