Energy Transfer (ET) Co-CEO files Form 4 for restricted units, cash units and tax withholding

Rhea-AI Filing Summary

Energy Transfer LP Co-CEO reports equity awards and tax withholding transactions. On 12/05/2025, the reporting person, a Director and Co-CEO of Energy Transfer LP, had 381,947 common units withheld (code F) at $16.6 per unit to cover tax liabilities tied to the vesting of previously granted restricted units. On the same date, the person received an award of 704,438 restricted common units at $0, granted under the company’s Long-Term Incentive Plan, which will vest 60% on December 5, 2028 and 40% on December 5, 2030, subject to continued employment. After these transactions, 7,862,107 common units were held directly, with an additional 45,389 units held indirectly by a son. The person also received 234,812 cash units under the Long-Term Cash Restricted Unit Plan, scheduled to vest in three equal annual installments on December 5 of 2026, 2027, and 2028, and to be settled solely in cash based on the fair market value of the underlying common units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MCCREA MARSHALL S III

(Last) (First) (Middle)

8111 WESTCHESTER DRIVE

SUITE 600

(Street)

DALLAS TX 75225

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Energy Transfer LP [ ET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/05/2024

4. If Amendment, Date of 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

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	12/05/2025		F		381,947(1)	D	$16.6	7,157,669	D
Common Units	12/05/2025		A		704,438(2)	A	$0	7,862,107	D
Common Units								45,389	I	By: Son

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 Securities Underlying Derivative Security (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: 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
Cash Units	(3)	12/05/2025		A		234,812		(3)	(3)	Common Units	234,812	(3)	463,716	D

Explanation of Responses:

1. Payment of tax liability by withholding securities incident to the vesting of Restricted Units issued under one of the Energy Transfer LP Long-Term Incentive Plans (LTIP). This method is the default option for payment of tax liability upon vesting of LTIP awards.

2. An award of Restricted Units granted under the Energy Transfer LP Long-Term Incentive Plan that will vest 60% on December 5, 2028 and the remaining 40% on December 5, 2030 generally contingent upon the reporting person's continued employment with the issuer or one of its affiliates on each applicable vesting date.

3. An award of cash units granted under the Energy Transfer LP Long-Term Cash Restricted Unit Plan, scheduled to vest one-third on December 5, 2026, one-third on December 5, 2027, and one-third on December 5, 2028, generally contingent upon the reporting person's continued employment with the Issuer or one of its affiliates on each applicable vesting date. The cash units will be settled solely in cash at the fair market value of the underlying common units based on the average closing price of a common unit for the ten (10) trading days immediately preceding the applicable vesting date.

	Peggy J. Harrison, Attorney-in-fact for Mr. McCrea	12/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Energy Transfer LP (ET) report in this Form 4?

The filing shows that a Director and Co-CEO of Energy Transfer LP had 381,947 common units withheld on 12/05/2025 to pay taxes on vesting restricted units, and received a new grant of 704,438 restricted common units and 234,812 cash units under the company’s long-term incentive plans.

How many Energy Transfer LP (ET) units does the Co-CEO beneficially own after these transactions?

After the reported transactions, the Co-CEO beneficially owns 7,862,107 common units directly and 45,389 common units indirectly through a son, as disclosed in the filing.

What are the vesting terms of the 704,438 restricted units granted by Energy Transfer LP (ET)?

The 704,438 restricted common units vest 60% on December 5, 2028 and the remaining 40% on December 5, 2030, generally contingent on the Co-CEO’s continued employment with Energy Transfer LP or an affiliate on each vesting date.

What are the vesting and settlement terms of the 234,812 cash units in the Energy Transfer LP (ET) plan?

The 234,812 cash units vest in three equal installments on December 5, 2026, December 5, 2027, and December 5, 2028, subject to continued employment. They will be settled solely in cash based on the fair market value of ET common units, using the average closing price over the ten trading days before each vesting date.

Why were 381,947 Energy Transfer LP (ET) common units withheld in this Form 4?

The 381,947 common units were withheld to pay tax liabilities arising from the vesting of restricted units previously granted under an Energy Transfer LP Long-Term Incentive Plan. This tax-withholding via share retention is described as the default method for paying such tax liabilities.

Does this Energy Transfer LP (ET) Form 4 involve open-market purchases or sales by the Co-CEO?

The disclosed transactions consist of tax withholding of units upon vesting and grants of restricted units and cash units under long-term incentive plans. The filing does not describe open-market purchases or sales by the Co-CEO.