The Billionaire Behind the Dakota Access Pipeline Is a Little Lonely

“I’m going to be a little boastful here,” says Kelcy Warren. “Nobody has built more pipelines in the last 15 years than Energy Transfer. Many of these pipelines are game changers for the nation, and we’re very proud of them.” Warren, chairman and chief executive officer of Dallas-based pipeline operator Energy Transfer LP, is on the witness stand in a courtroom in Delaware. Few people would dispute his assertion about the disruptive nature of his business. His company is best known for its Dakota Access Pipeline, a $3.8 billion project that in 2016 became a subject of global interest and, in some cases, outrage. “It kind of, unfortunately, got a little fame to it,” he concedes when questioned about Energy Transfer’s signature undertaking.

In court on this day in February 2018, Warren is on the defensive, testifying in a civil suit filed by some unhappy investors. These shareholders allege that they were denied the opportunity in 2016 to take advantage of a private offering of $1 billion in new shares—shares that, unlike the usual ones, guarantee cash distributions to holders even in a downturn. Warren, who’s worth $4.8 billion according to the Bloomberg Billionaires Index, helped himself to more than half of these special securities.