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Delaney Tells OGE Shareholders He Is Proud Of Employees Who Delivered Operational And Financial Accomplishments

Stocks in this article: OGE

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 800,000 customers.

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:

  • Approved, on an advisory basis, the compensation paid to named executive officers;
  • Ratified the appointment of Ernst & Young LLP as the company's principal independent accountants for 2013;
  • 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 Arkansas Best Corporation, was re-elected. She has been a director of OGE Energy and of OG&E since July 2011.
    • Leroy 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 November 2007.
  • Approved 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.
  • Did not approve, by the required 80 percent vote, an amendment to the restated certificate of incorporation to eliminate supermajority voting provisions;
  • Approved the OGE Energy Corp. 2013 stock incentive plan;
  • Approved the OGE Energy Corp. 2013 annual incentive compensation plan; and
  • Defeated 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 Energy.



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