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ONEOK completes spinoff of utility business

by Jay F. Marks Published: February 3, 2014
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ONE Gas Inc. is here.

The company, which includes three natural gas utilities, split from parent company ONEOK Inc. The transaction was completed at the close of business Friday, with ONEOK shareholders receiving one share of the new company’s stock for each four ONEOK shares they owned.

ONE Gas is now trading on the New York Stock Exchange under the symbol “OGS.”

“As a stand-alone, 100 percent regulated natural gas distribution business, we will be able to sharpen our focus on our distinct strategic goals and continue to invest in capital projects that improve safety, reliability and efficiency to better meet the expectations of our stakeholders,” CEO Pierce Norton II said. “ONE Gas is well positioned for long-term success and will continue to deliver the same safe, reliable and efficient service our customers have come to expect from us for more than a century.”

Tulsa-based ONE Gas consists of Oklahoma Natural Gas Company, Kansas Gas Service and Texas Gas Service. It is one of the largest natural gas utilities in the United States, serving more than 2 million customers in three states.

Its largest natural gas distribution markets by customer count are Oklahoma City and Tulsa, Okla.; Kansas City, Wichita and Topeka, Kan.; and Austin and El Paso, Texas.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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