Bloomberg Billionaires Index

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# 496 Kelcy Warren $5.36B

Random fact: Paid $47 million in 2010 for a ranch near Pagosa Springs, Colorado.


Warren is the chairman and largest shareholder of Energy Transfer LP, a US energy and pipeline company. The Dallas-based business has assets in 41 US states and reported revenue of $67.4 billion in 2021. It was formed in the same year following the merger of Energy Transfer Partners and Energy Transfer Equity.

As of :
Last change -$72.6M ( -1.3%)
YTD change +$393M ( +7.9%)
Biggest asset ET US Equity
Country / Region United States
Age 67
Industry Energy
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Kelcy Warren's net worth of $5.36B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Warren's fortune is derived from his stake in Energy Transfer LP, formerly called Energy Transfer Equity until it merged with Energy Transfer Partners in 2018. It has assets in 41 states, according to its website.

Warren owns a 9.1% stake in the company's common units, according to the 2021 annual report.

The billionaire collected about $700 million in incentive distribution rights and payouts from Energy Transfer Partners between 2004 and 2006, following ETP's initial public offering. Applicable taxes are applied on distributions because the founders of master limited partnerships don't receive the preferential return of capital tax treatment MLP investors do, according to Tim Fenn, a securities attorney at Latham & Watkins in Houston.

His cash holdings are valued based on proceeds from distributions, according to company filings, and an analysis of Bloomberg data. Taxes and market performance are applied to these proceeds.

Warren owns other assets, including real estate in Dallas, Austin, Colorado and Roatan, Honduras. These properties are valued at about $100 million, based on purchase prices and assessor records, when available.

Vicki Granado, a spokesperson for Warren, declined to comment on the net worth calculation.


Family: Married, 1 child

Kelcy Warren grew up in White Oak, Texas, a town in east Texas outside the city of Longview. His first exposure to the energy pipeline business came during a summer job as a welder's assistant with his father.

He studied pipelines at the University of Texas at Arlington, where he received a degree in civil engineering in 1978. Warren's first job was designing pipelines for Lone Star Gas, a position he left after two years because he wanted to be rich, he told the UT Arlington Magazine in 2007. His next job, at Endevco, enabled him to rise from an engineering position to president of the company, specializing in commercial energy development. In the early 1990s, he served as the CEO of Crosstex Energy and president of Cornerstone Natural Gas.

Warren partnered with Ray C. Davis in 1996 in a propane pipeline investment, La Grange Energy L.P. They became billionaires as the partnership grew through mergers and acquisitions into LE GP, the closely held general partner through which the pair hold stakes in more than 56,000 miles of pipeline.

In 2004, Energy Transfer Partners sold shares in an initial public offering after Warren and Davis, through La Grange, bought propane transmission lines in Texas. The company had about 7,750 miles of pipelines at the time. In 2006, Energy Transfer Equity, the partnership that held the general partner rights to ETP, staged an IPO. Acquisitions became a hallmark of the company, underscored by a period between April 2011 and May 2012 when it paid $12.6 billion for three businesses, including Sunoco Logistics.

Warren owns a record label in Austin, Texas, Music Road Records, that he co-founded in 2007. Warren also purchased 52 percent of Roatan Electric Co., the power company of the Honduran island, where he and his family often vacation. His real estate holdings include BootJack Ranch, a 3,500-acre spread in Colorado that he paid $47.5 million for, according to the Wall Street Journal.

  • 1955 Kelcy Warren is born. He's raised in White Oak, Texas.
  • 1978 Graduates from University of Texas at Arlington with civil engineering degree.
  • 1996 Forms La Grange Energy with Ray C. Davis. Evolves into Energy Transfer.
  • 2004 Energy Transfer Partners sells shares in an initial public offering.
  • 2005 Through Energy Transfer Partners, acquires Houston Pipeline.
  • 2006 Energy Transfer Equity holds its initial public offering.
  • 2012 Buys Sunoco for $5.3 billion.
  • 2017 Sunoco LP merges with Energy Trasnfer Partners.