QUANTUMONLINE.COM SECURITY DESCRIPTION:  Energy Transfer L.P. formerly Crestwood Equity Partners LP, 9.25% Cumulative Preferred Units, not redeemable at the issuer's option at any time, and with no stated maturity. Cumulative distributions of 9.25% per annum ($0.8444 per annum or $0.2111 per quarter) will be paid quarterly within 45 days after the end of each quarter to holders of record on the record date fixed by the board. (NOTE: the ex-dividend date is one business day prior to the record date). If the issuer fails to pay the Preferred Distribution in full in cash for any quarter after the Initial Distribution Period, then until such time as all accrued and unpaid preferred distributions are paid in full in cash the Distribution Amount will increase to $0.2567 per quarter and any accrued and unpaid distributions will increase at a rate of 2.8125% per quarter, with the amount of such unpaid distribution accruing and accumulating from the last day of the quarter for which such distribution is due until paid in full. Under certain circumstances the general parner or any of its affiliates may caused the preferred units to be redeemed (See prospectus for more details). Upon the occurrence of a change of control resulting in the common units of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges and the consideration per common unit exceeds $10.00 the company may be required to redeem the preferred units at $9.218573 per preferred unit, plus accrued and unpaid distributions to the date of such redemption (see prospectus for more details). The preferred shares are convertible any time at the holder's option into common units of Crestwood Equity Partners LP, (NYSE: CEQP), Energy Transfer LP, (NYSE: ET) at the then-applicable Conversion Ratio. If the price of the common units exceeds $13.69095 divided by the then applicable Conversion Ratio for 20 of any 30 consecutive trading days, the general partner may, at their option, cause the preferred units to be converted into common units at the then prevailing conversion price (see prospectus for more details). In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Conv Shrs Conv Price	Distribution Dates	15% Tax Rate
NYSE Chart	9.25% $0.84	N/A N/A	None None	NR NR 11/07/2023	10:2.07 N/A	n.a. Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

Notes:  Nov. 3, 2023-- Energy Transfer LP (NYSE: ET) (“Energy Transfer”) announced today the completion of its previously announced merger with Crestwood Equity Partners LP (“Crestwood”). The merger was approved by Crestwood unitholders at its special meeting of unitholders held on October 30, 2023. Effective with the opening of the market on November 3, 2023, Crestwood’s common units and preferred units ceased trading on the New York Stock Exchange (NYSE). Holders of Crestwood common units received 2.07 Energy Transfer common units for each Crestwood common unit held by them (the “Common Unit Merger Consideration”). Additionally, each outstanding Crestwood preferred unit was, at the election of the holder of such Crestwood preferred unit, either, (i) converted into a new preferred unit of Energy Transfer that has substantially similar terms, including with respect to economics and structural protections, as the Crestwood preferred units; (ii) redeemed in exchange for $9.857484 in cash plus accrued and unpaid distributions to the date of such redemption; or (iii) converted into a Crestwood common unit at the then-applicable conversion ratio of one Crestwood common unit for ten Crestwood preferred units, and such Crestwood common units then received the Common Unit Merger Consideration. The new Energy Transfer preferred units will be Series I Fixed Rate Perpetual Preferred Units and will trade on the NYSE under the ticker symbol “ETprI”. On November 23, 2015 -- Crestwood Equity Partners LP effected a reverse unit split at the ratio of 1-for-10, which proportionally adjusted the conversion ratio of the preferred units, so that the 71,257,445 preferred units currently outstanding are convertible into 7,125,745 common units, with fractional units rounded to the nearest whole unit.

Company's Online Information Links

HOME PAGE:     https://www.energytransfer.com/
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Company's Online SEC EDGAR Filings

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Company's Email Address Links

Email Address	InvestorRelations@energytransfer.com
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Address and Phone Numbers

Address:   8111 Westchester Drive, Suite 600, Dallas, TX 75225
Main Phone Number	214-981-0700
Fax Number	214-981-0703
Investor Relations   Lyndsay Hannah	214-981-0795
Toll Free Phone Number	Unknown

CEO - Kelcy L. Warren

CEO - Mackie McCrea

CFO - Dylan Bramhall