OGE Energy Corp. boosted its earnings last year to $355 million, or $3.58 a share, the company reported Wednesday.
The company, which is the parent of Oklahoma Gas and Electric Co. and Enogex, earned $342.9 million, or $3.45 a share, in 2011.
“Execution of key multiyear initiatives was our focus for 2012,” CEO Pete Delaney said in a news release. “At the utility, we completed our smart meter deployment on time and under budget, and made appreciable progress in our transmission build out, which contributed to our strong utility earnings.
“At Enogex, we continue to develop our existing acreage dedications, which should provide gathering and processing volume growth for years to come.”
For the fourth quarter, OGE reported net income of $38.5 million, or 39 cents a share, up from $36.4 million, or 37 cents a share, for the same period of 2011.
Officials attributed the increase to higher gross margins at OG&E from increased transmission revenue, recovery of various utility investments and new customer growth. The company's gains were offset partially by higher operating expenses and increased ownership in Enogex by OGE's equity partner.
OGE's stock closed Wednesday at $58.23, down 38 cents.
Delaney said the company will ask shareholders to increase the number of authorized shares for a planned two-for-one stock split later this year.