OGE ENERGY CORP

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

About this filing

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$50.94+0.6%Stored close · as of Nov 10, 2026

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Contents

Oklahoma Gas and Electric Company Condensed Financial Statements

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three Months Ended
	March 31,
(In millions)	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	131.5
Depreciation and amortization	129.2	121.2
Taxes other than income	29.0	27.1
Operating expenses	290.6	279.8
OPERATING INCOME	74.0	76.8
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	4.7	4.5
Other net periodic benefit income	1.8	1.6
Other income	2.0	10.1
Other expense	(1.9)	(0.9)
Net other income	6.6	15.3
INTEREST EXPENSE
Interest on long-term debt	51.1	46.5
Allowance for borrowed funds used during construction	(3.4)	(2.1)
Interest on short-term debt and other interest charges	3.7	1.3
Interest expense	51.4	45.7
INCOME BEFORE TAXES	29.2	46.4
INCOME TAX EXPENSE	4.0	6.6
NET INCOME	$25.2	$39.8
Other comprehensive income, net of tax	—	—
COMPREHENSIVE INCOME	$25.2	$39.8

CONDENSED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
(In millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$25.2	$39.8
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	4.2	(0.4)
Allowance for equity funds used during construction	(4.7)	(4.5)
Stock-based compensation expense	3.2	0.6
Regulatory assets	(6.4)	(14.8)
Regulatory liabilities	(3.3)	(2.7)
Other assets	(3.6)	(2.9)
Other liabilities	28.5	(2.8)
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	36.7	43.9
Fuel, materials and supplies inventories	9.6	(38.0)
Fuel recoveries	16.0	144.8
Other current assets	1.6	3.1
Accounts payable	(85.7)	(87.4)
Income taxes payable - parent	(0.2)	6.9
Other current liabilities	(25.7)	(12.3)
Net cash provided from operating activities	124.6	194.5
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(226.9)	(286.0)
Cost of removal	(16.2)	(24.5)
Net cash used in investing activities	(243.1)	(310.5)
CASH FLOWS FROM FINANCING ACTIVITIES
Changes in advances with parent	76.0	(328.7)
Proceeds from long-term debt	—	444.7
Increase in short-term debt	46.6	—
Net cash provided from financing activities	122.6	116.0
NET CHANGE IN CASH AND CASH EQUIVALENTS	4.1	—
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	—
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$4.3	$—

CONDENSED 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
Fuel inventories	157.9	158.5
Materials and supplies, at average cost	245.3	254.3
Other	45.1	46.7
Total current assets	697.4	741.2
OTHER PROPERTY AND INVESTMENTS	8.0	4.6
PROPERTY, PLANT AND EQUIPMENT
In service	15,736.9	15,582.1
Construction work in progress	599.0	522.2
Total property, plant and equipment	16,335.9	16,104.3
Less: accumulated depreciation	4,873.2	4,809.4
Net property, plant and equipment	11,462.7	11,294.9
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	576.6	577.6
Other	26.4	24.3
Total deferred charges and other assets	603.0	601.9
TOTAL ASSETS	$12,771.1	$12,642.6

CONDENSED BALANCE SHEETS (Continued)

	March 31,	December 31,
(In millions)	2024	2023
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Short-term debt	$46.6	$—
Accounts payable	180.3	228.5
Advances from parent	223.4	147.7
Customer deposits	105.6	103.5
Accrued taxes	28.7	47.2
Accrued interest	55.5	56.6
Accrued compensation	30.7	37.0
Long-term debt due within one year	79.4	—
Fuel clause over recoveries	36.5	20.5
Other	41.7	43.6
Total current liabilities	828.4	684.6
LONG-TERM DEBT	4,212.0	4,290.6
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	96.4	96.2
Deferred income taxes	1,358.7	1,340.8
Deferred investment tax credits	11.1	11.3
Regulatory liabilities	1,047.4	1,061.6
Other	214.0	182.8
Total deferred credits and other liabilities	2,727.6	2,692.7
Total liabilities	7,768.0	7,667.9
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDER'S EQUITY
Common stockholder's equity	1,580.9	1,577.7
Retained earnings	3,422.2	3,397.0
Total stockholder's equity	5,003.1	4,974.7
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$12,771.1	$12,642.6

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY

	Common Stock
(In millions)	Shares	Value	Premium on Common Stock	Retained Earnings	Total
Balance at December 31, 2023	40.4	$100.9	$1,476.8	$3,397.0	$4,974.7
Net income	—	—	—	25.2	25.2
Stock-based compensation	—	—	3.2	—	3.2
Balance at March 31, 2024	40.4	$100.9	$1,480.0	$3,422.2	$5,003.1
Balance at December 31, 2022	40.4	$100.9	$1,473.7	$3,470.6	$5,045.2
Net income	—	—	—	39.8	39.8
Stock-based compensation	—	—	0.6	—	0.6
Balance at March 31, 2023	40.4	$100.9	$1,474.3	$3,510.4	$5,085.6

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