Energy Transfer and Crestwood Announce Election Deadline for Crestwood Preferred Unitholders to Elect Form of Merger Consideration

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”). The Election Deadline is based on Energy Transfer’s and Crestwood’s expectation that the transaction will close on November 3, 2023, subject to the approval of Crestwood’s unitholders and satisfaction of other customary closing conditions.

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An election form (the “Election Form”) was initially mailed on September 29, 2023 to Crestwood Preferred Unitholders of record as of September 22, 2023 (the “Mailing Record Date”). Crestwood Preferred Unitholders wishing to make an election as to the form of consideration they wish to receive must deliver a properly completed and executed Election Form to Equiniti Trust Company, LLC (the “Exchange Agent”) by the Election Deadline.

As further described in the Agreement and Plan of Merger, dated as of August 16, 2023, by and among Crestwood, Energy Transfer, Pachyderm Merger Sub LLC, a direct wholly owned subsidiary of Energy Transfer, and, solely for the purposes set forth therein, LE GP, LLC (the “Merger Agreement”) and in the proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 29, 2023 (the “Proxy Statement/Prospectus”), each Crestwood Preferred Unit outstanding immediately prior to the effective time will, at the election of the holder of such Crestwood Preferred Unit, (i) convert into a new Energy Transfer security that has substantially similar terms, including with respect to economics and structural protections, as the Crestwood Preferred Units, as such terms may be amended if the requisite consents are obtained in the previously announced solicitation of consents (the “Consent Solicitation”) from Crestwood Preferred Unitholders to amend certain terms of the Sixth Amended and Restated Agreement of Limited Partnership of Crestwood, dated August 20, 2021 (the “Crestwood Partnership Agreement”) relating to the Crestwood Preferred Units proposed by Energy Transfer pursuant to the Merger Agreement (“New ET Preferred Units”), (ii) be redeemed in exchange for cash or common units representing limited partner interests in Crestwood (“Crestwood Common Units”), at the sole discretion of the general partner of Crestwood, at a price of (x) $9.218573 per Crestwood Preferred Unit or (y) if the requisite consents are obtained in connection with the Consent Solicitation, $9.857484 per Crestwood Preferred Unit, in each case, plus accrued and unpaid distributions to the date of such redemption, or (iii) convert into Crestwood Common Units, at the then-applicable Conversion Ratio (as defined in the Crestwood Partnership Agreement, currently one Crestwood Common Unit for 10 Crestwood Preferred Units), subject to the payment of any accrued but unpaid distributions prior to the effective time.