8-KLeadership ChangesRegulation FDExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Executive Changes (Dec 10, 2013)

Filed December 10, 2013For Securities:OKE

Summary

This 8-K filing from ONEOK Inc. (OKE) primarily details the post-transition arrangements for its former CEO, John W. Gibson, following the planned separation of its natural gas distribution business into ONE Gas, Inc. Mr. Gibson will transition to a non-executive chairman role for ONEOK Inc., ONEOK Partners, and ONE Gas. The company has entered into a letter agreement with Mr. Gibson outlining continued benefits, including office space, IT services, and access to University of Tulsa basketball tickets at face value for a specified period post-retirement from his executive duties. Additionally, the filing announces ONEOK's participation in the Wells Fargo Energy Symposium. This provides an opportunity for investors and analysts to hear directly from the company about its strategies and outlook. The presentation and webcast will be accessible through ONEOK's and ONEOK Partners' websites, offering transparency and insight into the company's future direction and its separation plans.

Key Highlights

  • 1John W. Gibson to transition from CEO to non-executive chairman roles for ONEOK Inc., ONEOK Partners, and ONE Gas upon completion of the ONE Gas separation.
  • 2ONEOK Inc. has entered into a letter agreement with John W. Gibson detailing post-employment benefits.
  • 3Benefits for Mr. Gibson include provision of office space, IT services, and University of Tulsa basketball tickets at face value for a defined term.
  • 4ONEOK Inc. and ONEOK Partners announced their participation in the Wells Fargo Energy Symposium on December 10-11, 2013.
  • 5The company's presentation at the symposium will be webcast and accessible on their respective websites.
  • 6The presentation materials will be available on the company websites on December 10, 2013, at 8:00 a.m. EST.

Frequently Asked Questions

The letter agreement formalizes the terms of Mr. Gibson's transition from CEO to a non-executive chairman role after the separation of the natural gas distribution business. It outlines specific benefits the company will provide him, such as office space and IT services, ensuring a smooth transition and acknowledging his past contributions.

ONEOK Inc. and its subsidiary ONEOK Partners announced their participation in the Wells Fargo Energy Symposium. This is an important event for investors as it offers a platform for the company to discuss its business, strategies, and future outlook, particularly in light of the upcoming ONE Gas separation.

The symposium presentation will be webcast and accessible live on the ONEOK and ONEOK Partners websites (www.oneok.com and www.oneokpartners.com). Additionally, the presentation materials will be posted on these websites on December 10, 2013, at 8:00 a.m. Eastern Standard Time.

The filing indicates that the separation of ONEOK's natural gas distribution business into a stand-alone company, ONE Gas, Inc., is imminent or in progress, as Mr. Gibson's transition is tied to its completion. Investors should monitor subsequent filings for further details on the completion and operational details of ONE Gas.