OGE ENERGY CORP

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 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 · Six Months Ended
	June 30,		June 30,
(In millions, except per share data)	2024	2023	2024	2023
OPERATING REVENUES
Revenues from contracts with customers	$644.1	$589.2	$1,226.7	$1,133.8
Other revenues	18.5	15.8	32.7	28.4
Operating revenues	662.6	605.0	1,259.4	1,162.2
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	193.9	181.8	426.1	382.4
OPERATING EXPENSES
Other operation and maintenance	130.4	128.3	262.8	258.7
Depreciation and amortization	135.5	124.1	264.7	245.3
Taxes other than income	26.9	24.4	55.9	52.9
Operating expenses	292.8	276.8	583.4	556.9
OPERATING INCOME	175.9	146.4	249.9	222.9
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	6.6	5.1	11.3	9.6
Other net periodic benefit income	1.6	1.1	3.3	2.6
Other income	8.9	12.7	13.4	29.6
Other expense	(6.6)	(4.4)	(11.1)	(10.9)
Net other income	10.5	14.5	16.9	30.9
INTEREST EXPENSE
Interest on long-term debt	54.9	52.9	106.9	101.0
Allowance for borrowed funds used during construction	(3.4)	(1.3)	(6.8)	(3.4)
Interest on short-term debt and other interest charges	13.4	6.1	25.0	7.9
Interest expense	64.9	57.7	125.1	105.5
INCOME BEFORE TAXES	121.5	103.2	141.7	148.3
INCOME TAX EXPENSE	19.2	14.8	20.8	21.6
NET INCOME	$102.3	$88.4	$120.9	$126.7
BASIC AVERAGE COMMON SHARES OUTSTANDING	200.8	200.3	200.6	200.3
DILUTED AVERAGE COMMON SHARES OUTSTANDING	201.4	200.8	201.0	200.8
BASIC EARNINGS PER AVERAGE COMMON SHARE	$0.51	$0.44	$0.60	$0.63
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$0.51	$0.44	$0.60	$0.63

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended · Six Months Ended
	June 30,		June 30,
(In millions)	2024	2023	2024	2023
Net income	$102.3	$88.4	$120.9	$126.7
Other comprehensive income (loss), net of tax:
Pension Plan and Restoration of Retirement Income Plan:
Amortization of prior service cost, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	—	—	0.1	0.1
Amortization of deferred net loss, net of tax of $0.0, $0.0, $0.1 and $0.1, respectively	0.1	0.3	0.1	0.5
Regulatory classification of certain pension costs, net of tax of $0.0, $0.0, $1.2 and $0.0, respectively	—	—	3.9	—
Settlement cost, net of tax of $0.0, $0.1, $0.0 and $0.3, respectively	—	0.2	—	1.1
Postretirement benefit plans:
Amortization of deferred net gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	—	—	(0.1)	(0.1)
Other comprehensive income, net of tax	0.1	0.5	4.0	1.6
Comprehensive income	$102.4	$88.9	$124.9	$128.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
(In millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$120.9	$126.7
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	264.7	245.3
Deferred income taxes and other tax credits, net	7.9	1.2
Allowance for equity funds used during construction	(11.3)	(9.6)
Stock-based compensation expense	6.5	6.3
Regulatory assets	(29.5)	(65.9)
Regulatory liabilities	(5.5)	(5.7)
Other assets	(5.3)	(2.2)
Other liabilities	42.8	2.3
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(47.5)	(32.0)
Income taxes receivable	11.6	13.9
Fuel, materials and supplies inventories	29.1	(44.4)
Fuel recoveries	9.3	316.6
Other current assets	(8.7)	47.6
Accounts payable	(48.4)	(111.8)
Other current liabilities	(0.5)	17.9
Net cash provided from operating activities	336.1	506.2
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(550.2)	(580.6)
Cost of removal and other	(39.4)	(51.4)
Net cash used in investing activities	(589.6)	(632.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	356.5	788.8
Payment of long-term debt	(0.1)	(1,000.1)
Increase (decrease) in short-term debt	(137.9)	418.1
Increase in long-term borrowings under revolver	200.0	—
Dividends paid on common stock	(169.9)	(166.5)
Proceeds (costs) from issuance of common stock	10.9	—
Cash paid for employee equity-based compensation	(6.1)	(2.3)
Net cash provided from financing activities	253.4	38.0
NET CHANGE IN CASH AND CASH EQUIVALENTS	(0.1)	(87.8)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	88.1
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$0.1	$0.3

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,	December 31,
(In millions)	2024	2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$0.1	$0.2
Accounts receivable, less reserve of $1.5 and $2.2, respectively	220.1	208.8
Accrued unbilled revenues	108.9	72.7
Income taxes receivable	6.6	18.2
Fuel inventories	145.5	158.5
Materials and supplies, at average cost	238.6	254.3
Other	67.5	58.8
Total current assets	787.3	771.5
OTHER PROPERTY AND INVESTMENTS
Other	119.7	114.0
Total other property and investments	119.7	114.0
PROPERTY, PLANT AND EQUIPMENT
In service	15,910.7	15,588.2
Construction work in progress	689.1	522.2
Total property, plant and equipment	16,599.8	16,110.4
Less: accumulated depreciation	4,912.5	4,809.4
Net property, plant and equipment	11,687.3	11,301.0
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	586.2	577.6
Other	31.3	26.6
Total deferred charges and other assets	617.5	604.2
TOTAL ASSETS	$13,211.8	$12,790.7

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

	June 30,	December 31,
(In millions)	2024	2023
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt	$361.3	$499.2
Accounts payable	256.8	276.4
Dividends payable	84.0	83.8
Customer deposits	107.8	103.5
Accrued taxes	49.2	47.6
Accrued interest	60.3	57.4
Accrued compensation	39.7	46.8
Long-term debt due within one year	79.4	—
Fuel clause over recoveries	29.8	20.5
Other	41.4	44.0
Total current liabilities	1,109.7	1,179.2
LONG-TERM DEBT	4,821.8	4,340.5
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	163.5	172.7
Deferred income taxes	1,335.3	1,300.8
Deferred investment tax credits	10.9	11.3
Regulatory liabilities	1,030.5	1,061.6
Other	262.4	213.0
Total deferred credits and other liabilities	2,802.6	2,759.4
Total liabilities	8,734.1	8,279.1
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,156.5	1,145.1
Retained earnings	3,324.4	3,373.7
Accumulated other comprehensive loss, net of tax	(3.2)	(7.2)
Total stockholders' equity	4,477.7	4,511.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$13,211.8	$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
Net income	—	—	—	102.3	—	102.3
Other comprehensive income, net of tax	—	—	—	—	0.1	0.1
Dividends declared on common stock ($0.4182 per share)	—	—	—	(84.1)	—	(84.1)
Issuance of common stock	0.4	—	10.9	—	—	10.9
Stock-based compensation	—	—	3.2	—	—	3.2
Balance at June 30, 2024	200.9	$2.0	$1,154.5	$3,324.4	$(3.2)	$4,477.7

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
Net income	—	—	—	—	—	88.4	—	88.4
Other comprehensive income, net of tax	—	—	—	—	—	—	0.5	0.5
Dividends declared on common stock ($0.4141 per share)	—	—	—	—	—	(83.0)	—	(83.0)
Stock-based compensation	—	—	—	—	3.2	—	—	3.2
Balance at June 30, 2023	200.3	$2.0	—	$—	$1,136.4	$3,251.0	$(10.3)	$4,379.1

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