Energy Transfer Equity

Energy Transfer Equity is an oil and gas pipeline empire built by billionaire Kelcy Warren with a spate of M&A deals (Sunoco, Southern Union) that paid off handsomely during the shale boom. In 2016 it counted a network of around 71,000 miles of pipelines pumping natural gas, natural gas liquids, refined products, and crude oil. But Warren's luck ran out with a miscalculated approach for Williams Companies, just as the oil price crash took its toll on the "midstream" segment. ETE persuaded Williams to sell itself in September for $32.6 billion, but the value of both companies rapidly tumbled, leading the energy pipeline companies to call off the deal. Today Williams is worth about $24 billion, ETE is worth $18.5 billion, and both companies are making their way forward alone.