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ONEOK board approves spinoff of utility companies

The board at ONEOK Inc. has approved the separation of its natural gas distribution company into a stand-alone company to be called ONE Gas Inc.
BY JAY F. MARKS Published: January 9, 2014

ONE Gas Inc. is coming soon.

Parent company ONEOK Inc.'s board on Wednesday unanimously approved the separation of its natural gas distribution business into a stand-alone company.

ONE Gas, which will be based in Tulsa, is expected to begin trading on the New York Stock Exchange on Feb. 3 under the ticker symbol “OGS.”

The new company will pay about $1.13 million to ONEOK as part of the transfer. ONE Gas will issue its own long-term debt to fund the payment, but it expects to have a capital structure, balance sheet and financial policies consistent with investment-grade credit metrics.

ONE Gas will consist of Oklahoma Natural Gas, Texas Gas Service and Kansas Gas Service, making it one of the largest natural gas utilities in the country. Those public utilities serve more than 2 million customers.

ONEOK shareholders will receive one share of ONE Gas stock for every four shares of company stock they own on Jan. 21. ONE Gas shares will be distributed on Jan. 31, when the spinoff closes.

Pierce H. Norton II will be the new company's president and CEO. He also will serve on ONE Gas' six-member board.

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