ONE Gas Inc. becomes stand-alone business

ONEOK Inc.

On Feb. 3, ONEOK Inc. completed its separation of the company's natural gas distribution business into a stand-alone, publicly traded company called ONE Gas Inc. (NYSE: OGS). 

ONEOK shareholders of record at the close of business on Jan. 21 retained their shares of ONEOK stock and received one share of ONE Gas stock tax free (except for cash received in lieu of fractional shares as described below) for every four shares of ONEOK stock owned. No fractional shares of ONE Gas stock were issued; however, shareholders entitled to receive a fractional share of ONE Gas stock in the distribution will receive the cash value of that fractional share instead.

ONE Gas shares were distributed following the close of business on Jan. 31.

ONE Gas common stock began "regular-way" trading under the symbol "OGS" on the New York Stock Exchange (NYSE) on Feb. 3, when markets opened. ONEOK will continue to trade on the NYSE under the ticker symbol "OKE."

Terry K. Spencer is now president and CEO of ONEOK and ONEOK Partners, and is a member of the ONEOK board of directors; he remains on the ONEOK Partners board. Spencer joined ONEOK in 2001 and has held positions of increasing responsibility, including most recently as president of ONEOK and ONEOK Partners.

Spencer succeeds John W. Gibson who retired after more than seven years as CEO of ONEOK and ONEOK Partners and almost 14 years with the company, and becomes a non-executive chairman of ONEOK, ONEOK Partners LP (NYSE: OKS), and ONE Gas.

ONEOK continues to hold its interests in ONEOK Partners LP, which include the sole general partner and limited partner interests that together represent 41.2% of the outstanding partnership interests, as of Dec. 31, 2013. No material impact to ONEOK Partners is expected as a result of this transaction.

 

 

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