Delaney to OGE shareholders: Proud of the many accomplishments for customers
and shareholders as highlighted by the Enable IPO
Dividend declared; board members re-elected at annual meeting of shareholders
OKLAHOMA CITY, May 15, 2014
OKLAHOMA CITY, May 15, 2014 /PRNewswire/ --OGE Energy Corp. (NYSE: OGE)
Chairman, President and CEO Pete Delaney today told shareholders gathered for
the company's annual meeting that 2103 was another year of accomplishment.
Increased earnings for OGE in 2013, the recent successful completion of the
Enable Midstream IPO, and OGE as winner of the 2013 Edison Award, the
industry's most prestigious honor, were among those discussed.
"I'm pleased to report 2013 earnings of $1.94 per share, up 8 percent from our
prior record earnings of $1.79 per share in 2012," Delaney said. "The
successful completion of the initial public offering for Enable Midstream
Partners validates the benefits expected from the combination of Enogex with
the CenterPoint Energy midstream business last May."
Delaney also thankedemployees for their work that led to the Edison Electric
Institute's naming OGE the winner of the Edison Award for distinguished
leadership, innovation and the advancement of the electric industry.
At OG&E, growth in the customer base increased last year by almost 9,000
customers and the utility now serves approximately 810,000 customers.
In voting announced at the annual meeting, OGE Energy shareholders:
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 ArcBest
Corporation, was re-elected. She has been a director of OGE Energy
and of OG&E since July 2011.
oSheila G. Talton, president and CEO of Gray Matter Analytics, was
re-elected. She has been a director of OGE Energy and OG&E since
oRatified the appointment of Ernst & Young LLP as the company's principal
independent accountants for 2014;
oApproved, on an advisory basis, the compensation paid to named executive
oDid not approve a shareowner proposal to adopt a policy requiring the
Chair of the Board of Directors be an independent member of the Board.
Also today, the OGE Energy Corp. Board of Directors declared a regular
quarterly dividend of $0.225 per common share of stock, to be paid July 30,
2014 to shareholders of record on July 10, 2014. The dividend was unchanged
from the previous quarter.
OGE Energy is the parent company of Oklahoma Gas and Electric Company, a
regulated electric utility serving approximately 810,000 customers in Oklahoma
and western Arkansas. In addition, OGE holds a 26.7 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.
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; 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 December31, 2013.
SOURCE OGE Energy Corp.
Contact: Kathleen O'Shea, (405) 553-3395, or Financial, Todd Tidwell, (405)
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