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Oneok spins off natural gas distribution unit

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February 3, 2014 11:29 AM EST | AP

TULSA, Okla. (AP) — Energy company Oneok said Monday that it has completed the spinoff of its natural gas distribution business into a separate, publicly traded company.

The new company is called One Gas Inc. It includes Kansas Gas Service, Oklahoma Natural Gas Co. and Texas Gas Service.

Stockholders are keeping their current shares of Oneok and are receiving one share of One Gas stock for every four shares of Oneok that they own. Fractional shares won't be issued but shareholders entitled to receive a fractional share of One Gas will receive the cash value of that fractional share instead.

Oneok Inc. announced the planned spinoff last month. It also announced the retirement of CEO John Gibson at that time. Gibson has become non-executive chairman of Oneok, Oneok Partners LP and One Gas.

Terry Spencer, formerly company president, has become CEO at Oneok and Oneok Partners LP. He will remain on the board at Oneok Partners board and has become a member of Oneok's board.

One Gas is trading on the New York Stock Exchange under the "OGS" ticker symbol starting Monday. Oneok is still trading on the NYSE under the "OKE" ticker symbol.

Shares of Oneok fell 86 cents to $59.10 in Monday midday trading. One Gas was down 46 cents at $33.66.