Oneok to Spin Off Gas Distribution Business Into One Gas
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Oneok Inc., the Oklahoma-based operator of natural gas pipelines, said it will spin off its utility business, sending shares up the most in more than four years to lead the Standard & Poor’s 500 Index today.
The new gas distribution company, to be called One Gas Inc., will deliver the heating and power plant fuel to 2 million homes and businesses in Oklahoma, Kansas and Texas, Tulsa-based Oneok said in a statement today. Oneok will remain the parent of Oneok Partners LP, a master-limited partnership.