OGE Energy Corp., the parent company of Oklahoma Gas and Electric Company (OG&E), has announced the completion of the merger between Energy Transfer and Enable Midstream Partners.
“This merger is an important step in OGE's plan to become a pure-play electric utility,” said Sean Trauschke, chairman, president and CEO of OGE Energy Corp. “The strength of our balance sheet remains a competitive advantage for the company, supports our intention to exit a majority of the Energy Transfer investment by the end of 2022, and allows for continued investment in the electric utility and the communities we serve.”
Under the merger, 110,982,805 common units of Enable, owned by OGE Energy, were exchanged for 95,389,720 common units of Energy Transfer. Upon closing, OGE Energy owns 3 percent of the outstanding limited partner units of Energy Transfer.
Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas