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Oge Energy Corp. (OGE) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports earnings for 2019 and outlook for 2020
Company completes largest capital investment program in Company history
OG&E Customers enjoy the lowest rates in the nation
CO2 emissions are more than 40% lower than 2005 as a result of strategic investments
Total cash distributions from Enable cross the $1 billion mark in 2019


OKLAHOMA CITY — OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP, today reported earnings of $2.16 per average diluted share in 2019, compared with earnings of $2.12 per average diluted share in 2018.

In 2019, OG&E, a regulated electric utility, reported net income of $350 million and contributed $1.74 per diluted share, compared with $328 million, or $1.64 per diluted share in 2018. Natural Gas Midstream Operations received cash distributions from Enable Midstream of $144 million and contributed earnings of approximately $81 million, or $0.41 per diluted share in 2019 compared to cash distributions of approximately $141 million and contributed earnings of $109 million, or $0.54 per diluted share in 2018. The 2019 Natural Gas Midstream results include a non-cash asset impairment of $16 million or $0.08 per share. The holding company posted a gain of $2 million or $0.01 per diluted share in 2019, compared to a loss of $11 million or $0.06 per diluted share in 2018.

“Our company achieved another solid year in 2019,” said OGE Energy Chairman, President and CEO Sean Trauschke. We wrapped up our environmental compliance investments, opportunistically purchased two power plants under legacy purchase power agreements thereby saving customers millions of dollars. We continued to attract new businesses to our service territory and at the same time maintained the lowest rates in the nation. I could not be prouder of our members’ 2019 accomplishments.”

Fourth Quarter results

For the three months ended December 31, 2019, OGE Energy reported earnings of $0.18 per diluted share compared with $0.27 per diluted share in the fourth quarter of 2018. The decrease in earnings is primarily due to the asset impairment at Enable Midstream. The decrease is partially offset by higher earnings at the utility primarily due to the recovery of assets placed into service.

Discussion of 2019 results

OG&E reported net income of $350 million in 2019 compared to $328 million in 2018 an increase of 6.7 percent. Higher earnings in 2019 were primarily due to the recovery of assets placed into service, customer growth and more favorable weather.

Natural Gas Midstream Operations contributed earnings to OGE of approximately $81 million for 2019 compared to $109 million for 2018. Volumes were higher across all business segments and Enable increased the quarterly distribution rate to LP unit holders by 4%.

2020 Outlook

OG&E is projected to earn $1.72 to $1.78 per average diluted share. The Company projects the earnings contribution from its ownership interest in Enable Midstream to be at the lower end of approximately $0.47 to $0.53 per average diluted share and breakeven results at the holding company. Additionally, OGE Energy consolidated earnings guidance for 2020 is $2.19 to $2.31 per average diluted share. The guidance assumes approximately 201 million average diluted shares outstanding and normal weather for the year. More information regarding the Company’s 2020 earnings guidance and the Company’s 2019 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 2019 and the 2020 outlook on Thursday, February 27, at 8 a.m. CST. The conference will be available through www.ogeenergy.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 858,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 25.5 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.



The following information was filed by Oge Energy Corp. (OGE) on Thursday, February 27, 2020 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 Oge Energy Corp.'s 10-K Annual Report:

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
Accounting Pronouncements New Accounting Pronouncement (Details)
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)
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 Basis Difference (Details)
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)
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)
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)
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)
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: 0001021635-20-000016
Submitted to the SEC: Wed Feb 26 2020 5:59:05 PM EST
Accepted by the SEC: Thu Feb 27 2020
Period: Tuesday, December 31, 2019
Industry: Electric Services

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