Energy Transfer Cuts Payouts for First Time in 14 Years (3)

Energy Transfer LP unexpectedly slashed partnership distributions in half just weeks after billionaire founder Kelcy Warren stepped down as chief executive officer of the U.S. pipeline giant.

In the first payout cut in at least 14 years, the company announced it will distribute 15.25 cents per common unit on Nov. 19, according to a statement Monday after the close of trading. The units fell as much as 7.7%.

The company is curbing outlays as the pandemic-driven drag on energy demand ripples through every corner of the industry, from fracking crews to refiners to drill-ship operators. The move will enable ...