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OGE Energy Corp.’s ratings and Outlook are supported primarily by its regulated utility Oklahoma Gas & Electric Company. OG&E’s last two rate orders allowed cost recovery of $1.1 billion environmental capital investments, and it recently reached a unanimous settlement on the grid-enhancement rider. OGE’s consolidated credit profile remains consistent with its ratings. However, its investment in the Enable Midstream Partners, LP (BBB–/Negative) is facing negative pressure due to commodity price volatilities and weak demand. Key Rating Drivers Regulated Utility Drives Performance: OGE’s ratings and Outlook primarily reflect the stable cash flows and earnings from OG&E, whose EBITDA ���������ֳ� expects to represent approximately 80% of OGE’s consolidated EBITDA in 2020, increasing to 84% in 2022. The stable performance at OG&E mitigates the operating risks from OGE’s investment in commodity-sensitive midstream business Enable. OGE owns 50% general partnership and 25.5% limited partnership stakes in Enable as of Dec. 31, 2019. ���������ֳ� consolidates Enable’s financial data proportionally when calculating OGE’s credit metrics, as we believe OGE continues to exercise significant control over the volatile midstream business and the investment remains an essential part of OGE’s strategy.