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Oge Energy Corp. (OGE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports second quarter results
On track for sustained load growth of 1%, driven by affordability and reliability, led by an expected 75MW of new growth in 2021 from large business customers
Emerging projects driving increase in 2021 investment plan of $75 million

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 $0.56 per diluted share for the three months ended June 30, 2021 compared to earnings of $0.43 per diluted share for the second quarter of 2020.
OG&E contributed earnings of $0.42 per share in the second quarter, compared with earnings of $0.39 per share in the second quarter last year
Natural Gas Midstream Operations contributed earnings of $0.16 per share, compared with earnings of $0.10 per share in the second quarter last year
The holding company reported a loss of $0.02 per share compared to a loss of $0.06 per share in the second quarter of 2020.

“Our strong customer growth of 1.3% over the last year reflects the combination of highly affordable rates and our ability to service commercial expansion in our markets,” said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. “When combined with our full slate of business and economic development activity, we remain on track for sustained load growth of approximately 1% going forward, with many additional opportunities still ahead.”

Second Quarter 2021
OGE Energy Corp.'s net income was $113 million or $0.56 per share in the second quarter, compared to $86 million or $0.43 per share in the year-ago quarter.

OG&E net income was approximately $85 million or $0.42 per share in the second quarter, compared to $79 million or $0.39 per share in the comparable quarter last year. Higher quarterly results were primarily due to the recovery of increased investments and improved load from customer growth partially offset by higher depreciation on a growing asset base and mild weather.

Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of $32 million or $0.16 per share in the second quarter, compared to $19 million or $0.10 per share in the same period in 2020. The increase in net income was driven by higher commodity prices, higher gathering and processing volumes, as well as a benefit from the reduction in the Oklahoma corporate tax rate. In addition, Enable Midstream issued cash distributions to OGE Energy Corp. of approximately $18 million in each of the second quarters of 2021 and 2020.

2021 Outlook
The Company reaffirms its 2021 OG&E earnings guidance, in the lower half of the range, between approximately $352 million and $373 million of net income, or $1.76 to $1.86 per average diluted share. As indicated in its 2020 Form 10-K, OGE Energy Corp. did not issue 2021 consolidated earnings guidance due to Enable not issuing an earnings outlook as a result of the proposed merger between Enable and Energy Transfer. See OGE Energy Corp.'s 2020 Form 10-K for other key factors and assumptions underlying its 2021 guidance.

Conference Call Webcast
OGE Energy Corp. will host a conference call for discussion of the results on Thursday, August 5, at 8 a.m. CDT. 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 875,000 customers in Oklahoma and western Arkansas. In addition, OGE Energy Corp. holds a 25.5 percent limited partner interest and a 50 percent general partner interest of Enable Midstream, created by the merger of OGE Energy Corp.'s Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.


Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “possible”, “potential”, “project”, “target” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel


The following information was filed by Oge Energy Corp. (OGE) on Thursday, August 5, 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-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 this 10-Q Quarterly Report

Document And Entity Information Document
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) Parenthetical
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) Parenthetical
Condensed Consolidated Statements Of Income (Unaudited)
Accounting Pronouncements
Commitments And Contingencies
Common Equity
Common Equity (Tables)
Common Equity Automatic Dividend Reinvestment And Stock Purchase Plan (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)
Investment In Unconsolidated Affiliates
Investment In Unconsolidated Affiliates (Details)
Investment In Unconsolidated Affiliates (Tables)
Investment In Unconsolidated Affiliates Reconciliation Of Equity In Earnings Of Unconsolidated Affiliates (Details)
Investment In Unconsolidated Affiliates Summarized Balance Sheet Information Of Equity Method Investment (Details)
Investment In Unconsolidated Affiliates Summarized Income Statement Of Equity Method Investment (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Rate Matters And Regulation Rate Matters And Regulation (Details)
Regulated Operations
Regulated Operations (Details)
Related Party Disclosures
Related Party Disclosures (Tables)
Related Party Transactions (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)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (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 Accumulated Other Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassifications Out Of Aoci (Details)
Summary Of Significant Accounting Policies Equity Ownership (Details)
Ticker: OGE
CIK: 1021635
Form Type: 10-Q Quarterly Report
Accession Number: 0001021635-21-000140
Submitted to the SEC: Wed Aug 04 2021 6:07:33 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Electric Services

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