ONEOK Partners, L.P. Is New Name for Northern Border Partners; Partnership Also Announces Governance Changes
18 Mai 2006 - 1:06AM
PR Newswire (US)
TULSA, Okla., May 17 /PRNewswire-FirstCall/ -- Northern Border
Partners, L.P. (NYSE:NBP), announced today that it will change its
name to ONEOK Partners, L.P. and will begin trading under the new
symbol "OKS" on the New York Stock Exchange when trading opens on
Monday, May 22, 2006. In addition, ONEOK Partners announced several
changes in its governance. ONEOK, Inc. (NYSE:OKE) owns the general
partner of ONEOK Partners and 45.7 percent of the partnership. In
April 2006, ONEOK Partners purchased from ONEOK the gathering and
processing, natural gas liquids and pipelines and storage segments
for approximately $3 billion. In exchange, ONEOK received cash and
limited partner units. "The new name launches a new era for the
partnership and reflects its broader scope of operations, which now
include assets from ONEOK," said David Kyle, ONEOK Partners
chairman and chief executive officer. "The ONEOK Partners name also
acknowledges the new ownership and management structure of the
partnership, the aligned interests of the partnership and ONEOK and
their combined commitment to deliver growth to unit holders and
shareholders of both entities." As a result of the governance
changes approved today, the current policy and audit committees
will be replaced with a board of directors of ONEOK Partners GP,
the sole general partner of ONEOK Partners. The board will consist
of six members, three of whom are independent. The three
independent members of the ONEOK Partners' board will also serve as
the audit committee. The independent directors are: Gerald B.
Smith, chairman, chief executive officer and co-founder of Graham
and Company Investment Advisors; Gary N. Petersen, president of
Endres Processing LLC; and Gil J. Van Lunsen, retired managing
partner of KPMG LLP. Other ONEOK Partners directors are: David
Kyle, ONEOK Partners chairman and chief executive officer; John W.
Gibson, president and chief operating officer; and James C. Kneale,
executive vice president and chief financial officer. In addition,
ONEOK Partners will be headquartered in Tulsa, Okla. As part of the
name change, ONEOK Partners plans a re-branding campaign that will
include employee, customer and investor communications, a new
corporate identity and the launch of a re-designed Web site,
http://www.oneokpartners.com/ , which will feature investor and
customer information for ONEOK Partners, L.P. and ONEOK, Inc. on
the same site. The new Web site will be launched on Monday, May 22,
2006. The new ONEOK Partners logo is available at
http://www.oneok.com/ . ONEOK, Inc. (NYSE:OKE) is a diversified
energy company. We are the general partner and own 45.7 percent of
ONEOK Partners (NYSE:OKS), one of the largest publicly traded
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 much of the natural gas and NGL supply in the
mid-continent 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. For information about ONEOK, Inc. visit the Web site:
http://www.oneok.com/ . Some of the statements contained and
incorporated in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements relate to: anticipated
financial performance; management's plans and objectives for future
operations; business prospects; outcome of regulatory and legal
proceedings; market conditions and other matters. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements in certain circumstances. ONEOK, Inc.
Northern Border Partners, L.P. Analyst Contact: Dan Harrison
Analyst Contact: Ellen Konsdorf 918-588-7950 877-208-7318 Media
Contact: Megan Washbourne Media Contact: Beth Jensen 918-588-7572
402-492-3400 OKE DATASOURCE: ONEOK, Inc.; Northern Border Partners,
L.P. CONTACT: analysts, Dan Harrison, +1-918-588-7950, or media,
Megan Washbourne, +1-918-588-7572, both of ONEOK, Inc.; or
analysts, Ellen Konsdorf, +1-877-208-7318, or media, Beth Jensen,
+1-402-492-3400, both of Northern Border Partners, L.P. Web site:
http://www.oneok.com/ http://www.oneokpartners.com/
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