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Oge Energy Corp. (OGE) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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OGE Annual Reports

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports fourth quarter 2021 results and
outlook for 2022
Robust growth and strong operational performance deliver solid financial results

OKLAHOMA CITY — OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E") today reported earnings of $3.68 per diluted share in 2021, compared with a net loss of $0.87 per diluted share in 2020.

OG&E, a regulated electric utility, reported earnings of $1.80 per diluted share in 2021, compared with earnings of $1.70 per diluted share in 2020.
Natural Gas Midstream Operations reported earnings of $1.92 per diluted share in 2021, driven by a $1.32 per diluted share gain on the Enable merger transaction, compared with a loss of $2.58 per diluted share in 2020, which included a loss of $2.95 per diluted share due to an investment impairment charge associated with Enable.
The holding company and other operations reported a loss of $0.04 per diluted share in 2021, compared with a gain of $0.01 per diluted share in 2020.

"Every single employee contributed to the excellent results we delivered this year especially when you consider the headwinds we faced in early 2021" said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. "We ended the year with the best safety record in the Southeast Electric Exchange, were recognized as a Business Customer Champion by Escalent, and closed the Enable transaction. This outstanding performance combined with strong economic growth in our service area sets us up to deliver solid results for 2022."

Discussion of 2021 Results
OG&E reported net income of $360 million, or $1.80 per diluted share, in 2021 compared to $339 million, or $1.70 per diluted share, in 2020. The increase in net income was primarily driven by strong load growth of 2.4% and increased revenues from the recovery of capital investments, partially offset by the impacts of Winter Storm Uri and higher depreciation on a growing asset base.

Natural Gas Midstream Operations reported net income of $385 million, or $1.92 per diluted share, in 2021 compared to a net loss of $515 million, or $2.58 per diluted share, in 2020. The reported gain in 2021 was primarily due to the net gain of $265 million, or $1.32 per diluted share, associated with the Enable merger transaction that closed on December 2, 2021 and an increase in equity earnings from Enable resulting primarily from higher average natural gas and NGL prices. The reported net loss in 2020 was primarily related to the impairment charge in the Company’s investment in Enable.

Fourth Quarter Results
For the three months ended December 31, 2021, OGE Energy reported net income of $319 million, or $1.59 per diluted share compared with net income of $55 million, or $0.27 per diluted share in same period of 2020. The increase in earnings was primarily due to a net gain of $265 million, or $1.32 per diluted share on the Enable merger transaction. OG&E reported net income of $40 million, or $0.20 per diluted share compared with net income of $41 million, or $0.21 per diluted share in the same period 2020. The decrease in earnings at OG&E was primarily due to warmer weather in the fourth quarter of 2021 and recognition of a loss associated with the Winter Storm Uri regulatory settlement, partially offset by recovery of increased infrastructure investments.

2022 Outlook and Long-Term Growth Rate Outlook
The midpoint of the Company’s 2022 OG&E earnings guidance is $1.92, within a range of $1.87 to $1.97 per average diluted share. The Company is not issuing earnings guidance for its natural gas midstream operations, and therefore is not issuing a 2022 consolidated earnings guidance. The Company’s guidance for other operations, excluding natural gas midstream operations, is a loss of between $0.01 and $0.02 per average diluted share in 2022. This guidance assumes approximately 200.5 million average diluted shares outstanding.

The Company's forecasted long-term utility earnings per share growth outlook is 5% to 7%.

Dividend Declared
On February 23, 2022 the Company’s Board of Directors approved a second quarter dividend of $0.41 per share per common share of stock, to be paid April 29, 2022, to shareholders of record on April 11, 2022.



The following information was filed by Oge Energy Corp. (OGE) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Audit Information
Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical
Consolidated Statements Of Capitalization
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income Parenthetical
Consolidated Statements Of Income
Statements Of Changes In Stockholder's Equity
Accounting Pronouncements
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Common Equity
Common Equity (Tables)
Common Equity Automatic Dividend Reinvestment And Stock Purchase Plan (Details)
Common Equity Dividends Restriction (Details)
Common Equity Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Carrying And Fair Value Amounts (Details)
Fair Value Measures And Disclosures (Policies)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investment In Unconsolidated Affiliate
Investment In Unconsolidated Affiliate (Details)
Investment In Unconsolidated Affiliate (Tables)
Investment In Unconsolidated Affiliate Reconciliation Of Equity In Earnings Of Unconsolidated Affiliates (Details)
Investment In Unconsolidated Affiliate Summarized Balance Sheet Information Of Equity Method Investment (Details)
Investment In Unconsolidated Affiliate Summarized Income Statement Of Equity Method Investment (Details)
Leases, Codification Topic 842
Leases, Codification Topic 842 (Details)
Leases, Codification Topic 842 (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Rate Matters And Regulation
Rate Matters And Regulation (Details)
Related Party Disclosures
Related Party Disclosures (Details)
Related Party Disclosures (Tables)
Report Of Business Segments
Report Of Business Segments (Details)
Report Of Business Segments (Tables)
Retirement Plans And Postretirement Benefit Plans
Retirement Plans And Postretirement Benefit Plans (Details)
Retirement Plans And Postretirement Benefit Plans (Tables)
Retirement Plans And Postretirement Benefit Plans Postretirement Benefit Plans (Details)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (Tables)
Schedule Ii
Schedule Ii (Details)
Schedule Ii (Tables)
Short-Term Debt And Credit Facilities
Short-Term Debt And Credit Facilities (Details)
Short-Term Debt And Credit Facilities (Tables)
Stock Based Compensation
Stock Based Compensation (Details)
Stock Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Accounting Records (Details)
Summary Of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies Allowance For Funds Used During Construction (Details)
Summary Of Significant Accounting Policies Allowance For Uncollectible Accounts Receivable (Details)
Summary Of Significant Accounting Policies Asset Retirement Obligation (Details)
Summary Of Significant Accounting Policies Depreciation And Amortization (Details)
Summary Of Significant Accounting Policies Enviromental Costs (Details)
Summary Of Significant Accounting Policies Fuel Inventories (Details)
Summary Of Significant Accounting Policies Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies Regulated Operations (Details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies Reclassifications (Details)
Ticker: OGE
CIK: 1021635
Form Type: 10-K Annual Report
Accession Number: 0001021635-22-000037
Submitted to the SEC: Wed Feb 23 2022 5:39:53 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Electric Services

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