[Form 4] Energy Transfer LP Insider Trading Activity

Rhea-AI Filing Summary

Energy Transfer LP director Kelcy Warren reported significant open-market purchases of the company’s common units. Through Kelcy Warren Partners III, LLC, he bought 1,000,000 common units on 11/19/2025 at a weighted average price of $16.95 per unit and another 1,000,000 common units on 11/20/2025 at a weighted average price of $16.81 per unit. Following these transactions, Kelcy Warren Partners III, LLC is shown as beneficially owning over 100 million Energy Transfer common units, with additional large direct and indirect holdings reported through other affiliated entities.

Insights

Equity Ownership and Governance Analyst

Large director open-market purchases via affiliates increase overall equity stake and economic alignment with other unitholders.

Kalcy Warren, a director of Energy Transfer LP, reported open-market purchases of common units through an affiliated entity, Kelcy Warren Partners III, LLC. On 11/19/2025 and 11/20/2025, this entity acquired two blocks of 1,000,000 common units each at weighted average prices of about $16.95 and $16.81, respectively. Following these transactions, Kelcy Warren Partners III, LLC held 105,577,803 common units as indirect beneficial ownership.

The reporting person also shows substantial holdings in other vehicles, including Kelcy Warren Partners, LP, Kelcy Warren Partners II, LP, ET Company Ltd., and LE GP, LLC, plus a block of 69,178,477 units held directly. For several of these entities, beneficial ownership is disclaimed beyond the reporter’s pecuniary interest, which limits the economic exposure to the portion actually owned. The use of weighted average prices and the commitment to provide full trade details on request indicate that the purchases occurred across multiple trades within narrow price ranges.

These are purchases, not sales, which increase indirect beneficial holdings and reinforce economic exposure to the common units through affiliated entities. The transactions occurred in the open market (coded "P"), over two consecutive days, at relatively similar price levels, and were large in absolute size. Going forward, any additional Form 4s reporting further acquisitions or a shift toward dispositions, as well as changes in the pattern of indirect holdings across the listed partnerships and limited liability companies, would be key items to watch over the coming quarters.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

WARREN KELCY L

(Last) (First) (Middle)

8111 WESTCHESTER DRIVE

STE 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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								69,178,477	D
Common Units								120,385,650	I	By: Kelcy Warren Partners, LP(1)
Common Units								10,224,429	I	By: Kelcy Warren Partners II, LP(2)
Common Units	11/19/2025		P		1,000,000	A	$16.95(6)	104,577,803	I	By: Kelcy Warren Partners III, LLC(3)
Common Units	11/20/2025		P		1,000,000	A	$16.81(7)	105,577,803	I	By: Kelcy Warren Partners III, LLC(3)
Common Units								328,383	I	By: ET Company, Ltd.(4)
Common Units								601,076	I	By: LE GP, LLC(5)

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

Explanation of Responses:

1. The reported units are owned directly by Kelcy Warren Partners, LP, a limited partnership owned by Mr. Warren. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.

2. The reported units are owned directly by Kelcy Warren Partners II, LP, a limited partnership owned by Mr. Warren. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.

3. The reported units are owned directly by Kelcy Warren Partners III, LLC (formerly known as Seven Bridges Holdings LLC) a limited liability company owned by Mr. Warren.

4. The reported units are owned directly by ET Company Ltd. The reported units represent the estimated pro rata interest of Mr. Warren in ET Company Ltd., including through his interest therein held through Three Dawaco, Inc. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.

5. The reported units are owned directly by LE GP, LLC. The reported units represent his estimated pro rata interest in LE GP, LLC. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.

6. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $16.925 to $16.98, inclusive. The reporting person undertakes to provide to ET, any security holder of ET, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of units purchased at each separate price within this range.

7. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $16.74 to $16.90, inclusive. The reporting person undertakes to provide to ET, any security holder of ET, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of units purchased at each separate price within this range.

	Sonia Aube, Attorney-in-fact for Mr. Warren	11/20/2025
	** 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 did Energy Transfer (ET) director Kelcy Warren report in this Form 4?

The Form 4 reports that Kelcy Warren, a director of Energy Transfer LP (ET), made open-market purchases of the company’s common units through an affiliated entity, Kelcy Warren Partners III, LLC.

How many Energy Transfer (ET) units did Kelcy Warren’s entity buy and at what prices?

Kelcy Warren Partners III, LLC purchased 1,000,000 common units of Energy Transfer on 11/19/2025 at a weighted average price of $16.95 and another 1,000,000 common units on 11/20/2025 at a weighted average price of $16.81.

What does the weighted average price mean in this Energy Transfer Form 4?

The filing explains that the reported prices of $16.95 and $16.81 are weighted average prices for multiple trades executed in price ranges of $16.925–$16.98 and $16.74–$16.90, respectively, and that detailed trade breakdowns are available on request.

How many Energy Transfer units does Kelcy Warren Partners III, LLC hold after these trades?

After the reported transactions, Kelcy Warren Partners III, LLC is shown as beneficially owning 105,577,803 Energy Transfer common units, held indirectly for Mr. Warren.

What other indirect Energy Transfer holdings are reported for Kelcy Warren?

The Form 4 lists additional Energy Transfer common units held indirectly through Kelcy Warren Partners, LP, Kelcy Warren Partners II, LP, ET Company Ltd., and LE GP, LLC, with Mr. Warren generally disclaiming beneficial ownership beyond his pecuniary interest.

Does Kelcy Warren disclaim any beneficial ownership of the reported Energy Transfer units?

Yes. For units held through several affiliated entities, Mr. Warren disclaims beneficial ownership except to the extent of his pecuniary interest, as explicitly stated in the explanatory notes.