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Oge Energy Corp. (OGE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports third quarter results
Company nearing system restoration following historic ice storms

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 ("Enable"), today reported earnings of $0.89 per diluted share for the three months ended September 30, 2020, compared to $1.25 per diluted share for the third quarter of 2019. OGE Energy's ongoing earnings for the third quarter were $1.04 per share. Ongoing earnings is a non-GAAP financial measure utilized by OGE Energy to discuss financial results for 2020. Further discussion of ongoing earnings and a reconciliation in accordance with GAAP is included below.

OG&E, a regulated electric utility, contributed earnings of $1.00 per share in the third quarter, compared with earnings of $1.13 per share in the third quarter last year.
Natural Gas Midstream Operations contributed earnings of $0.05 per share compared with earnings of $0.14 per share in the third quarter last year.
The holding company and other operations posted a loss of $0.16 in the third quarter, compared with a loss of $0.02 in the third quarter last year. The holding company's ongoing earnings for the third quarter of 2020 were a loss of $0.01 per share.

"We experienced an unusually cool summer this year, along with the impacts of COVID, and have offset these headwinds through operational savings," said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. "We also want to extend our appreciation for the community and off system support as we restore power across our territory following these historic ice storms."

Discussion of Third Quarter 2020
OGE Energy's net income was approximately $177 million in the third quarter, compared to approximately $251 million in the year-ago quarter. OGE Energy’s ongoing earnings were $207 million or $1.04 per share in the third quarter of 2020.

OG&E's net income was approximately $199 million in the third quarter, compared to approximately $227 million in the comparable quarter last year. The primary driver for the decrease in net income was less favorable weather in the quarter compared to 2019 with cooling degree days decreasing approximately 21% from the comparable quarter last year. This was partially offset by lower operation and maintenance expense.

Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of approximately $10 million for the third quarter of 2020 compared to net income of approximately $29 million for the same period in 2019. The decrease was primarily driven by OGE's share of Enable's impairment of its investment in the Southeast Supply Header pipeline, adjusted for basis differences, which had a non-cash impact of approximately $12 million, and lower net income from its gathering and processing business resulting from lower natural gas gathered and processed volumes. In addition, Enable Midstream issued cash distributions to OGE of approximately $18 million in the third quarter of 2020 compared to $37 million in 2019.

2020 Earnings Outlook
The Company’s 2020 OG&E earnings guidance is projected to be $1.68 to $1.70 per average diluted share, narrowed and adjusted for mild summer weather, from the previously issued guidance of $1.72 to $1.78 per average diluted share. As a result of the equity method investment impairment recorded by Enable, OGE Energy projects a loss from Natural Gas Midstream Operations to be between ($2.63) to ($2.59) per average diluted share. Ongoing earnings contributions per average diluted share from Natural Gas Midstream Operations are projected to be between $0.32 and $0.36 and we expect to receive approximately $93 million in cash distributions. Additionally, OGE Energy consolidated guidance for 2020 has changed from approximately ($0.87) to ($0.77) per average diluted share to ($0.95) to ($0.89) per average diluted share. OGE Energy consolidated ongoing earnings are projected to be between approximately $2.00 to $2.06 per average diluted share. The guidance assumes approximately 200 million average diluted shares outstanding. More information regarding the Company’s 2020 earnings guidance is contained in the Company's 2019 Form 10-K and Form 10-Q for the period ending September 30, 2020 as filed with the Securities and Exchange Commission.

Conference Call Webcast
OGE Energy will host a conference call for discussion of the results on Thursday, November 5, 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 865,000 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, 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, November 5, 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-Q Quarterly 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-Q Quarterly Report:

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Oge Energy Corp. provided additional information to their SEC Filing as exhibits

Ticker: OGE
CIK: 1021635
Form Type: 10-Q Quarterly Report
Accession Number: 0001021635-20-000136
Submitted to the SEC: Wed Nov 04 2020 5:37:52 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Electric Services

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