WARREN KELCY L 4
4 · Energy Transfer LP · Filed May 11, 2026
Research Summary
AI-generated summary of this filing
Energy Transfer (ET) Director Kelcy L. Warren Receives Award
What Happened
Kelcy L. Warren, a director of Energy Transfer LP (ET), received 1,109,279 ET common units on May 8, 2026 as an award/acquisition (Form 4 code A). The units were valued at $19.8327 each (10‑day VWAP ending May 7, 2026), for a total consideration of $21,999,998 (reported as $22.0M). According to the filing, the units were issued in connection with a subsidiary of ET acquiring a business entity owned by Mr. Warren in exchange for the common units.
Key Details
- Transaction date and type: May 8, 2026 — Grant / other acquisition (A).
- Price and quantity: 1,109,279 common units at $19.8327 per unit (VWAP); total reported value $21,999,998.
- Consideration: Units issued to ET’s subsidiary as payment for a business entity owned by Mr. Warren (see detailed footnote).
- Ownership after transaction: Not specified in the Form 4.
- Footnotes / ownership disclaimers: The filing notes the reported units are owned directly by entities controlled by Mr. Warren (Kelcy Warren Partners LP/II/III, Warren Capital Corp., ET Company Ltd., LE GP, LLC, etc.). Mr. Warren disclaims beneficial ownership of those reported units except to the extent of his pecuniary interest.
- Filing timing: Form 4 was filed May 11, 2026 (three days after the May 8 transaction). Form 4s are typically due within two business days; review the filing for any timeliness notes if that is a concern.
Context
This was not an open‑market purchase by the insider but issuance of ET common units as consideration for a business sale to an ET subsidiary. Such transactions reflect corporate deal consideration rather than a straightforward insider buy or sell; they don’t necessarily signal the insider buying shares for investment. The filing’s multiple entity ownership notes indicate the units are held by entities affiliated with Mr. Warren, with standard disclaimers about beneficial ownership.
Insider Transaction Report
- Award
Common Units
[F7]2026-05-08$19.83/sh+1,109,279$21,999,998→ 14,978,717 total
- 146,901,879(indirect: By: Kelcy Warren Partners, LP)
Common Units
[F1] - 10,224,429(indirect: By: Kelcy Warren Partners II, LP)
Common Units
[F2] - 133,136,757(indirect: By LLC)
Common Units
[F6] - 1,233,857(indirect: By: Warren Capital Corp.)
Common Units
[F3] - 328,383(indirect: By: ET Company, Ltd.)
Common Units
[F4] - 601,076(indirect: By LLC)
Common Units
[F5]
Footnotes (7)
- [F1]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.
- [F2]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.
- [F3]The reported units are owned directly by Warren Capital Corp., a corporation owned by Mr. Warren. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.
- [F4]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.
- [F5]The reported units are owned directly by LE GP, LLC. The reported units represent the estimated pro rata interest of Mr. Warren in LE GP, LLC. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.
- [F6]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. Mr. Warren disclaims beneficial ownership of the reported units except to the extent of his pecuniary interest therein.
- [F7]In connection with a potential capital project, a subsidiary of Energy Transfer LP ("ET") acquired a business entity owned by Kelcy L. Warren in exchange for $22,000,000 of ET common units. The common units were valued at $19.8327 per unit, based on the volume-weighted average price for the 10 trading days ending May 7, 2026. As a result, Mr. Warren received 1,109,279 ET common units in the transaction.