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$50.94+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 · Nine Months Ended
	September 30,		September 30,
(In millions)	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	123.3	394.0	383.4
Depreciation and amortization	144.0	132.5	408.7	377.8
Taxes other than income	26.7	24.7	82.6	75.3
Operating expenses	302.1	280.5	885.3	836.5
OPERATING INCOME	313.2	331.1	563.3	554.9
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	6.9	4.5	18.2	14.1
Other net periodic benefit income	1.9	1.7	5.5	4.9
Other income	3.4	3.6	8.6	22.0
Other expense	(0.6)	(2.0)	(3.9)	(4.7)
Net other income	11.6	7.8	28.4	36.3
INTEREST EXPENSE
Interest on long-term debt	53.6	51.1	156.0	149.2
Allowance for borrowed funds used during construction	(3.9)	(1.9)	(10.7)	(5.3)
Interest on short-term debt and other interest charges	4.4	1.8	15.1	4.9
Interest expense	54.1	51.0	160.4	148.8
INCOME BEFORE TAXES	270.7	287.9	431.3	442.4
INCOME TAX EXPENSE	45.7	41.8	71.8	64.6
NET INCOME	$225.0	$246.1	$359.5	$377.8
Other comprehensive income, net of tax	—	—	—	—
COMPREHENSIVE INCOME	$225.0	$246.1	$359.5	$377.8

CONDENSED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
(In millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$359.5	$377.8
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	19.7	6.2
Allowance for equity funds used during construction	(18.2)	(14.1)
Stock-based compensation expense	8.6	2.2
Regulatory assets	(37.3)	(86.6)
Regulatory liabilities	(8.4)	(8.9)
Other assets	(21.3)	(1.4)
Other liabilities	38.4	1.9
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(136.7)	(113.9)
Fuel, materials and supplies inventories	51.6	(64.9)
Fuel recoveries	(47.4)	461.9
Other current assets	(10.0)	57.8
Accounts payable	(32.5)	(132.8)
Income taxes payable - parent	51.6	21.7
Other current liabilities	97.8	59.5
Net cash provided from operating activities	724.1	944.2
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(794.3)	(879.6)
Cost of removal	(54.9)	(72.4)
Net cash used in investing activities	(849.2)	(952.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Changes in advances with parent	(216.8)	221.9
Proceeds from long-term debt	351.7	788.8
Payment of long-term debt	(0.1)	(500.1)
Dividends paid on common stock	—	(500.0)
Net cash provided from financing activities	134.8	10.6
NET CHANGE IN CASH AND CASH EQUIVALENTS	9.7	2.8
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	—
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$9.9	$2.8

CONDENSED 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	330.0	208.8
Accrued unbilled revenues	88.2	72.7
Advances to parent	17.6	—
Fuel inventories	123.4	158.5
Materials and supplies, at average cost	238.2	254.3
Fuel clause under recoveries	43.3	—
Other	56.8	46.7
Total current assets	907.4	741.2
OTHER PROPERTY AND INVESTMENTS	4.5	4.6
PROPERTY, PLANT AND EQUIPMENT
In service	16,042.5	15,582.1
Construction work in progress	783.7	522.2
Total property, plant and equipment	16,826.2	16,104.3
Less: accumulated depreciation	5,000.3	4,809.4
Net property, plant and equipment	11,825.9	11,294.9
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	572.7	577.6
Other	50.0	24.3
Total deferred charges and other assets	622.7	601.9
TOTAL ASSETS	$13,360.5	$12,642.6

CONDENSED BALANCE SHEETS (Continued)

	September 30,	December 31,
(In millions)	2024	2023
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable	$234.7	$228.5
Advances from parent	—	147.7
Customer deposits	110.0	103.5
Accrued taxes	71.5	47.2
Accrued interest	65.4	56.6
Accrued compensation	54.2	37.0
Long-term debt due within one year	32.4	—
Fuel clause over recoveries	16.4	20.5
Other	84.6	43.6
Total current liabilities	669.2	684.6
LONG-TERM DEBT	4,614.3	4,290.6
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	98.7	96.2
Deferred income taxes	1,399.8	1,340.8
Deferred investment tax credits	10.7	11.3
Regulatory liabilities	1,014.6	1,061.6
Other	210.3	182.8
Total deferred credits and other liabilities	2,734.1	2,692.7
Total liabilities	8,017.6	7,667.9
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDER'S EQUITY
Common stockholder's equity	1,586.4	1,577.7
Retained earnings	3,756.5	3,397.0
Total stockholder's equity	5,342.9	4,974.7
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$13,360.5	$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
Net income	—	—	—	225.0	225.0
Stock-based compensation	—	—	2.1	—	2.1
Balance at September 30, 2024	40.4	$100.9	$1,485.5	$3,756.5	$5,342.9
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
Net income	—	—	—	246.1	246.1
Dividends declared on common stock	—	—	—	(250.0)	(250.0)
Stock-based compensation	—	—	0.7	—	0.7
Balance at September 30, 2023	40.4	$100.9	$1,475.9	$3,348.4	$4,925.2

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