Exhibit 99.1

Tallgrass Energy Partners, LP Reports Strong First Quarter 2014 Results

OVERLAND PARK, Kan.--(BUSINESS WIRE)--May 7, 2014--Tallgrass Energy Partners, LP (NYSE: TEP) (“TEP” or the “Partnership”) today reported financial and operating results for the first quarter of 2014. The Partnership closed its initial public offering on May 17, 2013 and this earnings release relates to the financial and operating results of the Partnership and its Predecessor as described under “About Tallgrass Energy Partners, LP” below.

Tallgrass President and CEO David G. Dehaemers, Jr. said, “TEP’s strong performance in the first quarter of 2014, the third consecutive increase in our quarterly distribution and our acquisition of Trailblazer on April 1^st combine for an outstanding beginning of the year. Although we expect some variability in our quarterly coverage, particularly for our second quarter when we anticipate increased spending on planned expenses and maintenance capital projects, we continue to be confident in our 2014 guidance given earlier this year. Our recently completed Trailblazer acquisition and the related distribution growth that we expect beginning for the second quarter of 2014 is an example of the growth that we remain focused on delivering for our unitholders.”

Segment Overview

The first quarter 2014 results by segment are summarized below:

Adjusted EBITDA in the Gas Transportation and Storage segment for the first quarter of 2014 was $13.1 million, representing an increase of $0.9 million as compared to the first quarter of 2013. As expected, average firm contracted transportation capacity of 636 MMcf/d for the first quarter of 2014 was slightly lower as compared to 667 MMcf/d for the first quarter of 2013. The capacity decrease is primarily due to the termination of TIGT’s contract with TMID in the fourth quarter of 2013, but the gross margin impact of that termination is more than offset by higher average transportation rates partially attributable to the expansion of and new volumes on the West end of the system. In addition, gas sales in a favorable pricing market also contributed to the increase in Adjusted EBITDA for the first quarter of 2014 as compared to the first quarter of 2013. When comparing TIGT’s Adjusted EBITDA for the first quarter of 2014 of $13.1 million to its Adjusted EBITDA for the fourth quarter of 2013 of $15.9 million, the decrease is primarily attributable to lower gas recoveries and the revenues received from TMID in the fourth quarter of 2013 for the buyout of its transportation contract.

The Processing segment generated Adjusted EBITDA of $9.6 million for the first quarter of 2014, representing an increase of $2.8 million as compared to the first quarter of 2013. The increase was primarily due to higher average inlet volumes as a result of our expanded capacity and higher commodity prices in our remaining spread-based contracts. Approximate average inlet volumes were 151 MMcf/day for the first quarter of 2014 as compared to 127 MMcf/day for the first quarter of 2013. The Processing segment also began receiving distributions from a fresh water transportation joint venture in the first quarter of 2014. When comparing TMID’s Adjusted EBITDA for the first quarter of 2014 of $9.6 million to its Adjusted EBITDA for the fourth quarter of 2013 of $7.5 million, the increase is primarily attributable to higher commodity prices, joint venture distributions and the payment made to TIGT in the fourth quarter of 2013 for the buyout of its transportation contract.

Conference Call

Please join Tallgrass for a conference call and webcast related to its first quarter 2014 results at 4:00 pm Central Time on Wednesday, May 7, 2014. The webcast will be accompanied by a slide deck. A link posted in the Investor Relations section of our website will allow interested parties to listen and the replay will be available on our website for a limited time following the end of the live call. In addition, the slide presentation will be available on our website following the call.

About Tallgrass Energy Partners, LP

Tallgrass Energy Partners, LP (NYSE: TEP) is a publicly traded, growth-oriented limited partnership formed to own, operate, acquire and develop midstream energy assets in North America. We currently provide natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through our Tallgrass Interstate Gas Transmission and Trailblazer Pipeline systems and provide processing services for customers in Wyoming through our Casper and Douglas natural gas processing and West Frenchie Draw natural gas treating facilities. We believe we are well-positioned to capture growing natural gas volumes produced in the Denver-Julesburg Basin and the Niobrara and Mississippi Lime shale formations.

Tallgrass closed its initial public offering on May 17, 2013, and the earnings release relates to the financial information of the Partnership and “TEP Predecessor.” TEP Predecessor refers to the ownership of Tallgrass Interstate Gas Transmission, LLC (TIGT) and Tallgrass Midstream, LLC (TMID) by Tallgrass Development from November 13, 2012 to the closing of the initial public offering (IPO) on May 17, 2013. TEP, or the Partnership, as used herein refers to the consolidated financial results and operations for TEP Predecessor from its inception through its contribution to TEP and thereafter.

In connection with the closing of the initial public offering, Tallgrass entered into a revised partnership agreement which requires it to pay distributions, subject to certain limitations more fully described in the “Our Cash Distribution Policy and Restrictions on Distributions” section in Tallgrass’ prospectus, within 45 days after the end of each quarter, beginning with the second quarter of 2013. As previously announced, the board of directors of Tallgrass’ general partner declared a quarterly cash distribution to partners of $0.3250 per common unit for the first quarter of 2014. This quarterly distribution represents $1.30 on an annualized basis. The quarterly distribution will be paid on Wednesday, May 14, 2014, to unitholders of record as of the close of business on Wednesday, April 30, 2014.

To learn more, please visit our website at www.tallgrassenergy.com.

Non-GAAP Measures

Adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of our combined financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;
• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
• our ability to incur and service debt and fund capital expenditures; and
• the viability of acquisitions and other capital expenditure projects and the returns on investment of various expansion and growth opportunities.

We believe that the presentation of Adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. Adjusted EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP, nor should Adjusted EBITDA and distributable cash flow be considered alternatives to available cash, operating surplus, distributions of available cash from operating surplus or other definitions in our partnership agreement. Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. Additionally, because Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, our definition of Adjusted EBITDA and distributable cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

We define Adjusted EBITDA as net income excluding the impact of interest, income taxes, depreciation and amortization, non-cash income or loss related to derivative instruments, non-cash long-term compensation expense, impairment losses, gains or losses on asset disposals, gains or losses on the repurchase, redemption or early retirement of debt, and earnings from unconsolidated investments, but including the impact of distributions from unconsolidated investments. We define distributable cash flow as Adjusted EBITDA less cash interest cost and maintenance capital expenditures. Neither Adjusted EBITDA nor distributable cash flow will be impacted by changes in working capital balances that are reflected in operating cash flow. For a reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, please see “Summary Financial Information” above.

Cautionary Note Concerning Forward-Looking Statements

Disclosures in this press release contain “forward-looking statements.” All statements, other than statements of historical facts, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the earnings and cash distribution accretion expected to be realized by Tallgrass Energy Partners as a result of the Trailblazer acquisition, the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of Tallgrass Energy Partners and its subsidiaries, including: the ability to pursue expansions and other opportunities for incremental volumes; natural gas production growth in Tallgrass Energy Partners' operating areas; expected future benefits of acquisitions or expansion projects; timing of anticipated spending on planned expenses and maintenance capital projects; and distribution rate and growth, including variability of quarterly distribution coverage. These statements are based on certain assumptions made by Tallgrass Energy Partners based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass Energy Partners, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to Tallgrass Energy Partners’ financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, the demand for natural gas storage and transportation services, operating hazards, the effects of government regulation, tax position and other risks incidental to transporting, storing and processing natural gas and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports filed by Tallgrass Energy Partners with the Securities and Exchange Commission. Any forward-looking statement applies only as of the date on which such statement is made and Tallgrass Energy Partners does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Financial Statements

CONTACT:
Tallgrass Energy Partners, LP
Investor Relations
Nate Lien
(913) 928-6012
investor.relations@tallgrassenergylp.com