10-K/APeriod: FY2024

Energy Transfer LP Annual Report (Amendment), Year Ended Dec 31, 2024

Filed March 13, 2025For Securities:ETET-PI

Summary

This 10-K/A filing from Energy Transfer LP (ET) primarily provides updated information on security ownership as of December 31, 2024, and February 7, 2025. The filing details equity compensation plans, showing a significant number of securities available for future issuance. More importantly for investors, it outlines the beneficial ownership of the company's common units and Class A units. Kelcy L. Warren remains the largest unitholder, with a substantial direct and indirect ownership stake, contributing to a significant voting interest in the partnership, especially when considering his control over Class A units which are tied to the General Partner's voting power. The aggregated ownership of directors and executive officers as a group also represents a notable percentage of the company's voting securities.

Financial Highlights

43 data points
Beta

Revenue

$82.67B

25.0% Gross Margin

Net Income

$4.81B

5.8% Net Margin

Total Assets

$125.38B

Cash & Equivalents

$312.00M

Free Cash Flow

$11.51B

Financial Statements
Beta
Revenue$82.67B
Cost of Revenue$61.98B
Gross Profit$20.70B
SG&A Expenses$1.18B
Operating Expenses$73.53B
Operating Income$9.14B
Interest Expense$3.13B
Net Income$4.81B

Key Highlights

  • 1Kelcy L. Warren holds a significant beneficial ownership of 8.8% of common units and 100% of Class A units, resulting in an overall voting interest of 25% in Energy Transfer LP.
  • 2The total beneficial ownership of all directors and executive officers as a group stands at 10.0% of common units and 100.0% of Class A units.
  • 3Energy Transfer LP has 36,119,806 securities outstanding under equity compensation plans not approved by security holders, with 38,573,100 securities remaining available for future issuance.
  • 4The filing clarifies the structure of beneficial ownership for Kelcy L. Warren, detailing his holdings through various L.P.s, LLCs, and directly held units, as well as his controlling interest in the General Partner.
  • 5Class A Units, held primarily by Kelcy L. Warren, grant voting rights and are designed to maintain a specific voting percentage for the General Partner, irrespective of additional common unit issuances.
  • 6The total number of common units outstanding as of February 7, 2025, used for the ownership calculation, was 3,431,214,964.

Frequently Asked Questions

The Class A Units are primarily held by Kelcy L. Warren and represent a voting interest in the partnership. They are designed to ensure that the General Partner, through Mr. Warren's majority ownership, maintains a specific voting percentage (approximately 20% equivalent) in the partnership, particularly when additional common units are issued. These units do not have economic attributes or entitle holders to distributions.

As of February 7, 2025, the directors and executive officers of the General Partner, as a group, beneficially own 10.0% of the common units and 100.0% of the Class A units. This indicates a substantial alignment of interest between management and the partnership's voting control.

Yes, the company has 38,573,100 securities remaining available for future issuance under its equity compensation plans (excluding those currently outstanding). This provides flexibility for future incentive programs for employees and management.

Kelcy L. Warren's beneficial ownership is complex, involving direct holdings, units held by affiliated entities like Kelcy Warren Partners L.P. and Kelcy Warren Partners II L.P., units held by Kelcy Warren Partners III, LLC, and units attributable to his interest in ET Company Ltd and Three Dawaco, Inc. He also holds a significant interest in LE GP, LLC, which owns common units and Class A Units, further solidifying his control.