[Form 4] Energy Transfer LP Insider Trading Activity

Rhea-AI Filing Summary

Warren Kelcy L, a director of Energy Transfer LP (ET), reported purchases of common units on 08/19/2025 and 08/20/2025 totaling 2,000,000 common units. The first purchase on 08/19/2025 added 650,000 units at a weighted average price of $17.30, bringing his direct holdings to 67,828,477 units. The second purchase on 08/20/2025 added 1,350,000 units at a weighted average price of $17.36, bringing his direct holdings to 69,178,477 units. The filing also discloses substantial indirect interests held through entities including Kelcy Warren Partners, LP and Kelcy Warren Partners III, LLC, with amounts reported in the filing. The reporting person disclaims beneficial ownership of those indirect holdings except to the extent of his pecuniary interest. The Form 4 was signed by an attorney-in-fact on 08/21/2025.

Insights

Financial Analyst

TL;DR: Director purchased 2,000,000 ET units across two days, increasing direct holdings to 69.18 million units.

The reported open-market purchases on 08/19/2025 and 08/20/2025 total 2,000,000 common units at weighted prices of $17.30 and $17.36, respectively. These transactions increased the reporting person's direct holdings to 69,178,477 units, as shown in the Form 4. For investors, the filing provides a clear, quantifiable change in insider ownership; no derivatives or dispositions were reported. Purchase price ranges and weighted averages are disclosed in the explanatory notes.

Corporate Governance Expert

TL;DR: Significant insider purchases were reported, while indirect holdings are disclosed with standard disclaimers.

The Form 4 appropriately discloses both direct acquisitions and the existence of indirect holdings through multiple entities. The filer includes required disclaimers that he disclaims beneficial ownership of certain indirect interests except to the extent of pecuniary interest, which is standard. The filing was executed by an attorney-in-fact and includes weighted average pricing details for transparency.

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^*

WARREN KELCY L

(Last) (First) (Middle)

8111 WESTCHESTER DRIVE

(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)
08/19/2025

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	08/19/2025		P		650,000	A	$17.3(1)	67,828,477	D
Common Units	08/20/2025		P		1,350,000	A	$17.36(2)	69,178,477	D
Common Units								123,385,650	I	By: Kelcy Warren Partners, LP(6)
Common Units								100,577,803	I	By: Kelcy Warren Partners III, LLC(7)
Common Units								10,224,429	I	By: Kelcy Warren Partners II, LP(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 price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $17.235 to $17.36, 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.

2. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $17.295 to $17.40, 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.

3. 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.

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 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.

7. 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.

	Sonia Aube, Attorney-in-fact for Mr. Warren	08/21/2025
	** Signature of Reporting Person	Date
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