Delaney tells OGE shareholders he is proud of employees who delivered
operational and financial accomplishments
Dividend declared; shareholders approve increase in number of authorized
shares to facilitate two-for-one stock split
OKLAHOMA CITY, May 16, 2013
OKLAHOMA CITY, May 16, 2013 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE)
Chairman, President and CEO Pete Delaney today told shareholders gathered for
the company's annual meeting that he is proud of the company's employees who
delivered operational and financial accomplishments in 2012.
"Our Company received some 17 awards recognizing many different areas of our
businesses, including our information technology work in smart grid, a J.D.
Power and Associates award for customer satisfaction, and an award from Edison
Electric Institute for highest five-year total shareholder return in our
industry – 103 percent," Delaney said.
At OG&E, growth in the customer base increased last year by approximately
9,000 customers, as OG&E recently crossed a milestone of serving approximately
At Enogex, Delaney said the recently closed midstream natural gas joint
venture between Enogex LLC and CenterPoint will be a formidable competitor in
the years ahead. "The market agreed with our assessment of the benefits of
this new partnership, sending OGE Energy's common stock up 10 percent the day
after the announcement," said Delaney. Plans are to take the partnership
public late this year or early next.
In voting announced at the annual meeting, OGE Energy shareholders:
oApproved, on an advisory basis, the compensation paid to named executive
oRatified the appointment of Ernst & Young LLP as the company's principal
independent accountants for 2013;
oElected 10 members of the company's board of directors to one-year terms:
oJames H. Brandi, former Managing Director of BNP Paribas Securities
Corp., UBS Securities, LLC and Dillon, Read & Co Inc., was
re-elected. He has been a director of OGE Energy and OG&E since
oWayne H. Brunetti, retired chairman of the board and chief executive
officer of Xcel Energy Inc., was re-elected. He has been a director
of OGE Energy and OG&E since August 2008.
oLuke R. Corbett, former Chairman and Chief Executive Officer of
Kerr-McGee, was re-elected. He has been a director of OGE Energy and
OG&E since December 1996.
oPeter B. Delaney, current Chairman, President and CEO of OGE Energy
oJohn D. Groendyke, chairman of the board and chief executive officer
of Groendyke Transport Inc., was re-elected. He has been a director
of OGE Energy and OG&E since January 2003.
oKirk Humphreys, chairman and manager of The Humphreys Company LLC,
was re-elected. He has been a director of OGE Energy and of OG&E
since November 2007.
oRobert Kelley, president of Kellco Investments Inc., was re-elected.
He has been a director of OGE Energy and OG&E since December 1996.
oRobert O. Lorenz, retired partner of the Arthur Andersen accounting
firm, was re-elected. He has been a director of OGE Energy and OG&E
since July 2005.
oJudy R. McReynolds, president and chief executive officer of Arkansas
Best Corporation, was re-elected. She has been a director of OGE
Energy and of OG&E since July 2011.
oLeroy C. Richie, counsel to the law firm Lewis & Munday, P.C., was
re-elected. He has been a director of OGE Energy and of OG&E since
oApproved an amendment to the certificate of incorporation to increase the
number of authorized common shares to 450 million, from 225 million, to
facilitate a two-for-one stock split. The stock split will take effect
July 1, 2013 to shareholders of record on June 18, 2013.
oDid not approve, by the required 80 percent vote, an amendment to the
restated certificate of incorporation to eliminate supermajority voting
oApproved the OGE Energy Corp. 2013 stock incentive plan;
oApproved the OGE Energy Corp. 2013 annual incentive compensation plan; and
oDefeated a shareholder proposal to reincorporate the company in Delaware.
Also today the OGE Energy Corp. Board of Directors approved a two-for-one
stock split of the company's common stock, par value $.01 per share, effective
July 1, 2013. Each shareholder of record of the company's common stock will be
entitled to one additional share of common stock for each share of common
stock held on June 18, 2013. The Board then declared a post-split quarterly
dividend of $0.20875 per common share of stock, to be paid July 30, 2013 to
shareholders of record on July 11, 2013.
OGE Energy is the parent company of Oklahoma Gas and Electric Company, a
regulated electric utility serving more than 800,000 customers in Oklahoma and
western Arkansas. In addition, OGE holds 50 percent of the general partner
interest created by the combination of OGE's Enogex LLC midstream subsidiary
and the pipeline and field services businesses of Houston-based CenterPoint
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" 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; prices
and availability of electricity, coal, natural gas and natural gas liquids,
each on a stand-alone basis and in relation to each other as well as the
processing contract mix between percent-of-liquids, percent-of-proceeds,
keep-whole and fixed-fee; business conditions in the energy and natural gas
midstream industries; competitive factors including the extent and timing of
the entry of additional competition in the markets served by the Company;
unusual weather; availability and prices of raw materials for current and
future construction projects; Federal or state legislation and regulatory
decisions and initiatives that affect cost and investment recovery, have an
impact on rate structures or affect the speed and degree to which competition
enters the Company's markets; environmental laws and regulations that may
impact the Company's operations; changes in accounting standards, rules or
guidelines; the discontinuance of accounting principles for certain types of
rate-regulated activities; the cost of protecting assets against, or damage
due to, terrorism or cyber attacks and other catastrophic events; advances in
technology; creditworthiness of suppliers, customers and other contractual
parties; the higher degree of risk associated with the Company's nonregulated
business compared with the Company's regulated utility business; the risk that
the midstream partnership between OGE Energy and CenterPoint Energy, Inc. may
not be able to successfully integrate the operations of Enogex LLC and a
wholly-owned subsidiary of CenterPoint Energy Inc.; and other risk factors
listed in the reports filed by the Company with the Securities and Exchange
Commission including those listed in Risk Factors and Exhibit 99.01 to the
Company's Form 10-K for the year ended December 31, 2012.
SOURCE OGE Energy Corp.
Contact: Brian Alford (405) 553-3187; Financial Contact: Todd Tidwell (405)
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