Inergy, L.P.



Inergy, L.P., which began its operations on July 31, 2001, owns and operates a rapidly growing retail and wholesale propane marketing and distribution business.  It is the seventh largest propane retailer in the United States, based on retail propane gallons sold.  Its retail business includes the retail marketing, sale and distribution of propane, including the sale and lease of propane supplies and equipment, to residential, commercial, industrial and agricultural customers.  Inergy markets its propane products primarily under eight regional brand names: Bradley Propane, Country Gas, Hancock Gas, Hoosier Propane, McCracken, Pro Gas, Independent Propane Company, and United Propane.


Inergy serves approximately 240,000 retail customers in Arkansas, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Michigan, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia from 131 customer service centers with an aggregate of approximately 8.5 million gallons of above-ground propane storage capacity.  In addition to the retail business, Inergy operates a wholesale supply, marketing and distribution business, providing propane procurement, transportation and supply and price risk management services to its customer service centers, as well as to independent dealers, multistate marketers, petrochemical companies, refinery and gas processors, and a number of other natural gas liquids (NGL) marketing and distribution companies.  Inergy currently provides wholesale supply and distribution services to customers in 35 states, primarily in the Midwest and Southeast. For the fiscal year ended September 30, 2003, Inergy sold and physically delivered approximately 119.7 million gallons of propane to retail customers and approximately 284.7 million gallons of propane to wholesale customers.


Inergy has grown primarily through acquisitions of retail propane operations and, to a lesser extent, through internal growth. Since its predecessor entity’s initial acquisition of McCracken Oil & Propane Company in 1996 through September 30, 2003, Inergy has acquired 25 companies for an aggregate purchase price of approximately $309 million, including twelve propane companies acquired during fiscal 2003 for an aggregate purchase price of approximately $80 million. 


Inergy’s primary objective is to increase distributable cash flow for its unitholders, while maintaining the highest level of commitment and service to its customers.   The partnership intends to pursue this objective by capitalizing on what it believes to be its greatest competitive strengths:  proven acquisition expertise; internal growth through a combination of marketing programs and employee incentives; operations in high growth markets; a high percentage of retail sales to residential customers; regional branding; a flexible financial structure; and a strong wholesale supply, marketing, and distribution business.


On January 12, 2004 Inergy completed a two-for-one unit split.  Unitholders of record on January 2, 2004 received one additional partnership unit for each partnership unit held.  The stock split will require retroactive restatement of all historical per unit data in the first quarter ended December 31, 2003.


Inergy, L.P. trades on the NASDAQ under the symbol “NRGY”.  For more information contact Mike Campbell at 816-842-8181, Contact Mike Campbell at [email protected] or visit


Financial Information From 10-K for Fiscal Year Ended September 30, 2003

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*As of December 1, 2003 and December 2, 2002


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