AmeriGas Partners Reports Fiscal 2006 Results.

VALLEY FORGE, Pa. -- AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE:APU), reported adjusted net income of $108.3 million, or $1.89 per limited partner unit, for the fiscal year ended September 30, 2006, compared to adjusted net income of $87.3 million, or $1.58 per limited partner unit, for the previous fiscal year. Adjusted net income excludes the previously reported $17.1 million loss on the early extinguishment of debt in fiscal 2006 and the previously reported $33.6 million loss on the early extinguishment of debt and a $7.1 million after-tax gain on the sale of a terminal in fiscal 2005. Net income for fiscal year 2006 was $91.2 million, or $1.59 per limited partner unit, and $60.8 million, or $1.10 per limited partner unit for fiscal year 2005, including the losses on the early extinguishment of debt and the gain on the terminal sale.

The Partnership's earnings before interest expense, income taxes, depreciation and amortization, losses on the early extinguishment of debt and the gain on the terminal sale (adjusted EBITDA) were $255.0 million in fiscal 2006 and $240.4 million in fiscal 2005. EBITDA including the effects of the refinancings and terminal sale was $237.9 million in fiscal 2006 and $215.9 million in fiscal 2005.

Eugene V. N. Bissell, chief executive officer of AmeriGas, said, "Our 2006 fiscal year was challenging on many fronts, including warmer weather and the impact of higher energy prices on customer conservation and operating costs. However, we successfully managed our unit margins and operating expenses to largely offset those negative factors. Assuming a return to more normal weather in fiscal 2007, we expect EBITDA in the range of $265 million to $275 million."

For the twelve months ended September 30, 2006, retail propane volumes sold decreased almost 6% to 975 million gallons from 1.035 billion gallons in the prior year principally due to warmer weather and price-induced customer conservation. Nationally, weather was 10% warmer than normal in fiscal 2006 compared to weather that was almost 7% warmer than normal in the prior year, according to the National Oceanic and Atmospheric Administration. Revenues increased to $2.12 billion in fiscal 2006 from $1.96 billion in fiscal 2005 reflecting higher average selling prices partially offset by lower retail volumes sold. Total margin increased $32.2 million principally due to higher average propane unit margins and higher fees in response to increases in operating expenses. Operating and administrative expenses increased primarily as a result of higher vehicle fuel and lease expenses, higher compensation and benefits expenses, and higher maintenance and repair expenses. These expense increases were partially offset by a $7.2 million favorable net expense reduction related to general insurance and litigation, primarily reflecting improved claims history.

For the fourth quarter of fiscal 2006, the Partnership recorded a seasonal net loss of $27.8 million, or $0.48 per limited partner unit, compared with a loss of $28.4 million, or $0.51 per limited partner unit, for the prior-year period. Retail volumes sold in the quarter were 170.8 million gallons compared to 177.4 million gallons sold in the prior-year quarter. EBITDA for the period increased to $8.8 million from $7.9 million in last year's quarter. Revenue for the quarter totaled $391.8 million versus $359.3 million in the fiscal 2005 quarter principally due to higher selling prices in response to significantly higher propane product costs.

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

AmeriGas Partners, L.P. will host its fourth quarter FY 2006 earnings conference call on Wednesday, November 15, 2006, at 4:00 PM ET. Interested parties may listen to a live audio webcast of the conference call at http://www.shareholder.com/ugi/medialist.cfm. A telephonic replay of the call can be accessed approximately one hour after the completion of the call at 1-888-203-1112, passcode 5934822; (International replay 719-457-0820, passcode 5934822) through Friday, November 17, 2006.

The financial tables appended to this news release can be viewed directly at http://www.shareholder.com/ugi/APU/4Q06FinancialTable.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 on Form 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 at www.amerigas.com.