By a News Reporter-Staff News Editor at Energy Weekly News -- ONE Gas, Inc. (NYSE: OGS) announced the company's separation from ONEOK, Inc. (NYSE: OKE) into a stand-alone, 100 percent regulated, publicly traded natural gas distribution company now is complete.
ONE Gas common stock will begin "regular-way" trading under the symbol "OGS" on the New York Stock Exchange (NYSE) today, Feb. 3, 2014, when markets open.
The transaction was completed at the close of business on Jan. 31, 2014 tax-free (except for cash received in lieu of fractional shares as described below) to shareholders. ONEOK shareholders of record at the close of business on Jan. 21, 2014, retained their shares of ONEOK stock and received one share of ONE Gas stock 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, 2014.
Pierce H. Norton II is now president and chief executive officer of ONE Gas and a member of the ONE Gas board of directors.
"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," said Norton. "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."
ONE Gas consists of Oklahoma Natural Gas Company, Kansas Gas Service and Texas Gas Service, and will be headquartered in Tulsa, Okla. It becomes 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.
You may find additional details about ONE Gas at www.onegas.com.
Keywords for this news article include: Oil & Gas, Natural Gas, ONE Gas Inc., Energy Company.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC