OKLAHOMA CITY, May 15, 2014 /PRNewswire/ -- OGE Energy Corp. (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 thanked employees 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:
- Elected 10 members of the company's board of directors to one-year terms:
- James 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 February 2010.
- Wayne 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.
- Luke 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.
- Peter B. Delaney, current Chairman, President and CEO of OGE Energy Corp.
- John 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.
- Kirk 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.
- Robert Kelley, president of Kellco Investments Inc., was re-elected. He has been a director of OGE Energy and OG&E since December 1996.
- Robert 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.
- Judy 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.
- Sheila G. Talton, president and CEO of Gray Matter Analytics, was re-elected. She has been a director of OGE Energy and OG&E since September 2013;
- Ratified the appointment of Ernst & Young LLP as the company's principal independent accountants for 2014;
- Approved, on an advisory basis, the compensation paid to named executive officers; and
- Did 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 December 31, 2013.
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