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Oge Energy Corp. (OGE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports earnings for 2020 and outlook for 2021
OG&E employees and generation fleet perform exceptionally well to keep power on during February's extreme cold winter weather

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 a loss of $0.87 per average diluted share in 2020, compared with reported and ongoing earnings of $2.16 per average diluted share in 2019. OGE Energy’s ongoing earnings for 2020 were $2.08 per share. Ongoing earnings is a non-GAAP financial measure utilized by OGE Energy to discuss financial results. Further discussion of ongoing earnings and a reconciliation in accordance with GAAP is included below.

OG&E, a regulated electric utility, contributed earnings of $1.70 per share in 2020, compared with earnings of $1.74 per share in 2019.
Natural Gas Midstream Operations reported a loss in 2020 of $2.58 per share compared with reported and ongoing earnings of $0.41 per share in 2019. Natural Gas Midstream Operations' ongoing earnings for 2020 is $0.37.
The holding company and other operations contributed earnings of $0.01 in 2020, compared with $0.01 in 2019.

"I could not be prouder of our outstanding employees and their accomplishments, particularly during the most recent round of unprecedented winter weather that impacted our region. We worked closely with the Southwest Power Pool and state and local leaders to ensure our customers had life-sustaining power during this extreme cold weather outbreak," said OGE Energy Chairman, President and CEO Sean Trauschke. "Moreover, we have completed five of the safest years in the Company's history and received EEI's Emergency Response Award for our efforts to restore power after earlier historic weather events that occurred last year all while maintaining some of the lowest rates in the nation. This kind of operational excellence is what enables us to stay on track during these challenging economic times. Today, we are announcing our target long-term utility earnings growth rate of 5%, which is supported by lower risk investments that will enhance the infrastructure of our communities in Oklahoma and Arkansas."

Fourth Quarter results
For the three months ended December 31, 2020, OGE Energy reported earnings of $0.27 per diluted share compared with $0.18 per diluted share in the fourth quarter of 2019. The increase in earnings is primarily due to the asset impairment incurred at Enable Midstream in 2019. The Company also had higher earnings at the utility due in part to lower operations and maintenance expense, offset by higher depreciation and amortization.

Discussion of 2020 results
OG&E reported net income of $339 million in 2020 compared to $350 million in 2019. The decrease in net income was primarily due to higher depreciation and amortization expense due to additional assets being placed into service, lower revenues from mild summer weather and COVID-19 impacts, higher income tax expense and higher interest expense driven by increased long-term debt outstanding. These decreases in operating results were partially offset by higher revenues from the formula rate plan in Arkansas and the full year effect of new rates that became effective in Oklahoma in mid-2019, as well as lower operation and maintenance expense.

Natural Gas Midstream Operations reported a net loss to OGE of $515 million for 2020 compared to earnings of $81.4 million for 2019. Natural Gas Midstream Operations' ongoing earnings was $74.6 million for 2020. The reported net loss in 2020 was primarily due to a decrease in equity in earnings of Enable related to the impairment of OGE Energy's investment in Enable recorded in March 2020, partially offset by an income tax benefit related to the impairment charge and lower other expense. The decrease in equity in earnings of Enable was also impacted by OGE Energy's share of Enable's SESH equity method investment impairment recorded in September 2020, as adjusted for basis differences, and decreased net income from Enable's gathering and processing business resulting from lower natural gas gathered and processed volumes and lower average realized NGL and natural gas sales prices.

Dividend Declared
On February 24, 2021 the Company's Board of Directors approved a second quarter dividend of $0.4025 per share per common share of stock, to be paid April 30, 2021, to shareholders of record on April 12, 2021.

2021 Outlook
The Company's 2021 OG&E earnings guidance is $1.76 to $1.86 per average diluted share. The guidance assumes approximately 200 million average diluted shares outstanding. The potential impacts associated with the February 2021 unprecedented winter weather, which are detailed in the Company's 2021 earnings guidance contained in the Company's Form 10-K filed with the Securities and Exchange Commission, currently estimated to be an unfavorable $0.10 per average diluted share, are not reflected in OG&E's 2021 earnings guidance range.


The following information was filed by Oge Energy Corp. (OGE) on Thursday, February 25, 2021 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

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
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)
Ticker: OGE
CIK: 1021635
Form Type: 10-K Annual Report
Accession Number: 0001021635-21-000026
Submitted to the SEC: Wed Feb 24 2021 6:50:10 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Electric Services

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