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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission File NumberExact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone numberI.R.S. Employer Identification No.
1-12579OGE ENERGY CORP.73-1481638
1-1097OKLAHOMA GAS AND ELECTRIC COMPANY73-0382390
321 North Harvey
P.O. Box 321
Oklahoma City, Oklahoma 73101-0321
405-553-3000

State or other jurisdiction of incorporation or organization: Oklahoma
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
OGE Energy Corp.Common StockOGENew York Stock Exchange
Oklahoma Gas and Electric CompanyNoneN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
OGE Energy Corp.  Yes   No        Oklahoma Gas and Electric Company  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
OGE Energy Corp.  Yes   No        Oklahoma Gas and Electric Company  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
OGE Energy Corp.Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting companyEmerging growth company
Oklahoma Gas and Electric CompanyLarge accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OGE Energy Corp.   Yes   No        Oklahoma Gas and Electric Company   Yes   No    

At September 30, 2021, there were 200,174,540 shares of OGE Energy Corp.'s common stock, par value $0.01 per share, outstanding.

At September 30, 2021, there were 40,378,745 of Oklahoma Gas and Electric Company's common stock, par value $2.50 per share, outstanding, all of which were held by OGE Energy Corp. There were no other shares of capital stock of the registrants outstanding at such date.

Oklahoma Gas and Electric Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format permitted by General Instruction H(2).




FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

i


GLOSSARY OF TERMS

The following is a glossary of frequently used abbreviations that are found throughout this Form 10-Q.
AbbreviationDefinition
2020 Form 10-KAnnual Report on Form 10-K for the year ended December 31, 2020
APSCArkansas Public Service Commission
ASCFinancial Accounting Standards Board Accounting Standards Codification
CenterPointCenterPoint Energy Resources Corp., wholly-owned subsidiary of CenterPoint Energy, Inc.
CO2
Carbon dioxide
COVID-19Novel Coronavirus disease
Dry ScrubberDry flue gas desulfurization unit with spray dryer absorber
EnableEnable Midstream Partners, LP, partnership formed to own and operate the midstream businesses of OGE Energy and CenterPoint
Energy TransferEnergy Transfer LP, a Delaware limited partnership
Enogex HoldingsEnogex Holdings LLC, the parent company of Enogex LLC and a majority-owned subsidiary of OGE Holdings, LLC (prior to May 1, 2013)
Enogex LLCEnogex LLC, collectively with its subsidiaries (effective July 31, 2013, the name was changed to Enable Oklahoma Intrastate Transmission, LLC)
EPAU.S. Environmental Protection Agency
Federal Clean Air ActFederal Clean Air Act of 1970, as amended
Federal Clean Water ActFederal Water Pollution Control Act of 1972, as amended
FERCFederal Energy Regulatory Commission
FIPFederal Implementation Plan
GAAPAccounting principles generally accepted in the U.S.
IRPIntegrated Resource Plan
ISOIndependent system operator
MATSMercury and Air Toxics Standards
MBbl/dThousand barrels per day
MWMegawatt
MWhMegawatt-hour
NGLsNatural gas liquids, which are the hydrocarbon liquids contained within the natural gas stream
NOPRNotice of proposed rulemaking
NOX
Nitrogen oxide
OCCOklahoma Corporation Commission
ODEQOklahoma Department of Environmental Quality
OG&EOklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy
OGE EnergyOGE Energy Corp., collectively with its subsidiaries, holding company and parent company of OG&E
OGE HoldingsOGE Enogex Holdings, LLC, wholly-owned subsidiary of OGE Energy, parent company of Enogex Holdings (prior to May 1, 2013) and 25.5 percent owner of Enable
OSHA
U.S. Department of Labor's Occupational Safety and Health Administration
Pension PlanQualified defined benefit retirement plan
Regional Haze RuleThe EPA's Regional Haze Rule
RegistrantsOGE Energy and OG&E
Restoration of Retirement Income PlanSupplemental retirement plan to the Pension Plan
RTORegional transmission organization
SESHSoutheast Supply Header, LLC, in which Enable owns a 50 percent interest, that operates an approximately 290-mile interstate natural gas pipeline from Perryville, Louisiana to southwestern Alabama near the Gulf Coast
SIPState Implementation Plan
SO2
Sulfur dioxide
SPPSouthwest Power Pool
System salesSales to OG&E's customers
TBtu/dTrillion British thermal units per day
U.S.United States of America
USFWSUnited States Fish and Wildlife Service
Winter Storm UriUnprecedented, prolonged extreme cold weather event in February 2021
ii


FILING FORMAT

This combined Form 10-Q is separately filed by OGE Energy and OG&E. Information in this combined Form 10-Q relating to each individual Registrant is filed by such Registrant on its own behalf. OG&E makes no representation regarding information relating to any other companies affiliated with OGE Energy. Neither OGE Energy, nor any of OGE Energy's subsidiaries, other than OG&E, has any obligation in respect of OG&E's debt securities, and holders of such debt securities should not consider the financial resources or results of operations of OGE Energy nor any of OGE Energy's subsidiaries, other than OG&E (in relevant circumstances), in making a decision with respect to OG&E's debt securities. Similarly, none of OG&E nor any other subsidiary of OGE Energy has any obligation with respect to debt securities of OGE Energy. This combined Form 10-Q should be read in its entirety. No one section of this combined Form 10-Q deals with all aspects of the subject matter of this combined Form 10-Q.

FORWARD-LOOKING STATEMENTS

Except for the historical statements contained herein, the matters discussed within this Form 10-Q, including those matters discussed within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially from those expressed in forward-looking statements. In addition to the specific risk factors discussed within "Item 1A. Risk Factors" in the Registrants' 2020 Form 10-K and within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" herein, factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:

general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies, inflation rates and their impact on capital expenditures;
the ability of OGE Energy and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations;
the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures;
prices and availability of electricity, coal, natural gas and NGLs;
for OGE Energy, the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines;
for OGE Energy, the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate and intrastate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves;
for OGE Energy, business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services;
competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Registrants;
the impact on demand for services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs;
technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets;
factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints;
availability and prices of raw materials and equipment for current and future construction projects;
the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP;
federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Registrants' markets;
1


environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Registrants' facilities are operated;
changes in accounting standards, rules or guidelines;
the discontinuance of accounting principles for certain types of rate-regulated activities;
the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events;
creditworthiness of suppliers, customers and other contractual parties;
social attitudes regarding the utility, natural gas and power industries;
identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures;
increased pension and healthcare costs;
the impact of extraordinary external events, such as the current pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in the Registrants' markets;
potential employee attrition and resultant impact to OGE Energy's business if the proposed new federal regulation regarding a vaccination mandate is deemed to apply to the Registrants and is implemented in December 2021;
costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in this Form 10-Q;
difficulty in making accurate assumptions and projections regarding future revenues and costs associated with OGE Energy's equity investment in Enable that OGE Energy does not control;
Enable's pending merger with Energy Transfer and the expected timing of the consummation of the merger; and
other risk factors listed in the reports filed by the Registrants with the Securities and Exchange Commission, including those listed within "Item 1A. Risk Factors" in the Registrants' 2020 Form 10-K.

The Registrants undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2021202020212020
OPERATING REVENUES
Revenues from contracts with customers$848.2 $687.8 $3,033.7 $1,600.2 
Other revenues16.2 14.3 38.7 36.7 
Operating revenues864.4 702.1 3,072.4 1,636.9 
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE330.1 209.1 1,876.9 481.5 
OPERATING EXPENSES  
Other operation and maintenance115.4 109.7 343.9 347.2 
Depreciation and amortization108.6 100.5 310.2 292.2 
Taxes other than income25.5 24.8 78.5 76.3 
Operating expenses249.5 235.0 732.6 715.7 
OPERATING INCOME284.8 258.0 462.9 439.7 
OTHER INCOME (EXPENSE)  
Equity in earnings (losses) of unconsolidated affiliates41.2 15.8 127.9 (703.8)
Allowance for equity funds used during construction1.9 1.1 4.8 3.7 
Other net periodic benefit expense(1.6)(2.0)(4.3)(3.5)
Other income5.6 5.5 14.9 27.0 
Other expense(3.8)(5.4)(12.5)(23.9)
Net other income (expense)43.3 15.0 130.8 (700.5)
INTEREST EXPENSE  
Interest on long-term debt39.3 38.7 115.5 114.1 
Allowance for borrowed funds used during construction(1.0)(0.5)(2.5)(1.5)
Interest on short-term debt and other interest charges1.2 1.6 5.8 6.3 
Interest expense39.5 39.8 118.8 118.9 
INCOME (LOSS) BEFORE TAXES288.6 233.2 474.9 (379.7)
INCOME TAX EXPENSE (BENEFIT)36.1 55.8 56.8 (151.2)
NET INCOME (LOSS)$252.5 $177.4 $418.1 $(228.5)
BASIC AVERAGE COMMON SHARES OUTSTANDING200.2 200.1 200.1 200.1 
DILUTED AVERAGE COMMON SHARES OUTSTANDING200.4 200.4 200.3 200.1 
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE$1.26 $0.89 $2.09 $(1.14)
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE$1.26 $0.89 $2.09 $(1.14)









The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
3


OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2021202020212020
Net income (loss)$252.5 $177.4 $418.1 $(228.5)
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 $0.2, $0.3, $0.6 and $0.9, respectively
0.4 0.9 1.2 2.9 
Settlement cost, net of tax of $0.3, $0.5, $1.9 and $0.6, respectively
1.1 1.3 4.8 1.5 
Postretirement benefit plans:  
Amortization of prior service credit, net of tax of ($0.1), ($0.2), ($0.3) and ($0.5), respectively
(0.3)(0.4)(1.0)(1.2)
Amortization of deferred net gain (loss), net of tax of $0.0, $0.0, $0.0 and $0.0, respectively
  0.1 (0.1)
Other comprehensive gain (loss) from unconsolidated affiliates, net of tax of $0.0, $0.1, $0.1 and ($0.3), respectively
0.3 0.4 0.6 (0.9)
Other comprehensive income (loss), net of tax1.6 2.2 5.8 2.2 
Comprehensive income (loss)$254.1 $179.6 $423.9 $(226.3)




























The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
4


OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(In millions)20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss)$418.1 $(228.5)
Adjustments to reconcile net income (loss) to net cash (used in) provided from operating activities:
Depreciation and amortization310.2 292.2 
Deferred income taxes and investment tax credits, net40.9 (168.4)
Equity in (earnings) losses of unconsolidated affiliates(127.9)703.8 
Distributions from unconsolidated affiliates55.0 73.3 
Allowance for equity funds used during construction(4.8)(3.7)
Stock-based compensation expense7.1 6.7 
Regulatory assets(881.5)(8.5)
Regulatory liabilities(50.0)(48.6)
Other assets(6.7)(3.7)
Other liabilities(41.6)(39.2)
Change in certain current assets and liabilities:  
Accounts receivable and accrued unbilled revenues, net(99.4)(62.9)
Income taxes receivable7.6 10.0 
Fuel, materials and supplies inventories8.7 (2.0)
Fuel recoveries(126.8)74.3 
Other current assets(4.9)(6.3)
Accounts payable(41.4)(68.6)
Other current liabilities43.3 5.4 
Net cash (used in) provided from operating activities(494.1)525.3 
CASH FLOWS FROM INVESTING ACTIVITIES  
Capital expenditures (less allowance for equity funds used during construction)(540.6)(419.7)
Investment in unconsolidated affiliates(6.3)(2.4)
Net cash used in investing activities(546.9)(422.1)
CASH FLOWS FROM FINANCING ACTIVITIES  
Proceeds from long-term debt999.6 297.1 
Increase (decrease) in short-term debt288.2 (112.0)
Payment of long-term debt(0.1)(0.1)
Dividends paid on common stock(242.8)(234.4)
Cash paid for employee equity-based compensation and expense of common stock(3.5)(7.1)
Purchase of treasury stock (14.7)
Net cash provided from (used in) financing activities1,041.4 (71.2)
NET CHANGE IN CASH AND CASH EQUIVALENTS0.4 32.0 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD1.1  
CASH AND CASH EQUIVALENTS AT END OF PERIOD$1.5 $32.0 






The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
5


OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,December 31,
(In millions)20212020
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$1.5 $1.1 
Accounts receivable, less reserve of $2.4 and $2.6, respectively
242.3 157.8 
Accrued unbilled revenues82.5 67.6 
Income taxes receivable0.5 8.1 
Fuel inventories35.0 36.5 
Materials and supplies, at average cost111.4 116.2 
Fuel clause under recoveries98.2  
Other55.6 41.2 
Total current assets627.0 428.5 
OTHER PROPERTY AND INVESTMENTS
Investment in unconsolidated affiliates478.9 397.4 
Other90.8 86.7 
Total other property and investments569.7 484.1 
PROPERTY, PLANT AND EQUIPMENT  
In service13,703.9 13,296.7 
Construction work in progress249.3 145.5 
Total property, plant and equipment13,953.2 13,442.2 
Less: accumulated depreciation4,257.3 4,067.6 
Net property, plant and equipment9,695.9 9,374.6 
DEFERRED CHARGES AND OTHER ASSETS  
Regulatory assets1,264.9 415.6 
Other20.0 16.0 
Total deferred charges and other assets1,284.9 431.6 
TOTAL ASSETS$12,177.5 $10,718.8 





















The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
6


OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Unaudited)
September 30,December 31,
(In millions)20212020
LIABILITIES AND STOCKHOLDERS' EQUITY  
CURRENT LIABILITIES  
Short-term debt$383.2 $95.0 
Accounts payable243.5 251.5 
Dividends payable82.1 80.5 
Customer deposits80.6 81.1 
Accrued taxes82.8 55.7 
Accrued interest42.5 40.2 
Accrued compensation38.6 31.1 
Fuel clause over recoveries 28.6 
Other40.6 33.7 
Total current liabilities993.9 697.4 
LONG-TERM DEBT4,495.8 3,494.4 
DEFERRED CREDITS AND OTHER LIABILITIES  
Accrued benefit obligations175.2 231.4 
Deferred income taxes1,240.9 1,268.6 
Deferred investment tax credits11.0 10.9 
Regulatory liabilities1,247.7 1,188.9 
Other198.1 195.4 
Total deferred credits and other liabilities2,872.9 2,895.2 
Total liabilities8,362.6 7,087.0 
COMMITMENTS AND CONTINGENCIES (NOTE 14)
STOCKHOLDERS' EQUITY  
Common stockholders' equity1,123.0 1,124.6 
Retained earnings2,718.3 2,544.6 
Accumulated other comprehensive loss, net of tax(26.3)(32.1)
Treasury stock, at cost(0.1)(5.3)
Total stockholders' equity3,814.9 3,631.8 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$12,177.5 $10,718.8 

















The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
7


OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Common StockTreasury Stock



(In millions)
SharesValueSharesValuePremium on Common StockRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal
Balance at December 31, 2020200.1 $2.0 0.1 $(5.3)$1,122.6 $2,544.6 $(32.1)$3,631.8 
Net income     52.7  52.7 
Other comprehensive income, net of tax      3.5 3.5 
Dividends declared on common stock ($0.4025 per share)
     (81.7) (81.7)
Stock-based compensation  (0.1)5.2 (6.0)  (0.8)
Balance at March 31, 2021200.1 $2.0  $(0.1)$1,116.6 $2,515.6 $(28.6)$3,605.5 
Net income     112.9  112.9 
Other comprehensive income, net of tax      0.7 0.7 
Dividends declared on common stock ($0.4025 per share)
     (80.6) (80.6)
Stock-based compensation    2.3   2.3 
Balance at June 30, 2021200.1$2.0  $(0.1)$1,118.9 $2,547.9 $(27.9)$3,640.8 
Net income     252.5  252.5 
Other comprehensive income, net of tax      1.6 1.6 
Dividends declared on common stock ($0.4100 per share)     (82.1) (82.1)
Stock-based compensation    2.1   2.1 
Balance at September 30, 2021200.1$2.0  $(0.1)$1,121.0 $2,718.3 $(26.3)$3,814.9 
Balance at December 31, 2019200.1 $2.0  $ $1,129.3 $3,036.1 $(27.9)$4,139.5 
Net loss     (491.8) (491.8)
Other comprehensive loss, net of tax      (0.9)(0.9)
Dividends declared on common stock ($0.3875 per share)
     (79.3) (79.3)
Stock-based compensation  (0.2)9.4 (14.5)  (5.1)
Purchase of treasury stock  0.2 (9.7)   (9.7)
Balance at March 31, 2020200.1 $2.0  $(0.3)$1,114.8 $2,465.0 $(28.8)$3,552.7 
Net income     85.9  85.9 
Other comprehensive income, net of tax      0.9 0.9 
Dividends declared on common stock ($0.3875 per share)
     (77.6) (77.6)
Stock-based compensation    2.3   2.3 
Balance at June 30, 2020200.1$2.0  $(0.3)$1,117.1 $2,473.3 $(27.9)$3,564.2 
Net income     177.4  177.4 
Other comprehensive income, net of tax