WARREN KELCY L 4

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.