OGE ENERGY CORP

For the period ended Mar 31, 2024. Filed May 1, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 1, 2024

OGE$50.66+0.0%Stored close · as of Nov 9, 2026

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Contents

OGE Energy Corp. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
	March 31,
(In millions, except per share data)	2024	2023
OPERATING REVENUES
Revenues from contracts with customers	$582.6	$544.6
Other revenues	14.2	12.6
Operating revenues	596.8	557.2
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	232.2	200.6
OPERATING EXPENSES
Other operation and maintenance	132.4	130.4
Depreciation and amortization	129.2	121.2
Taxes other than income	29.0	28.5
Operating expenses	290.6	280.1
OPERATING INCOME	74.0	76.5
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	4.7	4.5
Other net periodic benefit income	1.7	1.5
Other income	4.5	16.9
Other expense	(4.5)	(6.5)
Net other income	6.4	16.4
INTEREST EXPENSE
Interest on long-term debt	52.0	48.1
Allowance for borrowed funds used during construction	(3.4)	(2.1)
Interest on short-term debt and other interest charges	11.6	1.8
Interest expense	60.2	47.8
INCOME BEFORE TAXES	20.2	45.1
INCOME TAX EXPENSE	1.6	6.8
NET INCOME	$18.6	$38.3
BASIC AVERAGE COMMON SHARES OUTSTANDING	200.4	200.2
DILUTED AVERAGE COMMON SHARES OUTSTANDING	200.6	200.8
BASIC EARNINGS PER AVERAGE COMMON SHARE	$0.09	$0.19
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$0.09	$0.19

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended
	March 31,
(In millions)	2024	2023
Net income	$18.6	$38.3
Other comprehensive income (loss), net of tax:
Pension Plan and Restoration of Retirement Income Plan:
Amortization of prior service cost, net of tax of $0.1 and $0.0, respectively	—	0.1
Amortization of deferred net loss, net of tax of $0.0 and $0.1, respectively	0.1	0.2
Regulatory classification of certain pension costs, net of tax of $1.2 and $0.0, respectively	3.9	—
Settlement cost, net of tax of $0.0 and $0.2, respectively	—	0.9
Postretirement benefit plans:
Amortization of deferred net gain, net of tax of $0.0 and $0.0, respectively	(0.1)	(0.1)
Other comprehensive income, net of tax	3.9	1.1
Comprehensive income	$22.5	$39.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
(In millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$18.6	$38.3
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	129.2	121.2
Deferred income taxes and other tax credits, net	2.6	0.9
Allowance for equity funds used during construction	(4.7)	(4.5)
Stock-based compensation expense	3.2	3.0
Regulatory assets	(6.4)	(14.8)
Regulatory liabilities	(3.3)	(2.7)
Other assets	(4.5)	(2.2)
Other liabilities	20.7	(6.4)
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	36.7	43.4
Income taxes receivable	(0.8)	5.9
Fuel, materials and supplies inventories	9.6	(38.0)
Fuel recoveries	16.0	144.8
Other current assets	5.1	2.3
Accounts payable	(102.0)	(103.8)
Other current liabilities	(37.0)	(15.1)
Net cash provided from operating activities	83.0	172.3
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(226.9)	(286.0)
Cost of removal and other	(16.6)	(26.2)
Net cash used in investing activities	(243.5)	(312.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	—	444.7
Increase in short-term debt	256.5	—
Dividends paid on common stock	(85.9)	(83.6)
Proceeds (costs) from issuance of common stock	0.1	—
Cash paid for employee equity-based compensation	(6.1)	(2.3)
Net cash provided from financing activities	164.6	358.8
NET CHANGE IN CASH AND CASH EQUIVALENTS	4.1	218.9
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	88.1
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$4.3	$307.0

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,	December 31,
(In millions)	2024	2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$4.3	$0.2
Accounts receivable, less reserve of $2.3 and $2.2, respectively	181.6	208.8
Accrued unbilled revenues	63.2	72.7
Income taxes receivable	19.0	18.2
Fuel inventories	157.9	158.5
Materials and supplies, at average cost	245.3	254.3
Other	53.7	58.8
Total current assets	725.0	771.5
OTHER PROPERTY AND INVESTMENTS
Other	118.9	114.0
Total other property and investments	118.9	114.0
PROPERTY, PLANT AND EQUIPMENT
In service	15,743.0	15,588.2
Construction work in progress	599.0	522.2
Total property, plant and equipment	16,342.0	16,110.4
Less: accumulated depreciation	4,873.2	4,809.4
Net property, plant and equipment	11,468.8	11,301.0
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	576.6	577.6
Other	28.7	26.6
Total deferred charges and other assets	605.3	604.2
TOTAL ASSETS	$12,918.0	$12,790.7

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

	March 31,	December 31,
(In millions)	2024	2023
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt	$755.7	$499.2
Accounts payable	211.9	276.4
Dividends payable	83.9	83.8
Customer deposits	105.6	103.5
Accrued taxes	29.0	47.6
Accrued interest	55.5	57.4
Accrued compensation	30.7	46.8
Long-term debt due within one year	79.4	—
Fuel clause over recoveries	36.5	20.5
Other	41.5	44.0
Total current liabilities	1,429.7	1,179.2
LONG-TERM DEBT	4,261.9	4,340.5
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	161.5	172.7
Deferred income taxes	1,318.4	1,300.8
Deferred investment tax credits	11.1	11.3
Regulatory liabilities	1,047.4	1,061.6
Other	242.7	213.0
Total deferred credits and other liabilities	2,781.1	2,759.4
Total liabilities	8,472.7	8,279.1
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,142.4	1,145.1
Retained earnings	3,306.2	3,373.7
Accumulated other comprehensive loss, net of tax	(3.3)	(7.2)
Total stockholders' equity	4,445.3	4,511.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$12,918.0	$12,790.7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

	Common Stock
(In millions)	Shares	Value	Premium on Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at December 31, 2023	200.3	$2.0	$1,143.1	$3,373.7	$(7.2)	$4,511.6
Net income	—	—	—	18.6	—	18.6
Other comprehensive income, net of tax	—	—	—	—	3.9	3.9
Dividends declared on common stock ($0.4182 per share)	—	—	—	(86.1)	—	(86.1)
Stock-based compensation	0.2	—	(2.7)	—	—	(2.7)
Balance at March 31, 2024	200.5	$2.0	$1,140.4	$3,306.2	$(3.3)	$4,445.3

Common Stock · Treasury Stock
(In millions)	Shares	Value	Shares	Value	Premium on Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at December 31, 2022	200.2	$2.0	—	$(0.1)	$1,132.5	$3,290.9	$(11.9)	$4,413.4
Net income	—	—	—	—	—	38.3	—	38.3
Other comprehensive income, net of tax	—	—	—	—	—	—	1.1	1.1
Dividends declared on common stock ($0.4141 per share)	—	—	—	—	—	(83.6)	—	(83.6)
Stock-based compensation	0.1	—	—	0.1	0.7	—	—	0.8
Balance at March 31, 2023	200.3	$2.0	—	$—	$1,133.2	$3,245.6	$(10.8)	$4,370.0

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.