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OGE Energy's CEO Discusses Q4 2011 Results - Earnings Call Transcript

I would like to remind you that this conference is begin webcast and you may follow along on our website at oge.com. In addition, the conference call and the accompanying slides will be archived following the call on that same website. Before we begin the presentation, I would like to direct your attention to the safe-harbor statement regarding forward-looking statements. This is an SEC requirement for financial statements, and simply states that we cannot guarantee forward-looking financial results but this is our best estimate to date.

In addition, there is a Regulation G reconciliation for ongoing 2010 earnings results in the appendix along with projected capital expenditure. The Enogex processing supplement for 2012 has also been posted on our website under the investor relations tab. I will now turn the call over to Pete Delaney for this opening comments. Pete?

Peter Delaney

Thank you, Todd. Good morning, everyone, and welcome to our call. For 2011, we reported earnings of $3.45 a share, compared to ongoing earnings per share of $3.10 in 2010. As you know much of the increase in earnings was driven by record summer heat and in service territory. It was the year of operational accomplishments and a year of record investment in our businesses amounting to $1.4 billion. In addition to managing through the record summer heat, we made great progress on key projects with the 228-megawatt Crossroads wind farm and the 200 million a day South Canadian processing facility, now complete and fully operational.

Our electric transmission and smart grid project have advanced on schedule as well. And we are very pleased to have been recognized as the 2011 electric utility of the year by electric light and power, capping a year of many accomplishments. Enogex executed on its organic growth projects securing several large, long-term acreage dedications and completed the Cordillera midstream acquisition that positions us for continued growth around what is currently one of the most economic natural gas plays, the Granite Wash.

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