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$50.94+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Oklahoma Gas and Electric Company Condensed Financial Statements
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| (In millions) | 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 | 130.2 | 128.6 | 262.6 | 260.1 |
| Depreciation and amortization | 135.5 | 124.1 | 264.7 | 245.3 |
| Taxes other than income | 26.9 | 23.5 | 55.9 | 50.6 |
| Operating expenses | 292.6 | 276.2 | 583.2 | 556.0 |
| OPERATING INCOME | 176.1 | 147.0 | 250.1 | 223.8 |
| OTHER INCOME (EXPENSE) | ||||
| Allowance for equity funds used during construction | 6.6 | 5.1 | 11.3 | 9.6 |
| Other net periodic benefit income | 1.8 | 1.6 | 3.6 | 3.2 |
| Other income | 3.2 | 8.3 | 5.2 | 18.4 |
| Other expense | (1.4) | (1.8) | (3.3) | (2.7) |
| Net other income | 10.2 | 13.2 | 16.8 | 28.5 |
| INTEREST EXPENSE | ||||
| Interest on long-term debt | 51.3 | 51.6 | 102.4 | 98.1 |
| Allowance for borrowed funds used during construction | (3.4) | (1.3) | (6.8) | (3.4) |
| Interest on short-term debt and other interest charges | 7.0 | 1.8 | 10.7 | 3.1 |
| Interest expense | 54.9 | 52.1 | 106.3 | 97.8 |
| INCOME BEFORE TAXES | 131.4 | 108.1 | 160.6 | 154.5 |
| INCOME TAX EXPENSE | 22.1 | 16.2 | 26.1 | 22.8 |
| NET INCOME | $109.3 | $91.9 | $134.5 | $131.7 |
| Other comprehensive income, net of tax | — | — | — | — |
| COMPREHENSIVE INCOME | $109.3 | $91.9 | $134.5 | $131.7 |
CONDENSED STATEMENTS OF CASH FLOWS
| Six Months Ended June 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $134.5 | $131.7 |
| 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 | 8.8 | (0.4) |
| Allowance for equity funds used during construction | (11.3) | (9.6) |
| Stock-based compensation expense | 6.5 | 1.5 |
| Regulatory assets | (29.5) | (65.9) |
| Regulatory liabilities | (5.5) | (5.7) |
| Other assets | (1.7) | (2.0) |
| Other liabilities | 47.9 | 4.3 |
| Change in certain current assets and liabilities: | ||
| Accounts receivable and accrued unbilled revenues, net | (46.7) | (32.6) |
| Fuel, materials and supplies inventories | 29.1 | (44.4) |
| Fuel recoveries | 9.3 | 316.6 |
| Other current assets | (12.9) | 51.5 |
| Accounts payable | (29.2) | (97.4) |
| Income taxes payable - parent | 17.2 | 17.9 |
| Other current liabilities | 5.7 | 24.7 |
| Net cash provided from operating activities | 386.9 | 535.5 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditures (less allowance for equity funds used during construction) | (550.2) | (580.6) |
| Cost of removal | (37.4) | (49.3) |
| Net cash used in investing activities | (587.6) | (629.9) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Changes in advances with parent | 0.7 | 55.9 |
| Proceeds from long-term debt | — | 788.8 |
| Payment of long-term debt | (0.1) | (500.1) |
| Increase in long-term borrowings under revolver | 200.0 | — |
| Dividends paid on common stock | — | (250.0) |
| Net cash provided from financing activities | 200.6 | 94.6 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (0.1) | 0.2 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0.2 | — |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $0.1 | $0.2 |
CONDENSED 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 | 219.3 | 208.8 |
| Accrued unbilled revenues | 108.9 | 72.7 |
| Fuel inventories | 145.5 | 158.5 |
| Materials and supplies, at average cost | 238.6 | 254.3 |
| Other | 59.6 | 46.7 |
| Total current assets | 772.0 | 741.2 |
| OTHER PROPERTY AND INVESTMENTS | 4.5 | 4.6 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| In service | 15,904.6 | 15,582.1 |
| Construction work in progress | 689.1 | 522.2 |
| Total property, plant and equipment | 16,593.7 | 16,104.3 |
| Less: accumulated depreciation | 4,912.5 | 4,809.4 |
| Net property, plant and equipment | 11,681.2 | 11,294.9 |
| DEFERRED CHARGES AND OTHER ASSETS | ||
| Regulatory assets | 586.2 | 577.6 |
| Other | 29.2 | 24.3 |
| Total deferred charges and other assets | 615.4 | 601.9 |
| TOTAL ASSETS | $13,073.1 | $12,642.6 |
CONDENSED BALANCE SHEETS (Continued)
| June 30, | December 31, | |
|---|---|---|
| (In millions) | 2024 | 2023 |
| LIABILITIES AND STOCKHOLDER'S EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | $228.1 | $228.5 |
| Advances from parent | 165.5 | 147.7 |
| Customer deposits | 107.8 | 103.5 |
| Accrued taxes | 47.3 | 47.2 |
| Accrued interest | 57.4 | 56.6 |
| Accrued compensation | 39.7 | 37.0 |
| Long-term debt due within one year | 79.4 | — |
| Fuel clause over recoveries | 29.8 | 20.5 |
| Other | 41.3 | 43.6 |
| Total current liabilities | 796.3 | 684.6 |
| LONG-TERM DEBT | 4,415.3 | 4,290.6 |
| DEFERRED CREDITS AND OTHER LIABILITIES | ||
| Accrued benefit obligations | 97.3 | 96.2 |
| Deferred income taxes | 1,374.9 | 1,340.8 |
| Deferred investment tax credits | 10.9 | 11.3 |
| Regulatory liabilities | 1,030.5 | 1,061.6 |
| Other | 232.1 | 182.8 |
| Total deferred credits and other liabilities | 2,745.7 | 2,692.7 |
| Total liabilities | 7,957.3 | 7,667.9 |
| COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
| STOCKHOLDER'S EQUITY | ||
| Common stockholder's equity | 1,584.3 | 1,577.7 |
| Retained earnings | 3,531.5 | 3,397.0 |
| Total stockholder's equity | 5,115.8 | 4,974.7 |
| TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $13,073.1 | $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 |
| Net income | — | — | — | 109.3 | 109.3 |
| Stock-based compensation | — | — | 3.4 | — | 3.4 |
| Balance at June 30, 2024 | 40.4 | $100.9 | $1,483.4 | $3,531.5 | $5,115.8 |
| 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 |
| Net income | — | — | — | 91.9 | 91.9 |
| Dividends declared on common stock | — | — | — | (250.0) | (250.0) |
| Stock-based compensation | — | — | 0.9 | — | 0.9 |
| Balance at June 30, 2023 | 40.4 | $100.9 | $1,475.2 | $3,352.3 | $4,928.4 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.