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Oge Energy Corp. (OGE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01

OGE Energy Corp. reports earnings for 2015 and outlook for 2016

OKLAHOMA CITY - OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), and holder of 26.3 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP, today reported earnings of $1.36 per average diluted share in 2015, compared with earnings of $1.98 per average diluted share in 2014. Earnings for 2015 include pension settlement and goodwill impairment charges at Enable Midstream of approximately $114 million pretax, or $0.35 per share after tax. Ongoing earnings, which exclude these non-cash charges, for 2015 were $1.71 per average diluted share compared to $1.98 per average diluted share for 2014. Ongoing earnings and ongoing earnings per average diluted share are non-GAAP financial measures. Additional information regarding these measures, including reconciliations of ongoing earnings and ongoing earnings per average diluted share, is below.

In 2015, OG&E, a regulated electric utility, reported net income of $269 million and contributed $1.35 per diluted share, compared with $292 million, or $1.46 per diluted share in 2014. Enable Midstream issued cash distributions to OGE of approximately $139 million and contributed earnings of $9 million, or $0.05 per diluted share in 2015, compared to earnings of $102 million, or $0.51 per diluted share in 2014. The holding company had a loss of $0.04 per diluted share in 2015, compared to earnings of $0.01 per diluted share in 2014.

“The significant drop in commodity prices had an impact on our business as well as our communities.” said OGE Energy Corp. President and CEO Sean Trauschke. “However, we have made significant investments to improve our business and our company is better positioned to handle these challenges.”

Fourth Quarter results
For the three months ended Dec. 31, 2015, OGE Energy reported earnings of $0.15 per diluted share, compared with $0.29 per diluted share in the fourth quarter of 2014. The decrease is primarily due to lower, weather related, earnings at the utility.

Discussion of 2015 results

OG&E reported gross margin of $1.3 billion in 2015, which was approximately $15 million lower than 2014. The reduction in gross margin for the year was due to mild weather, lower wholesale transmission revenues, and the expiration of a wholesale contract. Partially offsetting these reductions was new customer growth. In addition to lower gross margin, depreciation expense increased $29 million in 2015 primarily due to additional assets being placed into service. As a result, OG&E's net income decreased by $23 million from $292 million in 2014 to $269 million in 2015.

Natural Gas Midstream Operations contributed earnings to OGE of approximately $9 million for 2015 compared to $102 million for 2014. Ongoing earnings, which exclude pension settlement and goodwill charges, were approximately $80 million for 2015. Lower earnings were primarily a result of lower natural gas and natural gas liquids prices.

2016 Outlook
OG&E is projected to earn $1.44 to $1.50 per average diluted share. The Company projects the earnings contribution from its ownership interest in Enable Midstream to be approximately $56 million to $66 million or $0.28 to $0.33 per average diluted share. Additionally, OGE Energy consolidated earnings guidance for 2016 is $1.72 to $1.83 per average diluted share. The guidance assumes approximately 200 million average diluted shares outstanding and normal weather for the year.  More information regarding the Company’s 2016 earnings guidance and the Company’s 2015 financial results is contained in the Company's Form 10-K filed with the Securities and Exchange Commission.

Conference Call Webcast
OGE Energy will host a live webcast for discussion of the results of 2015 and the 2016 outlook on Friday, February 26, at 8 a.m. CST. The conference will be available through www.oge.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 825,000 customers in Oklahoma and western Arkansas.  In addition, OGE holds a 26.3 percent limited partner interest and a 50 percent general partner interest of Enable Midstream Partners LP, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.

Non-GAAP Financial Measures
OG&E has included in this release the non-GAAP financial measures Ongoing Earnings, Ongoing Earnings per Average Diluted Share, and Gross Margin. Gross Margin is defined by OG&E as operating revenues less fuel, purchased power



The following information was filed by Oge Energy Corp. (OGE) on Friday, February 26, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical
Consolidated Statements Of Capitalization
Consolidated Statements Of Capitalization (parenthetical)
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
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)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities, Income Statement Presentation Related To Derivative Instruments (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements Carrying And Fair Value Amounts (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Investment In Unconsolidated Affiliate And Related Party Transactions
Investment In Unconsolidated Affiliate And Related Party Transactions (details)
Investment In Unconsolidated Affiliate And Related Party Transactions (tables)
Investment In Unconsolidated Affiliate And Related Party Transactions Reconciliation Of Equity In Earnings Of Unconsolidated Affiliates (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Related Party Transactions (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Summarized Balance Sheet Information Of Equity Method Investment (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Summarized Income Statement Of Equity Method Investment (details)
Long-term Debt
Long-term Debt (details)
Long-term Debt (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Rate Matters And Regulation
Rate Matters And Regulation (details)
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)
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 Equity Ownership (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)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: OGE
CIK: 1021635
Form Type: 10-K Annual Report
Accession Number: 0001021635-16-000172
Submitted to the SEC: Fri Feb 26 2016 8:30:44 AM EST
Accepted by the SEC: Fri Feb 26 2016
Period: Thursday, December 31, 2015
Industry: Electric Services

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