Here are 1-3 brief analogies for OGE Energy:

• It's like the **Duke Energy** for Oklahoma and western Arkansas.
• Think of it as the **Consolidated Edison** of Oklahoma.

• Electricity Generation: Producing electrical power from various sources such as natural gas, coal, and renewables.
• Electricity Transmission: Transporting high-voltage electricity over long distances from generation facilities to local distribution substations.
• Electricity Distribution: Delivering lower-voltage electricity from substations directly to homes, businesses, and industrial customers.

OGE Energy (symbol: OGE) is primarily an electric utility company that generates, transmits, distributes, and sells electricity directly to end-users within its service territory in Oklahoma and western Arkansas. Therefore, it sells primarily to individuals and businesses, rather than to other companies for resale.

The company serves three main categories of customers:

• Residential Customers: These are individual households, apartments, and private residences that use electricity for lighting, heating, cooling, appliances, and other domestic needs.
• Commercial Customers: This category encompasses a wide array of businesses and organizations, including retail stores, office buildings, schools, hospitals, government facilities, restaurants, and small to medium-sized enterprises that require electricity for their operations.
• Industrial Customers: This category includes large-scale industrial operations such as manufacturing plants, refineries, oil and gas facilities, and other heavy industries that have significant and specialized electricity demands for their production processes.

• Peabody Energy (Symbol: BTU)
• Energy Transfer (Symbol: ET)

Sean Trauschke, Chairman, President and Chief Executive Officer

Sean Trauschke joined OGE Energy in 2009 as Vice President and Chief Financial Officer. He was appointed Chief Executive Officer in June 2015 and Chairman of the Board in December 2015. Prior to OGE Energy, he served as Senior Vice President of Investor Relations and Financial Planning at Duke Energy Corporation from 2007 to 2009, and also held roles as Vice President of Investor Relations, Chief Risk Officer and Vice President, and General Manager of business unit finance and various treasury positions at Duke Energy. He also served as Chief Financial Officer of Enogex LLC from 2009 to 2013 and as Acting Chief Financial Officer of Enable GP LLC from 2013 to 2013. Mr. Trauschke holds a Bachelor of Science degree in Mechanical Engineering from the University of North Carolina at Charlotte and a Master of Business Administration from the University of South Carolina, and he completed the Advanced Management Program at Harvard Business School.

Charles Walworth, Chief Financial Officer and Treasurer

Charles Walworth was appointed Chief Financial Officer and Treasurer, effective December 4, 2024. He is a 25-year veteran of OGE Energy Corp., having held various finance roles, most recently serving as Treasurer. His career at OGE Energy Corp. began in January 1999 as an intern, progressing through roles including Energy Trading Analyst, Capital Markets Specialist, Manager of Corporate Finance, Assistant Treasurer, and Treasurer. Mr. Walworth earned an MBA in Finance from the University of Notre Dame and dual degrees, a BBA in Management Information Systems and a BS in Meteorology, from the University of Oklahoma.

Sarah R. Stafford, Chief Accounting Officer; Controller

Sarah R. Stafford has served as the Chief Accounting Officer and Controller of OGE Energy Corp. since 2019. She also serves as a Director of the National Cowboy and Western Heritage Museum. Prior to her current role, she worked as an Accounting Research Officer at OGE Energy Corp. and held Staff/Senior and Manager of Assurance Services positions at EY. Ms. Stafford holds a Bachelor of Business Administration degree in Accounting and a Master of Science degree in Accounting from Oklahoma State University, and she is a Certified Public Accountant.

William H. Sultemeier, Chief Compliance Officer; General Counsel; Secretary

William H. Sultemeier has been the Chief Compliance Officer, Secretary, and General Counsel of OGE Energy Corp. since 2022. Before joining OGE Energy, he was a partner at the Jones Day law firm and also served as a partner at Greenberg Traurig law firm. Additionally, he held the position of Senior Vice President and General Counsel for Anesthesia Healthcare Partners.

Cristina Fernandez McQuistion, Vice President - Corporate Responsibility and Stewardship

Cristina Fernandez McQuistion has been in Senior Management at OGE Energy Corp. since 2020, serving as Vice President - Corporate Responsibility and Stewardship.

The key risks to OGE Energy (symbol: OGE) primarily stem from its highly regulated environment, operational vulnerabilities, and financial leverage.

1. Regulatory Risks: OGE Energy's profitability is heavily reliant on its ability to recover costs from customers, a process subject to stringent regulation by federal and state agencies. Any unfavorable changes in the regulatory environment, or delays in obtaining approval for rate increases, could significantly impede the timely recovery of costs and negatively impact financial performance. This also includes the potential for increased environmental compliance costs due to future regulations.
2. Operational Risks, including Wildfires and Severe Weather Events: The company faces considerable operational risks from events such as fuel supply disruptions, operational failures, and especially severe weather conditions. S&P Global Ratings has specifically identified elevated wildfire risks in parts of OGE and its subsidiary OG&E's service territories, necessitating further investment in mitigation efforts. This elevated risk contributed to a revised negative outlook on OG&E. Extreme weather can lead to outages, increased costs, and fluctuations in electricity demand.
3. Financial Risks and Debt Levels: OGE Energy's financial stability is influenced by its debt levels and its capacity to generate adequate free cash flow. The company's liabilities significantly outweigh its near-term cash and receivables, and concerns have been raised regarding its overall debt load. While OGE Energy has demonstrated growth in earnings before interest and taxes (EBIT), its conversion of EBIT to free cash flow has been noted as "disappointing" in recent years, which presents a risk given the substantial debt on its balance sheet.

The accelerating adoption and declining costs of distributed generation technologies, such as rooftop solar and battery storage, empowering customers to generate and store their own electricity, which directly reduces demand for utility-provided power and threatens the traditional centralized generation and distribution business model.

OGE Energy (symbol: OGE) primarily operates in two core business segments: Electric Utility Services and Energy Investments.

For its main product, Electric Utility Services, which includes the generation, transmission, and distribution of electricity, the addressable market can be primarily sized for its operational regions in the United States: Oklahoma and western Arkansas. OGE's subsidiary, Oklahoma Gas and Electric Company (OG&E), is the largest electric utility in Oklahoma and also serves communities in western Arkansas.

• The addressable market for the Electric Power Transmission industry in Oklahoma is approximately $6.6 billion in 2025. OG&E holds a 40% market share in Oklahoma's electricity market.
• For western Arkansas, OGE Energy provides electric utility services, covering parts of the region including Fort Smith. While the total electric generation in Arkansas was 61,465,959 MWh in 2024, a specific market size for the electric utility services segment for the entire state or OGE's specific service area in western Arkansas is not readily available.

For OGE Energy's Energy Investments, which involves its limited partner interest in Energy Transfer LP (formerly Enable Midstream Partners) for natural gas gathering, processing, and transportation, OGE's involvement is as an equity owner receiving distributions rather than a direct operator in the midstream services market. Therefore, providing a direct addressable market size for OGE's specific investment is null.

OGE Energy (NYSE: OGE) anticipates several key drivers for future revenue growth over the next two to three years:

1. Increased Electricity Demand from Customer and Load Growth: The company expects sustained demand for electricity, driven by growth across residential, commercial, and industrial customer segments. This includes significant contributions from new industrial projects and large-scale customers, such as data centers, particularly within Oklahoma and western Arkansas. For example, weather-normalized load growth is forecast at 7.5% in 2025. The robust economic environment in its service territory further supports this growth.
2. Recovery of Capital Investments in Infrastructure: OGE Energy plans substantial capital expenditures, with $6.5 billion projected through 2029 and $6.25 billion between 2025 and 2029, focusing on strengthening its generation fleet, transmission, and distribution grids. The recovery of these investments through the regulatory process is a primary driver of higher operating revenues.
3. Expansion of Generation Capacity: A key component of meeting growing demand is the addition of new generation capacity. OGE is completing the construction of 550 megawatts of natural gas turbines at its Horseshoe Lake and Tinker plants. These new units will enable the company to serve increased energy needs and contribute to revenue growth.
4. Constructive Regulatory Outcomes and Rate Adjustments: Favorable regulatory decisions and timely rate reviews are crucial for OGE Energy to recover its costs and earn a return on its significant capital investments. The company has secured an interim order in Oklahoma for a rate review and is actively assessing future rate reviews in both Oklahoma and Arkansas to support continued growth.

Share Issuance

• In 2023, OGE Energy issued 82,321 shares of new common stock and 2,371 shares of treasury stock.
• During 2024, the company issued 255,578 shares of new common stock under its 2013 Stock Incentive Plan.
• For 2025, OGE Energy anticipates issuing between $15 million to $25 million of common stock through its Automatic Dividend Reinvestment and Stock Purchase Plan, and successfully issued $350 million in 30-year debt in April 2025.

Outbound Investments

• On December 2, 2021, OGE Energy's investment in Enable Midstream Partners was acquired by Energy Transfer, resulting in a pre-tax gain of $344.4 million and a $35.0 million cash payment for OGE Energy.
• OGE Energy fully divested its natural gas midstream operations in 2022 by selling all Energy Transfer units, which generated a pre-tax gain of $282.1 million on its investment and $34.0 million in distributions.

Capital Expenditures

• OGE Energy's capital expenditures averaged $949.8 million annually from 2020 to 2024, peaking at $1.178 billion in 2023.
• The company's capital expenditures were $650.5 million in 2020, $778.5 million in 2021, $1.051 billion in 2022, $1.178 billion in 2023, and $1.091 billion in 2024.
• OGE Energy projects total capital expenditures of $6.5 billion through 2029, focusing on significant investments in transmission, distribution, technology, and generation projects, including the construction of 550 MW of natural gas turbines and a major transmission line from Fort Smith to Muskogee.