Summary
This 8-K filing from ONEOK INC /NEW/ (OKE) on September 18, 2014, primarily serves to update previously filed financial information for the year ended December 31, 2013. The key focus is the retrospective presentation of its former Natural Gas Distribution and Energy Services segments as discontinued operations. This aligns with the completed separation of the natural gas distribution business into ONE Gas, Inc. in January 2014 and the accelerated wind-down of the Energy Services segment in March 2014. Investors should note that this filing is not introducing new operational events but rather restating historical financial data to reflect these significant structural changes. The company has realigned its reportable segments to Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines, beginning with its Q1 2014 filing. This 8-K provides revised Selected Financial Data, Management's Discussion and Analysis, and Financial Statements to reflect these changes, and should be read in conjunction with previous SEC filings.
Key Highlights
- 1ONEOK is providing revised financial disclosures to reflect its former Natural Gas Distribution and Energy Services segments as discontinued operations.
- 2This restatement is a consequence of the separation of the natural gas distribution business (ONE Gas, Inc.) in January 2014 and the wind-down of the Energy Services segment in March 2014.
- 3The company has realigned its reportable segments into Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines.
- 4Revised financial data for the year ended December 31, 2013, including Selected Financial Data, MD&A, and Financial Statements, are attached as exhibits.
- 5This filing updates historical information and does not introduce new operational events or future guidance.
- 6Investors are advised to read this filing in conjunction with ONEOK's 2013 Form 10-K and subsequent 10-Q filings for a complete understanding.