ONEOK Separates Natural Gas Distribution Sector

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The board of directors of ONEOK Inc. unanimously approved the separation of the company’s natural gas distribution business into a stand-alone, publicly traded company that will be called ONE Gas Inc. At closing, Terry K. Spencer will become president and chief executive officer of ONEOK and ONEOK Partners, and a member of the ONEOK board of directors; he will remain on the ONEOK Partners board. Pierce H. Norton II will become president and chief executive officer of ONE Gas and a member of the ONE Gas board of directors. ONE Gas will consist of Kansas Gas Service, Oklahoma Natural Gas Co. and Texas Gas Service, and will be headquartered in Tulsa, OK.