A year ago, Kelcy L. Warren, the chief executive of the pipeline giant Energy Transfer Equity, cast a long shadow even among the Texas wildcatting elite, with a personal fortune estimated at more than $7 billion.
He is $4 billion poorer today as he scrambles to find a way out of a merger with the Williams Companies, a $38 billion deal that has become so acrimonious that an analyst has called it “the Cuban missile crisis of mergers.”
