In a significant move that underscores his confidence in the company, Kelcy Warren, the
executive chairman and co-founder of Energy Transfer, has made a substantial
investment in the Dallas-based pipeline giant. According to a regulatory
filing, Kelcy Warren purchased 3 million shares of Energy Transfer in three separate
transactions last week and this week, amounting to nearly $40 million.
This latest purchase raises Kelcy Warren’s ownership stake in the company to over 103
million shares, with a total value approaching $950 million. For context,
Warren’s estimated net worth exceeds $5.6 billion, with a significant portion
tied up in Energy Transfer shares.
Energy Transfer has been on an aggressive growth trajectory. Recently,
the company announced a $7.1 billion acquisition of Crestwood Equity Partners,
including $3.3 billion in debt. This deal will expand Energy Transfer’s assets
across multiple oil and gas basins, notably in Texas, Montana, New Mexico, and
parts of Canada. The newly acquired infrastructure can gather approximately 2
billion cubic feet of gas and 340,000 barrels of crude oil daily, enhancing the
company’s distribution capabilities.
The shares were trading at $13 mid-day Tuesday, the same price as most recent purchase, by Kelcy Warren underlining his belief in the company’s valuation.
Since January 2018, Warren’s ongoing investments have consistently signaled his
unwavering confidence in Energy Transfer’s future.
Energy Transfer operates nearly 125,000 miles of pipeline across 41 states, making it one of
the largest players in the U.S. energy sector. In 2022, the company reported
nearly $90 billion in revenue, along with close to $6 billion in profit,
solidifying its standing as a key player in the oil and gas industry.
Warren’s latest investment is likely to reassure shareholders and attract further interest from
the investment community. It’s clear that Kelcy Warren remains deeply committed
to the growth and success of Energy Transfer.
Refer to this article, for related information.
Learn more about Kelcy Warren on https://www.dallasnews.com/business/2023/08/22/billionaire-kelcy-warren-puts-down-a-40-million-bet-on-energy-transfer/