OGE - Earnings call transcript Q4 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Q4 2018 OGE Energy Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference is being recorded for replay purposes. It is now my pleasure to turn the conference over to your host Todd Tidwell. Please go ahead.

Todd Tidwell

Thank you, Eileen, and good morning everyone, and welcome to OGE Energy Corp.'s fourth quarter 2018 earnings call. CFO of Trauschke, and of Chairman, Corp.; Steve Director I me OGE Tidwell, Corp. and Sean Energy have President Merrill, Todd Investor with Relations today Energy I'm OGE of and CEO

is In that terms will from quarter webcast of on followed I being Sean answer results Steve like today, this and an remind from always, and would first your ogeenergy.com. may we explanation will hear you by yearend follow the website of our call conference we fourth you finally, to and as questions. along at

In accompanying website. following archived conference addition, same the the call slides will that and call on be

margin is will begin simply results, to but to that SEC cannot is we for is direct G an reconciliation financial presentation, Harbor our remind states to to guarantee opening for forward-looking Sean statements. like your the best statements you gross the financial estimate that This like to-date. a Before Sean? call requirement attention we comments. over and Regulation also I statement his turn the the would this would in Appendix. there Trauschke I Safe regarding for now I forward-looking

Sean Trauschke

of you and of tax year’s XXXX this reform. Steve Thank to everyone, you, year discuss $X.XX accomplishments. I’d a like discuss call. net in XXXX full $X.XX details moment. to earnings quarter for earnings in this for good joining per today's and of morning, Todd, on thank consolidated the us reported morning But Earlier we share fourth the compared will

two the Electric shattering proud our most accomplished one number regarded be history. safety previous Looking the performance our years. set years of I’m XXXX finishing back, XXX-year I will that records to and Southeast one believe in Exchange safety of our most as in

Sooner followed Energy March completion brought converted to deliver farm the two two units to units on and Mustang Covington, coal and is installed projects involved. also XX the substantial natural online and reliable work requiring and under on April, both customers of we we from is megawatt in hard and contractors, Mustang gas our at were numerous mission injuries all Muskogee. with scrubbers of intact. will of no our The Center energy significantly work completed hundreds coal-fired safe, testament scale The workers affordable time Sooner to budget In solar a at Our both to and loss-time millions hours. projects commitment of have the

economic another drove our impact Oklahoma and we our Sulphur XX% negative continued by XXXX, improvement of of customer costly, are millions purchase help COX capacity. million plan the over lower, fleet. acquisitions at are expect regions. mandated XXXX. look XXXX per tens challenged to had the nitrogen intention from save in reduction will In XX% purchase plant we fleet, the to would City. levels. reliability In in oxide acquire nearly of dioxide emissions overall contracts. and emissions the are of not The $XX and we entire Southeast XXX expected The This announced of we’re mitigate states is performance emissions Co-Gen closure our plant Oklahoma As added one lower of federally capacity more are We COX XX% megawatts Shady down done. from in Point’s and significantly and replace strong currently by provided the have Oklahoma December, in our power is price XX% approximately customers will Point dollars Shady fully lower year for by year

direction see and continuing improvement and satisfaction already to the right in with in we improvements to Shady our EX Our scores needle perform move customers. high the assets levels continued our in in high both customer for

platform once and these alert text called XXXX, to assistance tech, customer payment crews to the and options. we or to Puerto confirmations were a and efforts. notifications awards in billing email our emergency now two honored again pay receive efforts were Another EEI by enhancement Carolina North even assist voice including to restoration Rico, in in for

improved The performance modernization is April. the circuits of XXX this grid on already second This expectations, starts Project is to completed more first construction circuits, nearing begin Arkansas. includes that midsummer XX,XXX work space are completion technology in exceeding assets distribution stage modernization replacement in Arkansas of our phase impacts XXX customer grid circuits and of our of The miles than total and transforms. since customers experience. significantly set distribution investment XX and

this regulatory Mustang we with investments front, of party. settlement month full also Oklahoma our resiliency. a grid energy in year of received mid The the we for while the October made settlement agreement recovery ensured reached the and benefit and provided In planning earlier tax On regional Formula customers reached first reliability Rate timely Arkansas savings. supporting that our

Oklahoma approval Commission made Arkansas file Shady will new rates December, we April in Point X. preapproval plant. the Following for Co-Gen and on In a Oklahoma in begin

along filed for assets. We the additional and projects. Sooner change dismantlement our X.X% for those Muskogee a review aging with Oklahoma a in In rate a on filings we’re ROE investment also of accruals the depreciation in seeking recovery rates

and recent be will of rate help with is to customers. The the minimize termination change seen the CO-Gen as optimistic total rulings timely costly million $XX in approximately payment order state. we’ve the the I’m the Fortunately, capacity impact will

this could Steve XX% guidance create accomplishments more XX for XX currently employees of income for any have there. keeping and distribution year. rates projections announced which And commitment its to with were XXXX significantly outstanding expanded the DCF, over cash on net In in not quarters and capital in $XXX increased the LNG. exceeded the deployed prime By to areas. proud with the we’d distributions end OGE SCOOP since were from measure STACK and Enable the national highlighting coverage, year. while Enable and Enable gathered the these team and All system drilling business be billion volumes that They their rigs finally, to was an have By dedications Pass Enable EBITDA, our project of straight go-front value average. $X for of distributions portfolio inception. year, I XX-year made this acreage and below million And XXXX, Enable, continue the Golden management received has

average. consistent I our have our rates real Before the economic Steve, investing in over the turning customer of of on to to with benefits national model XX% below call invest and our priority territories, that with our to is want the communities service operating widening advantage competitive reiterate the

approximately billion today. utility the rates our low X% $X.X in consistently efficiency growth seen with In the are lower and even actually gains. fact, invested range since XXXX, energy We’ve we’ve in

watch for economic development trends could population our other to push We’re watching our and which successes communities low growth company. higher. and we for positive good growth, and is good Obviously, continue this

is from filing year Arkansas Oklahoma and plan filings, receive Enable. the continue of approval to this Our complete the our Formula distributions finalize to two Rate settlement in

the me There these will and further be our challenges are investment clear. outcomes realized but term. the let company built the As and refine long we We’ve for way, be dividend a company along will plans. strong

to our outcomes benefit we’ve They rage, all We the to customers. learn success. term will taken continue the we our portfolio for positive of and of The all to modeled grow fleet, debt and we stakeholders. continue we’ve delivered with for execute, will with will long our continue point actions to our a

Steve? and turn the and quarter So full call you, our to XXXX. for review over now thank results year to financial I’ll the Steve for the

Steve Merrill

morning everyone. Good Sean. you, Thank

to For net fourth income or the $XX quarter $X.XX reported $X.XX of as income $XXX million or we in per million share share net compared XXXX. of per

comparative You there to a slide. per the will the at a gas re-measurement gain of contribution due by as XXXX share in business taxes on on business. of of tax unit recall basis is natural midstream quarter the reform, The listed $X.XX fourth deferred the was a result

per flat We full XXXX year share XXXX. the XXXX $X.XX of or between per nearly are to we accounted with loss of in additional $XX in investment million or $XXX $X for was the or reported share and or holding For The per $X.XX net compared to million in compared net million for XXXX. per income $X.XX XXXX, per $XXX share of $X.XX earnings quarter our million in from company of anticipate as million the $XXX be OG&E $X.XX resulting for tax income $X.XX. At as results reform $XX the share XXXX. income In Enable. to share or an the XXXX, net

plant to approximately other flat $X by million $XX due Depreciation to decreased due on Energy Net million and Covington part service farm reform impacts and the the in up including was and gross essentially rates. Mustang lower related of $XX the approximately the income quarter approximately increased due gross additional expense CT, Center Windspeed O&M projects. quarter. line. tax to million solar the For AFUDC of completion the the decreased for and the for quarter, Mustang margin tax II to environmental the

in income approximately rate. the federal Finally, million decrease due the decreased primarily to tax tax expense $XX

in income will the or to per year to slide. turning $XXX increased at was compared next million margin OG&E, on million share $X.XX which million for of $XX share or income XXXX. I year Now net the $X.XX full net $XXX XXXX the for discuss Gross per as

new and the the quarter, income placed being assets to net the year, similar in decreased lower service the income tax rate. for of to at drivers in and key and the Looking tax decrease they’re part result in very AFUDC due depreciation expense federal other the our increased

gross margin higher in the $XX as summer to approximately an increase increased was Turning margin, XXXX. following. Compared by normal weather to XXXX. XXXX due compared weather to utility million million $XX $XX of nearly increased into to million. translated compared to Margin margins XXXX Warmer

distribution received contributed increases New impact were natural sales near reform gas February customer was or expense. will approximately the with year oilfield over paid historical tax Partially in was $XXX of OGE natural $XXX million compared increased another and per past customers processed growing from limited our share margin earnings Demand Midstream Enable of and per Enable. million. which oil revenues We gathered and $XX million XXXX. partner per year. to gas of and distributions highest offset for Enable rates and added that $X.XX gathered, share be or $XX.X growth X,XXX year operational offsetting Holdings of XXXX lower the volumes. million Record by crude million $X.XX for performance unit contributed by approximately tax Energy combined approved income customer board cash condensate the $XXX these nearly a The industrial the exceptional X%. $X and XX.

X-year billion income, higher Enable they that On adjusted financial gross grow with to management the a year for outlook. flow team XX% their they flexibility. X.XX term cash the liquidity XXXX. of discipline enhances continues have facility organic margin, and a They financial distributable They've recently of distribution loan achieved the entered The funded their a and revenues, into balance and side to with $X XXXX announced compared capital. and cost also strong net year capital coverage EBITDA They the approximately expansion year’s The sheet coverage distribution reaffirmed the times. ended efficiencies. business significantly

project XXXX we per and per weather, to the at a Turning $X.XX $X.XX between to guidance share. share utility be assuming normal and earnings

per midstream share. to and be the and consolidated $X.XX contribution $X.XX business earnings we're projecting $X.XX between For We're between earnings projecting $X.XX per share.

is that relative utility to further by in assume Oklahoma key July X, can you on the Few anticipate see and rate of XXXX majority the our the points make increase earnings growth the also and to has of remarks. in OG&E are slide. It Looking that second remember concludes third in This air-conditioning X% less due detailed demand. assumptions our quarters want I historical new by from and seasonal XXXX rates We guidance the of X. important Arkansas X% than April into to in its we outlook, O&M shows actual the earning nature significant to expect seasonality and prepared typically to results.

the open call now to questions. will your We

Operator

Instructions] America comes from Julien first of [Operator Smith Our Bank Merrill Thank Lynch. you. Dumoulin question of

open. Your line now is

Unidentified Analyst

Richie actually is for this Ciciarelli morning here good Hey Julien.

Sean Trauschke

are you how morning, good today? Ritchie, Hi

Unidentified Analyst

Doing well.

granted, to modernization and process wondering is Oklahoma like or rate in Just instate about less around on the touch might riders we peer model be actual request? wanted your it's seems performance to grid space clear trackers feedback education stakeholders given But going opened rates program the how the grid case. some to base just it of

Sean Trauschke

there. on question, good things so Yes, couple going of

our We have a great program that's exceeding underway I achieving, expectations. Arkansas really in mean

benefits and real we seeing. going customer conclude with first So phase that to to next the of going share are that Oklahoma here kind we are month we that are

good real to that front at don't to want But want out two to time We get a we our of make of So same we there. that will example these be skies. in do what Oklahoma resolved. are we going get the filings sure

a our keep really issues. making are and and effort simple consorted singular around We to filings very straightforward

while And process we until we not resolved. filings will any we existing begin so, education ones making are Does that going help? some get begin to the

Unidentified Analyst

makes execute in your looks helps. sense. kind some shifted on That other That sort plan some in And like from there. of just plan? lot capital terms within the how And the it of of, pieces XX of the moving then, do you going of years. What's to

Sean Trauschke

of can grid plans and into really mod $XXX that's decide more more do That's bit but pretty have really trued just clarity. consistent distribution What spend up the each to expect our we you up, especially is how going our years, a actual true granularity in million little on Sure. a will year as maintenance year we on each we system. as a around

Unidentified Analyst

million I I kind put and not is a mod successful trying run full it in mean, to XXX the request of still grid the assuming mean, be before level? rate you horse assuming Got but could the cart

Sean Trauschke

think question that a The all yes, balance sure lower benefits. could very I higher to or the that's rate. achieve is make helped we that be comfortable us but and Sure it

Unidentified Analyst

Great, thank all you. I That's had.

Sean Trauschke

a Have good you. Thank day.

Operator

you. Thank

of next from KeyBanc. Our question Paul comes Ridzon

open. line Your is now

Paul Ridzon

Steve. morning Good Sean and

Sean Trauschke

Good morning.

Paul Ridzon

drove kind looks the a than midstream little of did better It what end top of like guidance, that?

Sean Trauschke

hedging. mark- that is, their to-market on have did of they gains Part

million that $XX so was or think around bit. up a that just it so, drove I

Paul Ridzon

weather And was then, impact quarter of the the versus in what normal?

Sean Trauschke

was the $X Weather about normal million. about versus quarter for higher $X.XX

Paul Ridzon

In XXXX? the epic versus

Sean Trauschke

about It was million. under a penny, just $X

Steve Merrill

yes. Positive,

Paul Ridzon

the for lower losses driving outlook for company And XXXX? holding what's

Sean Trauschke

We some had just reform. with associated noise tax

to performs invest that that We go comp can't in our so holding creates in also when OGE a our we that stock loss and so there have an actually program company. as our over invest index expenses and deferred -- the in we stock

So actually index. good it our the those situation stock new a expenses, outperform was we that actually have

Paul Ridzon

then last cases? and your or lastly, going rate a it regarding the in thought is I outcome rate Got was what punitive case parties how two depreciation outreach with the

Sean Trauschke

in saw staff are to position. depreciation correcting on parties, needs of everyone that it need happen Paul you to think recognizes mean, way much I for I case. case, we're and flip was back rates not was the to the to on But it supportive anticipating there we and that were get where Yes. in I'm is, in there but depreciation particularly but support to that there what make make going all one going those didn't its last that that progress back the that through view more I think be. they our all settlement My incrementally

Paul Ridzon

Thank you very much.

Sean Trauschke

Thanks. See you.

Operator

you. Thank

Research. question next Charles Morningstar Our comes Fishman from of

Your line is now open.

Charles Fishman

evaluate special to Thank the Oklahoma what you, committee a happened that committee, track was to select the OCC. I've final report? Did good of ever committee its think structure the I issue that in morning. lost formed of

Sean Trauschke

the whether allowing November as issued to commission They there where as meetings of on number ought of I opportunities or they did. around, request. become of any a didn't one under though structure final efficient. recommendations in kind elected. commissioners work report we anticipated were there There to whether would nothing a ought or and open like their it and point came that down operations to the could that path. weren't of characterize but everyone for strong to the there They that meeting of interesting be of terms of together really relates streamline that how and are one recommendations was the more talk the there it go middle outside fewer another They appointed there recommendation more fell called The that to commissioners, be out in

So certainly support the was to a one we one engage another ability the and build for recommendations that. commissioners and the of relationship

Charles Fishman

modernization, you call to you what they would address helped really didn't to respect the whatever of with streamline the visibility going want have how grid which But correct? riders do that call you're it, to

Sean Trauschke

That's there. linkage no correct. there's Right,

Charles Fishman

understood And - as so I

Sean Trauschke

But riders ability The Charles, we're like statutory no was that grant issue just in anything today. commission or the and grant them regards with that. There's clear there to no to done past, we riders. to have there for restriction has riders so their

Charles Fishman

And mid-year correctly? is hit really so, and then based you're of to, -- the how grid to previous on a strategy settled the hard rate do this answer case, those get question Sooner is recovery I rate your let understand on other modernization that going that case to address then the

Sean Trauschke

very a fair that's think assessment. I

we're said, time. as a new coming talking regulatory filings keep these what's to on But at educating that one as being we're and far straightforward going Now people up. very

Charles Fishman

And that's I formula look that what at be think, I had when story the we look sending? would you'll happened at rates, in Arkansas our be mechanism suspect your rate message

Sean Trauschke

be That's you exactly call too well witness right. That Charles. We done. was may a to

Charles Fishman

Well, I That's thing had. only you. the thank

Sean Trauschke

good and a Thanks have day.

Operator

Thank you.

Greg question Reese next comes of [Indiscernible]. from Our

now Your line is open.

Unidentified Analyst

Hi guys, hear can you me?

Sean Trauschke

morning. good Greg, Hi

Unidentified Analyst

congrats Good wanted tax just the on down little Two a quick morning utility taken and to questions; good see bit in rates report. XXXX.

Just to was what driving wanted see that?

Sean Trauschke

got impact wind our you largest is got the just and drivers; really tax credit. three back net investment impact some main rate. ADIT We've give we're amortizing there's which of brings credits Sure, the tax reform effective just tax then the federal that that that of tax down as

Unidentified Analyst

going and have you unprotected ADIT if And know just of there kind how much see protected like to I piece back? is wanted is -

Sean Trauschke

Yes, $XX for XXXX about be million. that'll

Unidentified Analyst

and protected both unprotected? For

Sean Trauschke

in point. this at all that's Yes,

Unidentified Analyst

over to back? years and be going that going how you is Got many

Sean Trauschke

about years. XX It's

Unidentified Analyst

years. XX

Sean Trauschke

year for every that's change that life but It's is tied asset it will XXXX. all to the so number where

Unidentified Analyst

year that? to the in $XX a is use so odd good Got you, number million per like somewhere for

Sean Trauschke

at a flows, that's around it bad not but be and that times little XX probably is than It not a less a million can bad, number. ebbs

Unidentified Analyst

cash on what's distributions? the rate Enable And tax

Sean Trauschke

that I corporate we're tax mean, payer. we way a it just don't really look because at

just all into goes OGE's it So bucket.

Unidentified Analyst

Got like somewhere you, the but the statutory in rates XX% range? book

Sean Trauschke

Yes that's right. That's correct.

Unidentified Analyst

company? one, rate and the you year end base XXXX one across Got last what's

Sean Trauschke

That number is about X.X billion.

Unidentified Analyst

had. Perfect. guys. all That it Appreciate I is

Sean Trauschke

Greg. Thanks

Operator

Thank you.

next Our Vedula Murti question Avon comes of from Capital.

Your line is now open.

Vedula Murti

Sean. morning good Hi,

Sean Trauschke

Hi good in how haven't talked you to a been? have Vedula, while. I morning, you

Vedula Murti

very much. doing I fine. Thank am you

Sean Trauschke

Good.

Vedula Murti

for Couple was earned what of jurisdictions the the XXXX regular things, one in ROEs Oklahoma and Arkansas? for

Sean Trauschke

we our range Oklahoma in had coming assets to in the big close we're had very return. we obviously two So Obviously probably allowed into service. X%

we're And there at trued but that'll So allowed. right the below up. then that little all Arkansas, bit get a

Vedula Murti

in you of beyond distribution you if Enable? And can flow per and get remind me, the cash Enable get else of terms terms recognition from income general causes ownership in variability your the on partnership, you what shares your

Sean Trauschke

we share our mean, unit I just income proportional common the net recognize the to of holders.

So would mention business hedge. of variability just the their however either XX% in be the I'll fee-based commodity exposure is or the variability margin

they what You is mitigate do with adjustments volume a have then, key the will I swings. hedging but program are exposure to help variables. have do Those associated to you that And mark-to-market that that. have

Vedula Murti

service. and but growth you big activity I variable was modest. Because fairly taking that how with that underlying referenced at it but script, some is commodity guess forecast the commodity these quite actually comes of on outlook? into in Street, nature and It's your things think a Okay. of It until that Wall I it of tailwinds absent look is seems based I appears pipeline

Sean Trauschke

And cash the a job we've very of to business. stable. And there downturns and cash market, a formed think even good company's distributions in thing. flow really been the on company we commodity our that's the our in been done some I good focused balancing since significant at the They've Enable,

Vedula Murti

of forward It aggregate to I X.X% here, that. the that higher and which the utilities here million an I is we terms the slide in growth appears than with have net CapEx appreciate about of in our rate And No, on $XXX DD&A. guess basis. you if which get deck going certainly maybe ongoing base

of the is to earnings that probably growth fair that maybe modestly So, that time. close characterization? usually something period a over a and less that Is than

Steve Merrill

X%, to guidance with But think rate we're I X% earnings growth very our utilities and comfortable stated around that.

Vedula Murti

a growth the establish right you've the through get XX% at end this XXXX, it our in me of past the the terms -- remind talked this I point and you some at you've buybacks you And thinking the basically Okay. policy, I stock then kind of capital calls thoughts M&A? about using once year dividend you'll what's with dividend guess, how of you end what part is also case just as term policy of allocation current maybe for might what about here and as of well year, past possibility once back and the capital of everyone Can year. allocation of kind towards in be again reference

Sean Trauschke

proposition. skies want company. dividends to for on see over have dividend. and the very of to is is and get implementation focus two you're a is said out we of our earnings grow year have what real get the And five have far to focus too for that XX% We exactly right. commitment then there will and those Enable We to create the end return you there the shareholders around our intend what's the Rate to that. just finalization going we certainly But go I Xst, there's to kind see good we're Arkansas And before line going Enable of commitment think and And the to sight certainly we Formula us. future of We're there there to we forward of going so, return mentioned, recoveries sure grow. to opportunity want to important a 'XX. a we're grow filings, proposition on our I our we And the in the years April going Yes. we five the regulatory a the through made of make going do company watch markers the mentioned to mile of certainly terms year were the dividend through distributions. Oklahoma we monitoring if

with that. leave just I'll think I

Vedula Murti

the kind thing have period when pieces last how ratio of come figure Do kind think One conclusions. your be working of you payout to of time you out with I range the set? extended would what to you over the objectives, recur of here, guess are you like said a about after featured, our kind you you

Sean Trauschke

I'm we source is it in Yes. mean, unique be ownership in there We're upside way much guideline of because be well. And return to lot plus se. a think focused is of it's we that flow not But kind that, we've and don’t that the not a proposition. have cash not about interested IDR value going on not terms high. we're would something certainly we're of We no will ratio coming really cognizant nevertheless focused EBITDA. have -- not a of XX% dividends to paying is what ratio. on this the But in payout earnings thinking and grow ratio But certainly there our recognizing tremendously. or Enable were of and the of I as that tell a return and proposition when of out between was expecting hard we you for. payout payout your is I anticipating a market payout we I'm per we're

Vedula Murti

apologize. One last question, Okay. I

cash IDR. interest? You is with the receive flow the you associated What your annual mentioned GP

Sean Trauschke

we and zero going they by not splits, in of so forward are Well, today is XX% today the IDRs. IDR that have the

Vedula Murti

much. Okay, thank you very

Sean Trauschke

All you. thank right,

Operator

you. Thank

question of next from Securities. Our comes Shahriar Guggenheim Pourreza

Your line now open. is

Unidentified Analyst

in of for actual couple the growth been you A year but kind taking have this good of for robust hitting and been here high pretty I numbers to seeing kind lot weather Shahriar. stats normalized sales comment I and that Konstantin on the of the kind not. underlying to days saw due answered. area? Can wanted low of a of guys. have that you're just It's the questions the what actually Hi,

Sean Trauschke

pickups We we to to efficiency, what lot that's really see and side are on see residential of terms that we've X% a promote. overcoming helping the we in been continue of energy

population and terms in. economic We've in indicators we local so, of we're and very be number of closely a economy the the around that forecast low is And could economic things some these growth watching so, actually that. robust higher in whether are we're like future. successes growth involved watching development of the very had and

Unidentified Analyst

answers that one around of fuel And costs for that. kilowatt-hour. looking of stats kind the from Okay, operating per kind another

I think coming mitigate kind that including seems it rate down been increases. of number purchase of kind but the of some like could the the trends power, further

Sean Trauschke

Yes.

that is point. on think right I

Unidentified Analyst

Do for goes, is you for the that power see off of acquisition. that's of timeline except you're any contracts are how of specific rolling the a the kind kind there obviously that process in purchase one

Sean Trauschke

to significantly. Yes. you one mentioned reduce that's going cost about, customer That to

benefit We are obligations seeing that obligation. of and to expense, fixed to that's purchased because having as helps customers many our fuel certainly not a

And helps us. so, that certainly

to prices satisfy positioned our customers important a thing or it we're is gas the or where really is, our in weather, other this being The you fuel weather and that. that totally we're particular the keep and led I able that hear think anything fleet remove phrase rates lot volatility, about diversity low way environment our to like but

Unidentified Analyst

of XXXX timeframe I of guess off that in And kind XXXX, to Right. follow-up more that. any or? rolling there you Is see kind one contracts just short

Sean Trauschke

off roll in a have date that term. defined None near the

Unidentified Analyst

me. answers Okay. for thanks, Yes that

Sean Trauschke

Okay.

Operator

And you. a of do Thank Ridzon we Paul question have follow-up KeyBanc. from

Your line is now open.

Paul Ridzon

I of When did the had capacity think kind Enable some of back-end helped the come online? that those additions year.

Sean Trauschke

in I Wildcat. crude acquisition don’t head, they Project they did XXXX, Velocity those. the exact service And of the came the I Wildcat, come of to exact I remember dates talking system. the think But added date the CaSE online did remember off oil they about top but my that you're on the not in when do

Paul Ridzon

I'll Okay. Thank back. trickle you.

Sean Trauschke

Okay.

Operator

session. answer Sean Trauschke turn today's this Thank concludes closing and like question and the for you. Ladies to call to gentlemen, any back remarks. I would

Sean Trauschke

you, time And your on participation Hailey. to answer all a for today. you have in And interest available questions thank those. have you case, day! great any in certainly follow-up we're Thank Should

Operator

Ladies participating great a and now have and for conclude disconnect. program does gentlemen, thank may you conference. you day! in Everyone, This today's the

OGE Energy (OGE) 21 Feb 192018 Q4 Earnings call transcript