Pipeline Billionaire Steps Down

Pipeline Billionaire Steps Down
Kelcy Warren, the Dallas billionaire, is stepping down as chief executive officer of Energy Transfer LP.

But his tone was notably different on the company’s most recent earnings call, when Energy Transfer joined its peers in slashing spending plans for new projects in response to a crash in crude prices.

“We went through a very aggressive growth spurt, and it’s been painful because it’s lasted longer than we expected and it cost more than we expected,” he said. “But now it’s about over, and we’re relieved that it is.”

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