Page 1

OGE 2nd Quarter 2021 Financial Overview • On track for sustained load growth of 1 % , driven by affordability and reliability , led by an expected 75MW of new growth in 2021 from large business customers • Emerging projects driving increase in 2021 investment plan of $ 75 million OKLAHOMA CITY — OGE Energy Corp. ( NYSE : OGE ) , the parent company of Oklahoma Gas and Electric Company ( " OG & E " ) , and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP ( " Enable ” ) , today reported earnings of $ 0.56 per diluted share for the three months ended June 30 , 2021 compared to earnings of $ 0.43 per diluted share for the second quarter of 2020 . • • OG & E contributed earnings of $ 0.42 per share in the second quarter , compared with earnings of $ 0.39 per share in the second quarter last year Natural Gas Midstream Operations contributed earnings of $ 0.16 per share , compared with earnings of $ 0.10 per share in the second quarter last year The holding company reported a loss of $ 0.02 per share compared to a loss of $ 0.06 per share in the second quarter of 2020 . " Our strong customer growth of 1.3 % over the last year reflects the combination of highly affordable rates and our ability to service commercial expansion in our markets , " said OGE Energy Corp. Chairman , President and CEO Sean Trauschke . " When combined with our full slate of business and economic development activity , we remain on track for sustained load growth of approximately 1 % going forward , with many additional opportunities still ahead . " Second Quarter 2021 OGE Energy Corp.'s net income was $ 113 million or $ 0.56 per share in the second quarter , compared to $ 86 million or $ 0.43 per share in the year - ago quarter . OG & E net income was approximately $ 85 million or $ 0.42 per share in the second quarter , compared to $ 79 million or $ 0.39 per share in the comparable quarter last year . Higher quarterly results were primarily due to the recovery of increased investments and improved load from customer growth partially offset by higher depreciation on a growing asset base and mild weather . Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of $ 32 million or $ 0.16 per share in the second quarter , compared to $ 19 million or $ 0.10 per share in the same period in 2020. The increase in net income was driven by higher commodity prices , higher gathering and processing volumes , as well as a benefit from the reduction in the Oklahoma corporate tax rate . In addition , Enable Midstream issued cash distributions to OGE Energy Corp. of approximately $ 18 million in each of the second quarters of 2021 and 2020 . 2021 Outlook The Company reaffirms its 2021 OG & E earnings guidance , in the lower half of the range , between approximately $ 352 million and $ 373 million of net income , or $ 1.76 to $ 1.86 per average diluted share . As indicated in its 2020 Form 10 - K , OGE Energy Corp. did not issue 2021 consolidated earnings guidance due to Enable not issuing an earnings outlook as a result of the proposed merger between Enable and Energy Transfer . See OGE Energy Corp.'s 2020 Form 10 - K for other key factors and assumptions underlying its 2021 guidance .