Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Casey Strange, Investor Relations Senior Manager. Please go ahead. Thank you, Lisa, and good morning, everyone, and welcome to our call. With me today, I have Sean Trauschke, our Chairman, President, and CEO, and Chuck Walworth, our CFO. In terms of the call today, we will first hear from Sean, followed by an explanation from Chuck of financial results. And finally, as always, we will answer your questions. I would like to remind you that this conference is being webcast and you may follow along at oge.com. In addition, the conference call and 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. I will now turn the call over to Sean for his opening remarks. Sean? Thank you, Casey. Good morning, everyone, and thank you for joining us today. It's certainly great to be with you. 2025 was another strong year and a continuation of the momentum we are building and setting the foundation for a long runway of future growth with generation and transmission opportunities. This morning, we reported consolidated, consolidated earnings of $2.32 per share for the year, including $2.47 per share at the electric company and a holding company loss of $0.15. This time last year, we talked about how we would deliver in 2025, and we did, including delivering earnings in the top half of guidance, filed for recovery of generation needs to meet growing demand, secured financing for long-term growth, leveraged the strong local economies to drive job growth and investment in our service area. We were named an Oklahoma Top Workplace, and we were recognized by the Southeast Electric Exchange for our top-ranked safety performance. We remain committed to our North Star of reliable electricity at some of the lowest costs in the nation. We met our commitments and more, strengthened our financial position, and continued investing in reliability and growth while keeping affordability front and center for our customers, lengthening that runway for continued future growth. Since our last call, we executed a well-subscribed equity offering, filed for generation pre-approval of the 300 MW Frontier Energy Storage Project, issued two RFPs and a 2026 draft IRP. As a look ahead for the remainder of 2026, we will advance our transmission strategy and finalize the opportunities from the SPP ITP, recognizing its critical role in reliability and its growing contribution to long-term investment opportunities. We'll secure approval for the Frontier Energy Storage Project in both states, and we'll file for generation pre-approval in both jurisdictions following the results of the RFP we issued last month. We do plan to file a rate review mid-year in Oklahoma, and we'll evaluate the timing of an Arkansas rate review later in the year. Building on these strong financial results, we continue to invest in our future and strengthen our commitment to the communities we serve. In line with this momentum, tomorrow, we will host a ribbon cutting for our new combustion turbines at Tinker Air Force Base. These new units showcase our ongoing investments and community partnerships to benefit all customers, and in this case, provide vital support to our country's national defense. Over the last 10 years, we've built and put into service approximately 1 gigawatt of generation. Tomorrow, we cut the first ribbon on the next 1.3 GW of generation we will build and put into service before the end of the decade. Yesterday, we issued our draft 2026 IRP, which outlines our long-term resource strategy, and we are finalizing a 1 GW contract with one data center customer, referenced as Customer X in the IRP, and we'll also file a large load tier, both of these by mid-year. Across these initiatives, our priority remains protecting residential customers, and we have built explicit consumer protection measures into that framework. In addition, we continue to advance our transmission strategy, and earlier this month, the SPP determined that several large transmission projects will be considered short-term reliability projects, meaning that OG&E was assigned a significant portion of the Seminole to Shreveport 765-kV line. After we work through the notice to construct process at SPP, we will update our investment timing and financing plans. We're discussing a number of exciting growth opportunities today, and I want to remind you that our sustainable business model's foundation is our low rates. Our relentless commitment to affordability translates to our rates as the lowest in the states we operate, lower in our region, and among the lowest rates in the country. From a cost control perspective, our O&M per customer growth over the last decade is less than 1%. We remain committed to delivering reliable electricity to all those customers at low rates. Finally, before I turn the call over to Chuck, I want to recognize our incredible employees, whose dedication makes these results possible. Every day, they bring a relentless focus on efficiency and affordability, helping us deliver reliable service while keeping rates among the lowest in the nation for the communities we serve. Next week, OG&E will celebrate its 124th birthday. We're a company innovating for the future with a solid foundation built over time. With that, thank you. And Chuck, I'll turn the call over to you. Thank you, Sean, and thank you, Casey. Good morning, everyone, and thank you for joining us today. ... We've delivered another strong year in 2025, finishing at the upper end of our original guidance range, and we're entering 2026 with solid momentum. This morning, I'll review our 2025 results, introduce our 2026 outlook, and walk through our long-term growth framework. Starting with full year results, consolidated net income for 2025 was approximately $471 million, or $2.32 per diluted share, compared to $442 million, or $2.19 in 2024. Ending the year five cents higher than the midpoint is consistent with our message of delivering results in the top half of the guidance range. At the electric company, net income increased to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share, driven by recovery of capital investments and strong load growth. At the holding company, the loss was $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expense, partially offset by a one-time legacy midstream benefit. Fourth quarter details are included in the appendix. Our service area continues to perform well. Customer growth was just under 1%, and weather-normalized load grew approximately 7%, reflecting strong local economies and the strength of our sustainable business model, low rates, reliable service, and communities that continue to attract investment. Turning to 2026, we are guiding to consolidated earnings of $2.43 per share, with a range of $2.38-$2.48. The midpoint represents a 7% increase from the 2025 midpoint. We are also setting our long-term EPS growth target of 5%-7% off of this higher starting point and continue to expect to deliver in the top half of the range in 2027 and 2028. Since becoming a pure-play electric company, we've consistently delivered at the high end of our guidance. Our track record of setting the bar higher and higher continues to compound into increased future earnings expectations. We reliably deliver results, and over the past 10 years, we've achieved roughly 6% earnings per share compound annual growth, and nearly 7% over the last five years. From a regulatory perspective, we plan to file a rate review in Oklahoma this summer with new rates in 2027. We're also evaluating a potential filing in Arkansas by year-end. Looking at growth drivers, we expect customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026. This builds on a strong five-year trend, with total retail weather-normalized load up more than 24% since 2021. Turning to financing, we expect to issue approximately $300 million of debt at the electric utility this year, with no long-term debt issuance planned at the holding company. As a reminder, we issued equity last November to support the roughly $1 billion of incremental CapEx we added to our plan through 2030. This transaction, including the forward, satisfies our equity needs through 2030 under the current plan. Our balance sheet remains a key strength. We expect FFO to Debt of approximately 17% through 2030. We are targeting a 60%-70% dividend payout ratio with a stable and growing dividend. Earnings per share growth is expected to grow faster than dividends to support this goal. As always, we'll evaluate our plan each year in light of the company's growing investments. As we look ahead, 2026 includes several important catalysts. Growth in our customer base and policy changes at the Southwest Power Pool are driving increased capacity needs. In January, we issued two draft RFPs, one for bridge capacity between 2027 and 2032, and a second all-source RFP for accredited capacity available for 2032. We expect bid selection in the third quarter, followed by pre-approval filings before year-end. Supporting that process, we issued a draft IRP identifying approximately 1.9 GW of capacity needs by 2031. About 800 MW of that increase is driven by SPP policy changes. This 1.9 GW need is incremental to the 300 MW from the Frontier Energy Storage Project, and we are seeking pre-approval for in Oklahoma and Arkansas. On transmission, SPP has finalized its 2025 ITP portfolio. OG&E was directly assigned a significant portion of the Seminole to Shreveport 765 kV line. We were also allocated several additional transmission and substation projects. Next steps include developing refined project estimates and schedules for all of the 25 ITP projects. In the second half of the year, we would expect to accept NTCs and add the projects to our investment plan. Taken together, we see a compelling set of long-duration investment opportunities incremental to our plan... We'll be prudent by balancing affordability and execution, and we'll update you on capital and financing as projects receive approvals. In closing, we remain confident in our financial plan. With disciplined execution and a clear investment roadmap, we are well-positioned to deliver results in the top half of our 5%-7% EPS growth range through 2028, with meaningful upside ahead. It's an exciting path forward, and we're proud to support the customers and communities we serve. With that, we'll open the line for your questions. Thank you. At this time, if you would like to ask a question, please press star one one on your telephone. You'll hear the automated message advising your hand is raised. If you would like to remove yourself from the queue, press star one one again. We also ask that you please wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question today will be coming from the line of Shar Pourreza of Wells Fargo. Your line is open. Good morning, team. This is Whitney Mutalemwa on for Shar. Hi, good morning, Whitney. Thank you. Great quarter. Investors can see the investment plan, and you've been clear you're funding major projects such as Horseshoe Lake. It's harder to translate that into a rate base trajectory without more explicit disclosure on timing and recovery mechanics. What's the best way to think about rate base growth versus the investment plan? Is it fair to assume a relatively tight linkage, or are there meaningful timing recovery dynamics that make the conversion lumpy? Yes, so great question. So we do have a slide towards the end of our packet that's got our investment plan laid out, the current plan, and we've got a footnote on there that under that plan, that indicates rate-based growth of about 9%. So obviously, you know, in our remarks today, we talked about a lot of opportunities that would be incremental to that. But the plan as laid out on that slide equates to 9%. Does that help? Yes. Yes, that totally makes sense. And given that backdrop, your 42 materials and recent Oklahoma discussions have emphasized outsized load growth and just a deeper large load opportunity set, along with the 2026 outlook. What specifically has changed since the last update within the large load panel? Like, how much is contracted, committed, versus still in the advanced pipeline stages? Yeah, I don't think anything has changed. We still are in active negotiations with six to seven large load customers in various stages. What we did disclose today is the customer X that's been identified in our IRP plans. We are finalizing those agreements, and we expect to have that filed with the commission along with a large load tariff by mid-year. So if—so in terms of what has changed, I think that is nearing the conclusion. Sounds good. Thank you. Thank you. Thank you. One moment for the next question. Our next question is coming from the line of Julian Dumoulin-Smith of Jefferies. Your line is open. Hi, good morning. It's Brian Russo, line for Julian. Hey, good morning, Brian. Hey, could you just talk about the looks like the moderating of weather-normalized load growth in 2026, so 46% versus the 7.2% in 2025? I was just wondering if you can maybe break down the key, you know, customer class drivers. I'm sure the commercial slash crypto class has something to do with it. Yeah, Brian, you know, I think this is, you know, really indicative of what we talked about all along, in that, you know, these, these loads are not always, you know, super, super steady, and that there's some ebb and flow to that. So, you know what? What I think, you know, I highlighted in my remarks is that when you look over a, you know, little broader scale, you know, since 2021, we averaged, you know, about 5% and, you know, going forward, that's, that's kind of right what we're seeing this year. So, you know, in the grand scheme of things, you know, I, I, I see us, you know, really, really quite in line with that. Again, you know, you think about it, really abnormally strong trend line relative to history, and then with the catalyst that we have going forward, you know, clearly that's a good, that's a good positive sign going forward. Okay, good. So, nothing, structurally changed, and it is also X large data center customers? Yes. So definitely, as Sean indicated, much more certainty around customer X as we prepare to finalize that. Okay, good. And could you comment on the disclosure in the IRP section of the 10-K regarding the Black Kettle Energy Storage capacity purchase agreement that was terminated due to some sort of event of default? And I'm just curious, not knowing the details, but does that kind of support, you know, kind of this, the least cost, least risk scenario of more utility generation ownership in these two pending RFPs? I think it does, Brian. I think, you know, we've been a strong proponent of being the owner and the operator of these assets. We're good at it, and we see how they perform in extreme conditions, and we want the ball. And this situation here, I think, to your point, is exactly right. It just further validates that thesis. Okay, great. And then just lastly, the disclosure on the $7.3 billion base capital plan, it still seems like you might evaluate capital prioritization, you know, maybe pushing out some transmission and distribution spend due to kind of create some room for some more generation capacity to manage rates and the whole affordability narrative. Is there any more detail you can provide there? Because you have not done that yet. Yeah, I think we have tremendous flexibility in allocating capital, and we're certainly focused on the overall affordability metric, because that's really what's been fueling this growth we're seeing in our service territory. So, you know, we're balancing all that. What Chuck was talking about, though, is, you know, as you look forward, we are going to be looking for additional generation. We're going to be working through this transmission line. When we get those finalized, we'll layer those in at that point. So that's probably the data point or the time period where you ought to look for, if we were to make any changes, what they would be. All right. Great. Thank you very much. Thanks, Brian. Thank you, and one moment for the next question. The next question is coming to the line of Aditya Gandhi of Wolfe Research. Your line is open. Good morning, Sean, Chuck, and Casey. Thank you for taking my questions. I just wanted to start on the 765 kV transmission line. I believe SPP came out with a $2.4 billion estimate for that particular line. Recognize you're still going through updating the cost estimates and timeline, but can you give us some initial sense of what OGE's portion of that project would be relative to AEP? Yeah, Aditya, good morning. Thanks for the question. You know, so I think, first of all, you laid it out exactly right. We're very early in the stages on that. The SPP just made that designation, which, you know, we wholeheartedly supported. You know, so I think we've got, you know, some work to do to kind of get through those points. But as I mentioned in the remarks, it's, you know, that line and there's some other associated work. So I think at this kind of preliminary stage, you know, I see it as, you know, probably something that's on the order of 20% of our current capital plan. But again, that's a preliminary kind of feel, and we will, you know, work with the SPP to fine-tune that and, you know, hope to get that buttoned up before the end of the year. Yeah, Aditya, this is Sean. Just one other point. You know, the routing is still to be determined and the direct routing of that line. So, you know, this will all get fleshed out, and we'll certainly disclose that later in the year. Understood. That's helpful. Thank you. And then, I also wanted to touch on the data center contract that you're finalizing. Can you just remind us for this 1 gigawatt, do you intend to meet those capacity needs through the RFP process that you're running right now, as well as, you know, generation that's already in your plan? And then maybe can you just speak to some customer protections that you're building into that large load tariff framework? Yeah, Aditya. Yeah, those so that contract, that customer, is worked into the IRP numbers, that was, that was released today. So we do intend to approach that holistically through the RFP process. You know, in terms of customer protections, it's, you know, we've been very clear on this ever since, you know, Customer X has come up, you know, in terms of customer protections that, that, that ensure that that large customer's pay, you know, pays its fair share, has minimum terms, collateral requirements, all those types of things that, that you would expect. And, you know, we'll be happy to share more details around that once, once that regulatory filing gets made. Great. Thank you for taking my questions. Thank you. And one moment for the next question. Our next question is coming from the line of Chris Hark of Mizuho. Your line is open. Good morning, everybody. This is Chris on for Anthony. How are you? Good morning. Good morning. Morning. My question's pretty similar to the last ones, but just want to get a little more insight on the customer class breakdown, in that four to six number, and how much of that is being driven by Customer X, and then, also the retail class? So, so Chris, we don't have a whole lot of detail, you know, broken down in our filing, but what I can tell you is that, you know, Customer X really doesn't come on this year, right? So that's a little bit further out than this year, so that's not driving the four to six. You know, the key areas, obviously, we look at, you know, residential is definitely a bellwether class, and, you know, we kind of see that as definitely as steady as always. So, you know, hopefully that gives you a little bit of insight there. But customer X is not in that four to six for this year. Okay. Super helpful. And then the next question I had was just more about the election and with Hiett term ending, in this upcoming January next year. What are your thoughts on the turnover in the commission and just the elections that are going on in your jurisdictions? Great question. So, there's we certainly have a governor's race, an attorney general's race, and then we certainly have a corporation commissioner race. We've been involved and spoken to all the candidates. I think all the candidates for each one of those races would be constructive and we'd be comfortable with and we know them. And so, I think essentially that those races will be determined I would expect in the June primary and we'll probably have a good idea of who the governor and the attorney general and the corporation commissioner are going to be in June. Awesome. Thank you. That's it for me. Congrats on the year. Thanks. Hey, have a great day. Thank you. You too. Bye. Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. One moment for the next question. The next question is coming from the line of Nicholas Campanella of Barclays. Your line is open. This is Michael Brown for Nicholas Campanella. The question is, recently, Ira announced a data center in Alva, Oklahoma, and we also noticed your draft IRP has 1.9 GW of new needs by 2031. Can you confirm that this opportunity in Alva is in your service territory? And how are you framing what else is needed to get to ESAs with the counterparties in your territories, if it is in your territory? So, you know, we've had a lot of discussion, you know, since the last IRP about, you know, what large customers are in and not, and, you know, you recall we had, you know, one customer that was, you know, not in there, but just again, trying to give folks a flavor of the type of customers we've been having discussions with. So this update of the IRP does not have another customer similar to customer X in it. Again, we are talking with other counterparties, but again, just, you know, keeping with our prudent, conservative bent, we haven't included any of those at this time. So really, when you're looking at that 1.9, you know, recall that last year we were solving for 2030, capacity needs, and the way our IRP works is we have a five-year action plan. So we've essentially just shifted that out one year. And, you know, when you look at, you know, the, the impact of shifting it out one year, our load is up because of that. The Black Kettle resource that we talked about earlier, moving that out, that was in there before, and then just some kind of general odds and ends on the load forecast, that's what gets you to that number. As well as, the SPP policy changes that were enacted this year. That was about 800 MW, so, so a pretty substantial change there, too. Okay, thank you. My last question. You said you plan to have a DC deal by midway through this year. How are you thinking about current legislation impacting that? And what does this customer need, whether it's permitting water or water permitting to properly move forward with the ESA? Yeah, good question. So, in terms of the first part of that, in terms of the legislation that, you know, seems to be popping up in every jurisdiction, we're certainly involved in that process, engaged in that dialogue, and we'll stay focused on to make sure that there's adequate protection for the existing customers. In terms of customer X, what things they need to do to kind of move forward, I think the gating item, quite frankly, is just finalizing our agreement. We're in pretty good shape. Actually, I just have one more. Okay. With your rate base, I just have one more question, actually. I'm sorry. Okay. With your base CAGR already at 9% and dilution at roughly 0.75%, and coupled with the upside CapEx, I'm curious as to why your growth isn't better than 6.5%. Yeah, I think good question. And so what we try to do is make sure that we lay out for you exactly what has been approved through the regulatory arenas with a financing assumption. And so that is the assumption. Those are the assumptions we've put forward to you today. What we've highlighted is when we receive the final clarification and the total numbers around the ITP projects at the SPP, we will layer that in and tell you how we're going to finance it. When we receive approval for all of the generation that's coming out of these RFPs- ... We will show you what that is, the timeline, and how we're going to finance and the earnings impact. That's how we're doing that. We will layer these in, and obviously, that will have an impact on, earnings. Yeah. Okay. Thank you. I really appreciate that. Yep. Thank you. My question. Thank you. One moment for the next question. The next question is coming from the line of Steve D'Ambrisi of RBC Capital Markets. Your line is open. Hey, Sean. Hey, Chuck. Thanks for taking my question. Hey, Steve. Good morning. Good morning. I dialed into Steve this time, so I didn't get a Stephanie. I noticed. We noticed that. We weren't gonna say anything. I figured I'd let you know. Yeah, so just, you know, following up on the same line of questions. Obviously, I understand that you guys are, you know, a very conservative management team, but I just wanna. Look, you, you, there are people in your service territory, it seems like, who are talking about having power secured. And just so, can you talk about, like, what the timeline is or what it looks like when you'll go to update, you know, the street on potential other customers other than customer X, for example? Because it just feels like there is load out there that is substantial relative to your peak and that you may have to build for and, you know, just wanna try and understand, like, how we have to feather that in over time. Yeah. I mean, to kind of put it in perspective, in our remarks, we said, you know, by the end of the decade, you know, we'll have added, you know, 2.3 GW, and then the RFP is calling for another 1.9. So it's pretty substantial. I think what's going to have these large load customers as they materialize, and we have line of sight to the finish line, we're going to announce it. And just like we did with customer X here, to give you some timeline, but you know, 1.9 GW is a lot to have in by the winter of 2031-2032. Yeah, totally understand. Not, not, not saying that's not a lot, but it, it seems- Yeah like there's, there's even more. No, I think, you know, you have to draw the line somewhere, Steve. And we're out there all the time talking to different people. I rode the elevator this morning with somebody, and they were telling me about another opportunity. So, they're out there, and we're working hard to secure them. Understood. I appreciate it. Thanks, Sean. Thanks, Steve. See you. Thank you. That concludes today's Q&A session. I would like to turn the call back over to Sean Trauschke. Please go ahead. Oh, great. Thank you. Thank you, everyone, for joining us today, as well as your continued support. Take care and have a wonderful day. This concludes today's programming. Thank you so much. You have a great day. You may now disconnect.