May 19, 2016 - 11:45 AM EDT
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OGE holds annual meeting of shareholders

Dividend declared; directors elected

OKLAHOMA CITY, May 19, 2016 /PRNewswire/ -- The OGE Energy Corp. (NYSE: OGE) board of directors declared a quarterly dividend at the company's annual meeting today. The third quarter dividend of $0.275 per common share of stock is to be paid July 29, 2016, to shareholders of record on July 8, 2016. The dividend was unchanged from the previous quarter. Last September, the company increased the dividend from $1.00 per share to $1.10 per share, marking the third consecutive year the dividend was increased 10 percent. OGE has paid dividends to shareholders for 69 consecutive years.

In voting announced at the annual meeting, OGE Energy shareholders:

  • Elected 10 members of the company's board of directors to one-year terms:
    • Frank A. Bozich, president and chief executive officer at the SI Group, Inc. He has been a director of OGE Energy since February 2016.
    • James H. Brandi, former managing director of BNP Paribas Securities Corp., was re-elected. He has been a director of OGE Energy since February 2010.
    • Luke R. Corbett, former chairman and chief executive officer of Kerr-McGee, was re-elected. He has been a director of OGE Energy since December 1996.
    • 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 since January 2003.
    • David L. Hauser, former chairman and chief executive officer of FairPoint Communications Inc. He has been a director of OGE Energy since July 2015.
    • Kirk Humphreys, chairman and manager of The Humphreys Company LLC, was re-elected. He has been a director of OGE Energy since November 2007.
    • Robert O. Lorenz, retired partner of the Arthur Andersen accounting firm, was re-elected. He has been a director of OGE Energy since July 2005.
    • Judy R. McReynolds, chairman, president and chief executive officer of ArcBest Corporation, was re-elected. She has been a director of OGE Energy since July 2011.
    • Sheila G. Talton, president and chief executive officer of Gray Matter Analytics, was re-elected. She has been a director of OGE Energy since September 2013;
    • Sean Trauschke, current chairman, president and chief executive officer of OGE Energy Corp. and OG&E, was re-elected. He has been a director of OGE Energy since May 2015.
  • Ratified the appointment of Ernst & Young LLP as the company's principal independent accountants for 2016;
  • Approved, on an advisory basis, the compensation paid to named executive officers;
  • Did not approve by the required 80 percent vote an amendment to the restated certificate of incorporation to eliminate supermajority voting provisions; and
  • Rejected by a large margin a shareholder proposal regarding distributed generation.

OGE Energy is the parent company of OG&E, a regulated electric utility serving approximately 828,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 26.3 percent limited partner interest and a 50 percent general partner interest in Enable Midstream Partners, LP.

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; the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions Enable Midstream Partners serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable Midstream Partners' interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable Midstream Partners' gathering and processing business and transporting by Enable Midstream Partners' interstate pipelines, including the impact of natural gas and natural gas liquids prices on the level of drilling and production activities in the regions Enable Midstream Partners serves; business conditions in the energy and natural gas midstream industries including the demand for natural gas, natural gas liquids, crude oil and midstream services; 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; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable Midstream Partners that the Company does not control; 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, 2015.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oge-holds-annual-meeting-of-shareholders-300271759.html

SOURCE OGE Energy Corp.


Source: PR Newswire (May 19, 2016 - 11:45 AM EDT)

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