OGE ENERGY CORP.

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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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.

Mar 31, 2025 · Filed Apr 30, 2025

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
	March 31,
(In millions, except per share data)	2025	2024
OPERATING REVENUES
Revenues from contracts with customers	$741.1	$582.6
Other revenues	6.6	14.2
Operating revenues	747.7	596.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	324.0	232.2
OPERATING EXPENSES
Other operation and maintenance	121.8	132.4
Depreciation and amortization	137.4	129.2
Taxes other than income	31.2	29.0
Operating expenses	290.4	290.6
OPERATING INCOME	133.3	74.0
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	7.0	4.7
Other net periodic benefit income (expense)	(2.6)	1.7
Other income	7.0	4.5
Other expense	(4.5)	(4.5)
Net other income	6.9	6.4
INTEREST EXPENSE
Interest on long-term debt	61.4	52.0
Allowance for borrowed funds used during construction	(4.5)	(3.4)
Interest on short-term debt and other interest charges	10.4	11.6
Interest expense	67.3	60.2
INCOME BEFORE TAXES	72.9	20.2
INCOME TAX EXPENSE	10.2	1.6
NET INCOME	$62.7	$18.6
BASIC AVERAGE COMMON SHARES OUTSTANDING	201.2	200.4
DILUTED AVERAGE COMMON SHARES OUTSTANDING	201.9	200.6
BASIC EARNINGS PER AVERAGE COMMON SHARE	$0.31	$0.09
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$0.31	$0.09

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended
	March 31,
(In millions)	2025	2024
Net income	$62.7	$18.6
Other comprehensive income (loss), net of tax:
Pension Plan and Restoration of Retirement Income Plan:
Amortization of prior service cost, net of tax of $0.1 and $0.1, respectively	—	—
Amortization of deferred net loss, net of tax of $0.0 and $0.0, respectively	0.1	0.1
Regulatory classification of certain pension costs, net of tax of $0.0 and $1.2, respectively	—	3.9
Postretirement benefit plans:
Amortization of deferred net gain, net of tax of $(0.1) and $0.0, respectively	—	(0.1)
Other comprehensive income, net of tax	0.1	3.9
Comprehensive income	$62.8	$22.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
(In millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$62.7	$18.6
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	137.4	129.2
Deferred income taxes and other tax credits, net	0.7	2.6
Allowance for equity funds used during construction	(7.0)	(4.7)
Stock-based compensation expense	3.0	3.2
Regulatory assets	(9.5)	(6.4)
Regulatory liabilities	0.2	(3.3)
Other assets	(4.7)	(4.5)
Other liabilities	11.2	20.7
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(48.8)	36.7
Income taxes receivable	—	(0.8)
Fuel, materials and supplies inventories	13.0	9.6
Fuel recoveries	(59.7)	16.0
Other current assets	0.3	5.1
Accounts payable	(59.4)	(102.0)
Other current liabilities	(23.5)	(37.0)
Net cash provided from operating activities	15.9	83.0
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(249.5)	(226.9)
Cost of removal and other	(14.2)	(16.6)
Net cash used in investing activities	(263.7)	(243.5)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	(0.1)	—
Payment of long-term debt	(32.4)	—
Increase in short-term debt	297.4	256.5
Increase in long-term borrowings under revolver	100.0	—
Dividends paid on common stock	(86.6)	(85.9)
Proceeds (costs) from issuance of common stock	3.1	0.1
Cash paid for employee equity-based compensation	(7.3)	(6.1)
Net cash provided from financing activities	274.1	164.6
NET CHANGE IN CASH AND CASH EQUIVALENTS	26.3	4.1
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.6	0.2
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$26.9	$4.3

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,	December 31,
(In millions)	2025	2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$26.9	$0.6
Accounts receivable, less reserve of $1.6 and $2.0, respectively	274.0	240.6
Accrued unbilled revenues	90.0	74.6
Fuel inventories	135.6	148.3
Materials and supplies, at average cost	229.1	229.4
Fuel clause under recoveries	164.6	112.7
Other	88.6	88.9
Total current assets	1,008.8	895.1
OTHER PROPERTY AND INVESTMENTS
Other	125.7	124.2
Total other property and investments	125.7	124.2
PROPERTY, PLANT AND EQUIPMENT
In service	16,362.0	16,254.6
Construction work in progress	887.0	814.2
Total property, plant and equipment	17,249.0	17,068.8
Less: accumulated depreciation	5,035.8	4,982.2
Net property, plant and equipment	12,213.2	12,086.6
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	558.3	568.1
Other	47.2	42.0
Total deferred charges and other assets	605.5	610.1
TOTAL ASSETS	$13,953.2	$13,716.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

	March 31,	December 31,
(In millions)	2025	2024
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt	$766.7	$469.3
Accounts payable	224.7	305.7
Dividends payable	84.8	84.7
Customer deposits	111.5	111.1
Accrued taxes	49.5	58.8
Accrued interest	72.8	63.8
Accrued compensation	32.5	53.0
Long-term debt due within one year	—	32.4
Fuel clause over recoveries	1.5	9.3
Other	38.6	41.7
Total current liabilities	1,382.6	1,229.8
LONG-TERM DEBT	5,121.8	5,020.9
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	163.2	170.9
Deferred income taxes	1,388.3	1,371.1
Deferred investment tax credits	10.4	10.6
Regulatory liabilities	1,002.9	1,016.4
Other	268.3	255.4
Total deferred credits and other liabilities	2,833.1	2,824.4
Total liabilities	9,337.5	9,075.1
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,166.7	1,167.9
Retained earnings	3,451.6	3,475.7
Accumulated other comprehensive loss, net of tax	(2.6)	(2.7)
Total stockholders' equity	4,615.7	4,640.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$13,953.2	$13,716.0

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, 2024	201.0	$2.0	$1,165.9	$3,475.7	$(2.7)	$4,640.9
Net income	—	—	—	62.7	—	62.7
Other comprehensive income, net of tax	—	—	—	—	0.1	0.1
Dividends declared on common stock ($0.42125 per share)	—	—	—	(86.8)	—	(86.8)
Issuance of common stock	0.1	—	3.1	—	—	3.1
Stock-based compensation	0.2	—	(4.3)	—	—	(4.3)
Balance at March 31, 2025	201.3	$2.0	$1,164.7	$3,451.6	$(2.6)	$4,615.7
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 ($0.41820 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

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