Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GAUTREAUX WILLIAM C
   2. Issuer Name and Ticker or Trading Symbol
INERGY L P [NRGY] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President - Inergy Services
(Last)
(First)
(Middle)
2 BRUSH CREEK BLVD., SUITE 200		 3. Date of Earliest Transaction (Month/Day/Year)
02/14/2012
(Street)

KANSAS CITY, MO 64112		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Units               304,702 (1) D  
Common Units               6,533.2011 I By Employee Unit Purchase Plan (2)
Common Units               1,461,442 I As Trustee of the William C. Gautreaux Revocable Trust (3)
Common Units               255,994 I As Co-Trustee of the William C. Gautreaux 2005 GRAT (4)
Common Units               19,235 I As Co-Trustee of the William C. Gautreaux 2007 GRAT II (5)
Common Units               6,815 I As Co-Trustee of the William C. Gautreaux 2008 GRAT II (6)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Units (7) 02/14/2012   J(8)   5,618.955     (7)   (7) Common Units 5,618.955 $ 41.6854 337,857.818 I As Trustee of the William C. Gautreaux Revocable Trust (3)
Class B Units (7) 02/14/2012   J(9)   942.895     (7)   (7) Common Units 942.895 $ 41.6854 56,694.621 I As Co-Trustee of the William C. Gautreaux 2005 GRAT (4)
Class B Units (7) 02/14/2012   J(10)   110.382     (7)   (7) Common Units 110.382 $ 41.6854 6,637.068 I As Co-Trustee of the William C. Gautreaux 2007 GRAT II (5)
Class B Units (7) 02/14/2012   J(11)   29.065     (7)   (7) Common Units 29.065 $ 41.6854 1,747.611 I As Co-Trustee of the William C. Gautreaux 2008 GRAT II (6)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GAUTREAUX WILLIAM C
2 BRUSH CREEK BLVD., SUITE 200
KANSAS CITY, MO 64112		       President - Inergy Services  

Signatures

 /s/ Judy R. Riddle (attorney-in-fact) for William C. Gautreaux   02/16/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes restricted units granted under the Inergy, L.P. Long Term Incentive Plan, as amended.
(2) Represents common units held in the EUPP. Contributions to the EUPP are used to purchase Inergy common units at the end of each quarter.
(3) Mr. Gautreaux is trustee of the William C. Gautreaux Revocable Trust under Trust Indenture dated March 8, 2004.
(4) Mr. Gautreaux is a co-trustee of the William C. Gautreaux 2005 Grantor Retained Annuity Trust under Trust Indenture dated March 31, 2005.
(5) Mr. Gautreaux is a co-trustee of the William C. Gautreaux 2007 Grantor Retained Annuity Trust II under Trust Indenture dated August 30, 2007.
(6) Mr. Gautreaux is a co-trustee of the William C. Gautreaux 2008 Grantor Retained Annuity Trust II under Trust Indenture dated May 20, 2008.
(7) The Class B units will convert automatically into common units on a one-for-one basis, with 50% of the outstanding Class B units converting into common units following the payment date of the fourth quarterly distribution following the closing of the merger and the remaining outstanding Class B units converting into common units following the payment date of the eighth quarterly distribution following the closing of the merger.
(8) The reporting person received 5,618.955 Class B units as a payment-in-kind distribution on 332,238.863 Class B units owned on the distribution date.
(9) The reporting person received 942.895 Class B units as a payment-in-kind distribution on 55,751.726 Class B units owned on the distribution date.
(10) The reporting person received 110.382 Class B units as a payment-in-kind distribution on 6,526.686 Class B units owned on the distribution date.
(11) The reporting person received 29.065 Class B units as a payment-in-kind distribution on 1,718.546 Class B units owned on the distribution date.

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