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Press release from Business Wire

Inergy Announces Fiscal 2013 Guidance

<p class='bwalignc'> <i><b>Analyst Conference Webcast Scheduled for 1:30 p.m. ET Today</b></i> </p>

Monday, December 03, 2012

Inergy Announces Fiscal 2013 Guidance07:45 EST Monday, December 03, 2012 KANSAS CITY, Mo. (Business Wire) -- Inergy, L.P. (NYSE:NRGY) (“Inergy”) and Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) announced today Adjusted EBITDA guidance for fiscal 2013. Inergy's consolidated Adjusted EBITDA guidance is expected to be approximately $260 million for the full fiscal year ended September 30, 2013. Inergy's consolidated Adjusted EBITDA includes the previously announced Inergy Midstream Adjusted EBITDA guidance of approximately $180 million for fiscal 2013, which includes the expected results from Inergy Midstream's pending acquisition of Rangeland Energy, LLC. Tables reconciling Adjusted EBITDA to Net Income appear below. Inergy also expects consolidated growth capital expenditures associated with its previously disclosed midstream expansion projects to be approximately $100 to $130 million in fiscal 2013. This range includes expected Inergy Midstream growth capital expenditures of approximately $80 million to $100 million for fiscal 2013. Inergy will host an analyst conference today, December 3, 2012, beginning at 1:30 p.m. ET. The meeting will include discussions about its operations, its business outlook, and financial guidance for fiscal year 2013. The conference will be webcast via the internet and will be accompanied by a slide presentation. The presentation, the live internet webcast, and the replay can be accessed on Inergy's website, www.inergylp.com, just prior to the start of the conference. The conference replay will be available for two weeks following the conference.     Inergy, L.P.Consolidated Reconciliation of Forecast Net Income to Adjusted EBITDAFiscal Year Ended September 30, 2013(in millions)         Fiscal Year2013 Net income(a) $ 28 Interest expense(a)(b) 48 Depreciation and amortization(a)(c) 183 Income taxes(a)   1 Adjusted EBITDA(a) $ 260   Maintenance capital expenditure range(a) $ 8-12   Growth capital expenditure range(a) $ 100-130   Common units outstanding(d)(e) 132   (a) Earnings guidance is based upon various forward-looking assumptions made by the management of Inergy. While Inergy believes that these assumptions are reasonable, it can give no assurance that such results will materialize. Estimates exclude any one-time or non-recurring charges that may occur. Adjusted EBITDA is defined as income (loss) before taxes, plus net interest expense and depreciation and amortization and excludes (i) non-cash gains or losses on derivatives associated with propane supply contracts, (ii) long-term incentive and equity compensation charges, (iii) gains or losses on disposals of assets, and (iv) transaction costs, as disclosed in Inergy, L.P.'s SEC filings. (b) Estimate is based upon our outstanding indebtedness including the indebtedness from all acquisitions to date including; the pending Rangeland Energy acquisition, indebtedness associated with financing our organic expansion projects, and includes approximately $5 million of non-cash amortization of deferred financing costs. (c) Depreciation and amortization are based upon certain preliminary purchase price allocations and is subject to material change. (d) Common limited partner units outstanding reflect the November 14, 2012 conversion of the remaining Class B units into common. (e) Inergy Midstream distributions declared and paid for minority unitholders at the current $1.54 per common unit approximate $45 million.       Inergy Midstream, L.P.Reconciliation of Forecast Net Income to Adjusted EBITDAFiscal Year Ended September 30, 2013(in millions)         Fiscal Year2013 Net income(a) $ 49 Interest expense(a)(b) 32 Depreciation and amortization(a)(c) 99 Income taxes(a)   - Adjusted EBITDA(a) $ 180   Maintenance capital expenditure range(a) $ 4-6   Growth capital expenditure range(a) $ 80-100   Common units outstanding(d) 86     (a) Earnings guidance is based upon various forward-looking assumptions made by the management of Inergy Midstream. While Inergy believes that these assumptions are reasonable, it can give no assurance that such results will materialize. Estimates exclude any one-time or non-recurring charges that may occur. Adjusted EBITDA is defined as income (loss) before taxes, plus net interest expense and depreciation and amortization and excludes (i) non-cash gains or losses on derivatives associated with propane supply contracts, (ii) long-term incentive and equity compensation charges, (iii) gains or losses on disposals of assets, and (iv) transaction costs, as disclosed in Inergy Midstream, L.P.'s SEC filings. (b) Estimate is based upon our outstanding indebtedness including the indebtedness from all acquisitions to date including; the pending Rangeland Energy acquisition, indebtedness associated with financing our organic expansion projects, and includes approximately $2 million of non-cash amortization of deferred financing costs. (c) Depreciation and amortization are based upon certain preliminary purchase price allocations and is subject to material change. (d) Common limited partner units outstanding include approximately 10.7 million units to be issued in a private placement associated with the Rangeland Energy, LLC acquisition.   About Inergy, L.P. Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy's operations include a natural gas storage business in Texas and an NGL supply, logistics, and 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., 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. About Inergy Midstream, L.P. Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a master limited partnership engaged in the development and operation of natural gas and NGL storage and transportation assets. Our assets are located in the Northeast region of the United States. Corporate news, unit prices, and additional information about Inergy, including reports from the United States Securities and Exchange Commission, are available on the company's website, www.inergylp.com. For more information, contact Vince Grisell in Inergy's Investor Relations Department at 816-842-8181 or via e-mail at investorrelations@inergyservices.com. This press release contains forward-looking statements, which are statements that are not historical in nature. Forward-looking statements are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or any underlying assumption proves incorrect, actual results may vary materially from those anticipated, estimated, or projected. Among the key factors that could cause actual results to differ materially from those referred to in the forward-looking statements are: weather conditions that vary significantly from historically normal conditions; the general level of petroleum product demand and the availability of supply; the demand for high deliverability natural gas storage capacity in the Northeast and in Texas; our ability to successfully implement our business plan; the outcome of rate decisions levied by the Federal Energy Regulatory Commission; our ability to generate available cash for distribution to unitholders; and the costs and effects of legal, regulatory, and administrative proceedings against us or which may be brought against us. These and other risks and assumptions are described in Inergy's annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law. Inergy, L.P.Vince Grisell, 816-842-8181investorrelations@inergyservices.com