OGE ENERGY CORP
For the period ended Sep 30, 2024. Filed Nov 5, 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.
Sep 30, 2024 · Filed Nov 5, 2024
OGE$50.66+0.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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OGE Energy Corp. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In millions, except per share data) | 2024 | 2023 | 2024 | 2023 |
| OPERATING REVENUES | ||||
| Revenues from contracts with customers | $945.2 | $923.0 | $2,171.9 | $2,056.8 |
| Other revenues | 20.2 | 22.4 | 52.9 | 50.8 |
| Operating revenues | 965.4 | 945.4 | 2,224.8 | 2,107.6 |
| FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 350.1 | 333.8 | 776.2 | 716.2 |
| OPERATING EXPENSES | ||||
| Other operation and maintenance | 131.4 | 122.7 | 394.2 | 381.4 |
| Depreciation and amortization | 144.0 | 132.5 | 408.7 | 377.8 |
| Taxes other than income | 26.7 | 25.3 | 82.6 | 78.2 |
| Operating expenses | 302.1 | 280.5 | 885.5 | 837.4 |
| OPERATING INCOME | 313.2 | 331.1 | 563.1 | 554.0 |
| OTHER INCOME (EXPENSE) | ||||
| Allowance for equity funds used during construction | 6.9 | 4.5 | 18.2 | 14.1 |
| Other net periodic benefit income | 1.7 | 1.5 | 5.0 | 4.1 |
| Other income | 6.8 | 8.5 | 20.2 | 38.1 |
| Other expense | (4.7) | (7.9) | (15.8) | (18.8) |
| Net other income | 10.7 | 6.6 | 27.6 | 37.5 |
| INTEREST EXPENSE | ||||
| Interest on long-term debt | 59.6 | 52.0 | 166.5 | 153.0 |
| Allowance for borrowed funds used during construction | (3.9) | (1.9) | (10.7) | (5.3) |
| Interest on short-term debt and other interest charges | 8.5 | 7.3 | 33.5 | 15.2 |
| Interest expense | 64.2 | 57.4 | 189.3 | 162.9 |
| INCOME BEFORE TAXES | 259.7 | 280.3 | 401.4 | 428.6 |
| INCOME TAX EXPENSE | 41.0 | 38.4 | 61.8 | 60.0 |
| NET INCOME | $218.7 | $241.9 | $339.6 | $368.6 |
| BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.9 | 200.3 | 200.7 | 200.3 |
| DILUTED AVERAGE COMMON SHARES OUTSTANDING | 201.5 | 201.0 | 201.2 | 200.9 |
| BASIC EARNINGS PER AVERAGE COMMON SHARE | $1.09 | $1.21 | $1.69 | $1.84 |
| DILUTED EARNINGS PER AVERAGE COMMON SHARE | $1.09 | $1.20 | $1.69 | $1.83 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In millions) | 2024 | 2023 | 2024 | 2023 |
| Net income | $218.7 | $241.9 | $339.6 | $368.6 |
| 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 | 0.2 | 0.2 |
| Amortization of deferred net loss, net of tax of $0.0, $0.1, $0.1 and $0.2, respectively | — | 0.1 | 0.1 | 0.6 |
| 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, $0.0, $0.0 and $0.3, respectively | — | — | — | 1.1 |
| Postretirement benefit plans: | ||||
| Amortization of deferred net gain, net of tax of ($0.0), ($0.1), ($0.0) and ($0.1), respectively | — | — | (0.1) | (0.1) |
| Other comprehensive income, net of tax | 0.1 | 0.2 | 4.1 | 1.8 |
| Comprehensive income | $218.8 | $242.1 | $343.7 | $370.4 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $339.6 | $368.6 |
| Adjustments to reconcile net income to net cash provided from operating activities: | ||
| Depreciation and amortization | 408.7 | 377.8 |
| Deferred income taxes and other tax credits, net | 20.2 | 7.7 |
| Allowance for equity funds used during construction | (18.2) | (14.1) |
| Stock-based compensation expense | 8.6 | 9.5 |
| Regulatory assets | (37.3) | (86.6) |
| Regulatory liabilities | (8.4) | (8.9) |
| Other assets | (27.5) | (3.4) |
| Other liabilities | 37.3 | 1.9 |
| Change in certain current assets and liabilities: | ||
| Accounts receivable and accrued unbilled revenues, net | (137.2) | (113.3) |
| Income taxes receivable | 18.2 | 14.2 |
| Fuel, materials and supplies inventories | 51.6 | (64.9) |
| Fuel recoveries | (47.4) | 461.9 |
| Other current assets | (4.1) | 52.4 |
| Accounts payable | (45.3) | (141.6) |
| Other current liabilities | 124.4 | 60.1 |
| Net cash provided from operating activities | 683.2 | 921.3 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditures (less allowance for equity funds used during construction) | (794.3) | (879.6) |
| Cost of removal and other | (57.0) | (75.4) |
| Net cash used in investing activities | (851.3) | (955.0) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from long-term debt | 707.9 | 788.8 |
| Payment of long-term debt | (0.1) | (1,000.1) |
| Increase (decrease) in short-term debt | (284.0) | 411.4 |
| Dividends paid on common stock | (253.9) | (249.4) |
| Proceeds (costs) from issuance of common stock | 14.0 | — |
| Cash paid for employee equity-based compensation | (6.1) | (2.3) |
| Net cash provided from (used in) financing activities | 177.8 | (51.6) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 9.7 | (85.3) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0.2 | 88.1 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $9.9 | $2.8 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | |
|---|---|---|
| (In millions) | 2024 | 2023 |
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | $9.9 | $0.2 |
| Accounts receivable, less reserve of $2.1 and $2.2, respectively | 330.5 | 208.8 |
| Accrued unbilled revenues | 88.2 | 72.7 |
| Income taxes receivable | — | 18.2 |
| Fuel inventories | 123.4 | 158.5 |
| Materials and supplies, at average cost | 238.2 | 254.3 |
| Fuel clause under recoveries | 43.3 | — |
| Other | 63.0 | 58.8 |
| Total current assets | 896.5 | 771.5 |
| OTHER PROPERTY AND INVESTMENTS | ||
| Other | 122.6 | 114.0 |
| Total other property and investments | 122.6 | 114.0 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| In service | 16,048.6 | 15,588.2 |
| Construction work in progress | 783.7 | 522.2 |
| Total property, plant and equipment | 16,832.3 | 16,110.4 |
| Less: accumulated depreciation | 5,000.3 | 4,809.4 |
| Net property, plant and equipment | 11,832.0 | 11,301.0 |
| DEFERRED CHARGES AND OTHER ASSETS | ||
| Regulatory assets | 572.7 | 577.6 |
| Other | 52.0 | 26.6 |
| Total deferred charges and other assets | 624.7 | 604.2 |
| TOTAL ASSETS | $13,475.8 | $12,790.7 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
| September 30, | December 31, | |
|---|---|---|
| (In millions) | 2024 | 2023 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Short-term debt | $215.2 | $499.2 |
| Accounts payable | 269.8 | 276.4 |
| Dividends payable | 84.6 | 83.8 |
| Customer deposits | 110.0 | 103.5 |
| Accrued taxes | 101.4 | 47.6 |
| Accrued interest | 72.9 | 57.4 |
| Accrued compensation | 54.2 | 46.8 |
| Long-term debt due within one year | 32.4 | — |
| Fuel clause over recoveries | 16.4 | 20.5 |
| Other | 84.6 | 44.0 |
| Total current liabilities | 1,041.5 | 1,179.2 |
| LONG-TERM DEBT | 5,020.8 | 4,340.5 |
| DEFERRED CREDITS AND OTHER LIABILITIES | ||
| Accrued benefit obligations | 166.9 | 172.7 |
| Deferred income taxes | 1,361.6 | 1,300.8 |
| Deferred investment tax credits | 10.7 | 11.3 |
| Regulatory liabilities | 1,014.6 | 1,061.6 |
| Other | 242.6 | 213.0 |
| Total deferred credits and other liabilities | 2,796.4 | 2,759.4 |
| Total liabilities | 8,858.7 | 8,279.1 |
| COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
| STOCKHOLDERS' EQUITY | ||
| Common stockholders' equity | 1,161.7 | 1,145.1 |
| Retained earnings | 3,458.5 | 3,373.7 |
| Accumulated other comprehensive loss, net of tax | (3.1) | (7.2) |
| Total stockholders' equity | 4,617.1 | 4,511.6 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $13,475.8 | $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 |
| Net income | — | — | — | 218.7 | — | 218.7 |
| Other comprehensive income, net of tax | — | — | — | — | 0.1 | 0.1 |
| Dividends declared on common stock ($0.42125 per share) | — | — | — | (84.6) | — | (84.6) |
| Issuance of common stock | — | — | 3.1 | — | — | 3.1 |
| Stock-based compensation | — | — | 2.1 | — | — | 2.1 |
| Balance at September 30, 2024 | 200.9 | $2.0 | $1,159.7 | $3,458.5 | $(3.1) | $4,617.1 |
| 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 |
| Net income | — | — | — | — | — | 241.9 | — | 241.9 |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 0.2 | 0.2 |
| Dividends declared on common stock ($0.4182 per share) | — | — | — | — | — | (83.7) | — | (83.7) |
| Stock-based compensation | — | — | — | — | 3.2 | — | — | 3.2 |
| Balance at September 30, 2023 | 200.3 | $2.0 | — | $— | $1,139.6 | $3,409.2 | $(10.1) | $4,540.7 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.