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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.

Energy Transfer LP entered into an underwriting agreement to sell $1.2 billion of Series 2025A junior subordinated notes and $800 million of Series 2025B junior subordinated notes, an aggregate $2.0 billion of securities due 2056. The Series 2025A Notes carry an initial fixed interest rate of 6.500% and the Series 2025B Notes carry an initial fixed interest rate of 6.750%. The offering was registered on Form S-3 and was supplemented by a prospectus supplement filed under Rule 424(b).

The offering is expected to close on August 25, 2025, subject to customary closing conditions. The Partnership expects to receive approximately $1.980 billion of net proceeds before offering expenses and intends to use those proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. The underwriting agreement names several major banks as joint book-running managers and notes that affiliates of the underwriters are lenders under the revolving facility and may receive a portion of the proceeds through repayment. The underwriting agreement and a press release are attached as exhibits to the report.

Energy Transfer LP will host informational sessions with investors and analysts at Citi's 2025 Natural Resources Conference in Las Vegas, taking place August 12-14. Management plans to begin meetings at 8:00 a.m. Pacific (10:00 a.m. Central) on Tuesday, August 12 and expects to provide an overview of each business segment and updates on its growth projects. Prepared presentation materials will be posted on the company website under Investor Relations 鈥� Presentations & Webcasts. The report is a Regulation FD disclosure and includes a standard forward-looking statements caution, noting the company may post additional information in future filings but does not undertake an obligation to update posted materials.

Energy Transfer LP proposes two series of junior subordinated, fixed-to-fixed reset notes due February 15, 2056 (Series 2025A and Series 2025B). Each series pays interest semi-annually on February 15 and August 15, beginning February 15, 2026, with initial fixed-rate periods that reset to a Five鈥憏ear U.S. Treasury plus a spread on specified First Reset Dates (Series 2025A: Feb. 15, 2031; Series 2025B: Feb. 15, 2036); the preliminary document does not state the initial fixed rates or aggregate principal amounts.

The notes are unsecured and subordinated to all Senior Indebtedness, rank pari passu with existing junior subordinated notes (including $600M 2006 Series A, $800M 8.000% and $400M 7.125% series) and are structurally subordinated to approximately $11.29 billion of subsidiaries' indebtedness. Holders face an issuer option to defer interest payments for up to 20 consecutive semi鈥慳nnual periods (effectively up to ten years), during which interest accrues and deferred interest may compound. Net proceeds are intended to repay revolver borrowings and for general partnership purposes. The filing also discloses a $5.3 billion Transwestern Pipeline expansion (1.5 Bcf/d, 516 miles, service expected Q4 2029) supported by long鈥憈erm commitments.