TULSA, Okla., Dec. 1, 2011 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced that it has entered into a definitive
agreement to sell its subsidiary, ONEOK Energy Marketing Company,
to Constellation Energy Group, Inc. (NYSE: CEG) for $22.5 million plus working capital.
ONEOK Energy Marketing Company provides physical and financial
natural gas products and services to retail customers primarily
located in the Mid-Continent and Texas. The business is accounted for in the
ONEOK natural gas distribution segment.
"We determined that retail natural gas marketing is no longer a
core business to ONEOK and have made the decision to exit the
business," said Pierce H. Norton,
ONEOK chief operating officer. "Constellation is a logical
buyer since it is active in most states where ONEOK Energy
Marketing Company has customers. It also has the resources
and capabilities to compete and grow the retail natural gas
marketing business."
ONEOK will continue its wholesale natural gas marketing
activities through its energy services business segment.
ONEOK Energy Marketing Company currently employs 39, with 14
employees located in Tulsa and the
remaining located in various locations in Kansas, Texas, Oklahoma, Nebraska and Wyoming.
All current ONEOK Energy Marketing Company employees will be
considered for positions with Constellation. Those not
offered positions with Constellation will have the opportunity to
apply for other open positions within ONEOK. Employees who do
not find a position or choose not to apply for another job within
ONEOK will receive severance and other benefits from ONEOK.
The transaction is expected to close in the first quarter of
2012.
ONEOK, Inc. (NYSE: OKE) is a diversified energy company.
We are the general partner and own 42.8 percent of ONEOK
Partners, L.P. (NYSE: OKS), one of the largest publicly traded
master limited partnerships, which is a leader in the gathering,
processing, storage and transportation of natural gas in the U.S.
and owns one of the nation's premier natural gas liquids (NGL)
systems, connecting NGL supply in the Mid-Continent and Rocky
Mountain regions with key market centers. ONEOK is among the
largest natural gas distributors in the
United States, serving more than 2 million customers in
Oklahoma, Kansas and Texas. Our energy services operation
focuses primarily on marketing natural gas and related services
throughout the U.S. ONEOK is a FORTUNE 500 company and is
included in Standard & Poor's (S&P) 500 Stock Index.
For information about ONEOK, Inc., visit the website:
www.oneok.com.
For the latest news about ONEOK, follow us on Twitter
@ONEOKNews.
Some of the statements contained and incorporated in this news
release are forward-looking statements within the meaning of
Section 27A of the Securities Act, and Section 21E of the Exchange
Act. The forward-looking statements relate to our anticipated
financial performance, management's plans and objectives for our
future operations, our business prospects, the outcome of
regulatory and legal proceedings, market conditions and other
matters. We make these forward-looking statements in reliance
on the safe harbor protections provided under the Private
Securities Litigation Reform Act of 1995. The following
discussion is intended to identify important factors that could
cause future outcomes to differ materially from those set forth in
the forward-looking statements.
Forward-looking statements include the items identified in the
preceding paragraph, the information concerning possible or assumed
future results of our operations and other statements contained or
incorporated in this news release identified by words such as
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "should," "goal," "forecast," "guidance," "could,"
"may," "continue," "might," "potential," "scheduled" and other
words and terms of similar meaning.
Analyst Contact:
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Andrew Ziola
|
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918-588-7163
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Media Contact:
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Megan Washbourne
|
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918-588-7572
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SOURCE ONEOK, Inc.