OGE Energy Corp. shareholders voted to increase the number of authorized shares to make way for a two-for-one stock split and gave their assent to 10 board directors at Thursday's annual meeting in Oklahoma City.
OGE Energy, the parent company of Oklahoma Gas and Electric Co., also gave a short update on a partnership between its Enogex unit and the midstream assets of CenterPoint Energy Inc. of Houston. The partnership will have combined pipeline and gathering assets worth more than $11 billion.
“Bottom line, it's a formidable competitor in the years ahead,” said Pete Delaney, OGE Energy's president, CEO and chairman. “We are working to take the partnership public late this year or early next year. The market agreed with our assessment of the benefits of this partnership, sending OGE Energy's common stock up 10 percent the day after the announcement.”
Delaney said a new name for the partnership has yet to be determined.
“It is with a sense of great pride and a bit of sadness that we will retire the Enogex name,” he said. “I commend and thank all of our members of Enogex who have worked so hard to make this partnership a reality for our shareholders.”
Delaney said OGE Energy received 17 industry awards in areas including information technology, customer satisfaction and shareholder return. Several OG&E linemen also were recognized at the meeting for the utility's work in helping storm recovery efforts in other states last year, including New Jersey after Superstorm Sandy.
Shareholders approved a plan to increase the number of authorized common shares to 450 million, up from 225 million.
The 8 Best Natural Gas Stocks. Find Out How to Invest.