OKLAHOMA CITY, April 1, 2020 /PRNewswire/ -- OGE Energy
Corp. (NYSE: OGE) announced today its support of the recent
decision by Enable Midstream Partners, LP (NYSE: ENBL) to increase
its annualized retained cash flow by approximately $450 million. OGE also reconfirmed the strength
of its own balance sheet, credit metrics and liquidity
position.
OGE expects distributions of approximately $18 million for the quarter and does not expect
any changes to its operations, nor does the company foresee the
need to access the equity markets as a result of this action.
"Today's action by Enable does not impact our growth plans at
the utility," said OGE Energy Chairman, President and CEO
Sean Trauschke. "We purposefully
built our balance sheet to withstand the rigors of the marketplace,
and it remains strong today."
OGE Energy is the parent company of OG&E, a
regulated electric utility serving approximately 858,000 customers
in Oklahoma and Western
Arkansas. In addition, OGE holds 25.5 percent limited partner
interest and 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; the ability to obtain timely and sufficient rate
relief to allow for recovery of items such as capital expenditures,
fuel costs, operating costs, transmission costs and deferred
expenditures; prices and availability of electricity, coal, natural
gas and natural gas liquids ("NGLs"); the timing and extent of
changes in commodity prices, particularly natural gas and NGLs, the
competitive effects of the available pipeline capacity in the
regions Enable serves, and the effects of geographic and seasonal
commodity price differentials, including the effects of these
circumstances on re-contracting available capacity on Enable's
interstate pipelines; the timing and extent of changes in the
supply of natural gas, particularly supplies available for
gathering by Enable's gathering and processing business and
transporting by Enable's interstate pipelines, including the impact
of natural gas and NGLs prices on the level of drilling and
production activities in the regions Enable serves; business
conditions in the energy and natural gas midstream industries,
including the demand for natural gas, NGLs, 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; the impact on demand for our services resulting from
cost-competitive advances in technology, such as distributed
electricity generation and customer energy efficiency programs;
technological developments, changing markets and other factors that
result in competitive disadvantages and create the potential for
impairment of existing assets; factors affecting utility operations
such as unusual weather conditions; catastrophic weather-related
damage; unscheduled generation outages, unusual maintenance or
repairs; unanticipated changes to fossil fuel, natural gas or coal
supply costs or availability due to higher demand, shortages,
transportation problems or other developments; environmental
incidents; or electric transmission or gas pipeline system
constraints; availability and prices of raw materials for current
and future construction projects; the effect of retroactive pricing
of transactions in the SPP markets or adjustments in market pricing
mechanisms by the SPP; 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,
safety laws or other regulations that may impact the cost of
operations or restrict or change the way the Company operates its
facilities; 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 cyberattacks and other catastrophic
events; creditworthiness of suppliers, customers and other
contractual parties; social attitudes regarding the utility,
natural gas and power industries; identification of suitable
investment opportunities to enhance shareholder returns and achieve
long-term financial objectives through business acquisitions and
divestitures; increased pension and healthcare costs; the impact of
extraordinary external events, such as the current pandemic health
event resulting from the novel coronavirus (COVID-19), and their
collateral consequences, including extended disruption of economic
activity in our markets; costs and other effects of legal and
administrative proceedings, settlements, investigations, claims and
matters; difficulty in making accurate assumptions and projections
regarding future revenues and costs associated with the Company's
equity investment in Enable 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 in the Company's Form 10-K for the year ended
December 31, 2019 and in the
Company's Form 8-K filed on March 30,
2020.
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SOURCE OGE Energy Corp.