Kelcy Warren, the founder of Energy Transfer Partners, transformed the company from a natural gas transporter to a major player in the energy industry. Through a series of acquisitions, Energy Transfer now operates nearly 125,000 miles of pipeline, transporting one-third of the country's natural gas and crude oil. Warren's bold and inventive approach, along with his focus on seizing opportunities and listening to customer needs, has helped the company thrive. Energy Transfer has played a crucial role in connecting America's energy supply to where the market is evolving, including exporting natural gas to Asia and Europe. Warren's strategy of diversifying the company across different segments and developing a dual revenue stream has proven successful. The company's revenue has grown from $1 billion in 2003 to nearly $90 billion in 2022. Warren's engineering background has also allowed Energy Transfer to repurpose assets and develop new competencies, such as becoming the largest exporter of ethane. Despite challenges like the Covid-19 pandemic and market imbalances, Energy Transfer continues to innovate and pursue investments in new regions. Warren's philanthropic efforts and commitment to community impact are also notable aspects of his legacy.
In other news, FirstEnergy Corp. has completed the sale of a 30% ownership interest in its FirstEnergy Transmission, LLC (FET) subsidiary to Brookfield Super-Core Infrastructure Partners for $3.5 billion [c1238691]. The transaction includes $2.3 billion in cash and $1.2 billion in interest-bearing notes from Brookfield, expected to be settled by the end of 2024. The capital will be used to reinforce FirstEnergy's balance sheet and fund its Energize365 grid investment program. FirstEnergy's President and CEO, Brian X. Tierney, stated that the closing of this transaction marks the beginning of a new phase of financial stability and expansion for the company. Natalie Hadad, Managing Partner in Brookfield's Infrastructure Group and Co-Head of Brookfield Super-Core Infrastructure Partners, expressed enthusiasm for the increased investment in FET and its alignment with Brookfield's strategy to invest in essential infrastructure assets. FirstEnergy has executed approximately $7 billion in strategic equity financings since late 2021. FirstEnergy serves over 6 million customers across six states and operates around 24,000 miles of transmission lines.
Additionally, Duke Energy has reached an agreement to sell its 50% ownership interest in Pioneer Transmission LLC to John Laing Group [702c2eb5]. Pioneer Transmission is a joint venture with American Electric Power and operates a 42.5-mile, 765-kilovolt transmission line in Indiana. The transaction is expected to close by year-end 2024. This sale is part of Duke Energy's ongoing efforts to optimize its portfolio and focus on its core operations. Duke Energy, based in Charlotte, North Carolina, is a leading energy infrastructure company that serves over 7 million customers in the United States. The company operates a diverse portfolio of natural gas and electric infrastructure assets, including transmission lines, power plants, and renewable energy projects. Duke Energy is committed to the energy transition and has set a goal to achieve net-zero carbon emissions by 2050.