OGE Energy Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

oge-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission File Number: 1-12579

OGE ENERGY CORP.

(Exact name of registrant as specified in its charter)


Oklahoma						73-1481638
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

321 North Harvey

P.O. Box 321

Oklahoma City, Oklahoma 73101-0321

(Address of principal executive offices)

(Zip Code)

(Registrant's telephone number, including area code): 405-553-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	OGE	New York Stock Exchange

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. ☑ 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). ☑ 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.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging 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). ☐ Yes ☑ No

At June 30, 2020, there were 200,169,838 shares of common stock, par value $0.01 per share, outstanding.

OGE ENERGY CORP.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

GLOSSARY OF TERMS

The following is a glossary of frequently used abbreviations that are found throughout this Form 10-Q.


Abbreviation			Definition
2019 Form 10-K			Annual Report on Form 10-K for the year ended December 31, 2019



APSC			Arkansas Public Service Commission

ASU			Accounting Standards Update from the Financial Accounting Standards Board


CenterPoint			CenterPoint Energy Resources Corp., wholly-owned subsidiary of CenterPoint Energy, Inc.
CO₂			Carbon dioxide
Company			OGE Energy Corp., collectively with its subsidiaries
COVID-19			Novel Coronavirus disease


Dry Scrubber			Dry flue gas desulfurization unit with spray dryer absorber

Enable			Enable Midstream Partners, LP, a partnership formed to own and operate the midstream businesses of OGE Energy and CenterPoint; OGE Energy indirectly owns 25.5 percent of the common units of Enable and 50 percent of the general partner interest of the general partner of Enable
Enogex Holdings			Enogex Holdings LLC, the parent company of Enogex LLC and a majority-owned subsidiary of OGE Holdings, LLC (prior to May 1, 2013)
Enogex LLC			Enogex LLC, collectively with its subsidiaries (effective July 30, 2013, the name was changed to Enable Oklahoma Intrastate Transmission, LLC)
EPA			U.S. Environmental Protection Agency
Federal Clean Air Act			Federal Clean Air Act of 1970, as amended
Federal Clean Water Act			Federal Water Pollution Control Act of 1972, as amended
FERC			Federal Energy Regulatory Commission
FIP			Federal Implementation Plan
GAAP			Accounting principles generally accepted in the U.S.


MATS			Mercury and Air Toxics Standards
MBbl/d			Thousand barrels per day

MW			Megawatt
MWh			Megawatt-hour
NAAQS			National Ambient Air Quality Standards
NGLs			Natural gas liquids
NO_X			Nitrogen oxide
OCC			Oklahoma Corporation Commission

OG&E			Oklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy
OGE Energy			Holding company
OGE Holdings			OGE 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
Pension Plan			Qualified defined benefit retirement plan




Regional Haze Rule			The EPA's Regional Haze Rule
Restoration of Retirement Income Plan			Supplemental retirement plan to the Pension Plan


SIP			State Implementation Plan
SO₂			Sulfur dioxide
SPP			Southwest Power Pool
System sales			Sales to OG&E's customers
TBtu/d			Trillion British thermal units per day
U.S.			United States of America

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" 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 Company's 2019 Form 10-K and within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 1A. Risk Factors" of "Part II - Other Information" 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 and their impact on capital expenditures;

•the ability of the Company 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;

•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;

•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 pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves;

•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 Company;

•the impact on demand for our 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 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 Company's markets;

•environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities;

•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 our markets;

•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 the Company's equity investment in Enable that the Company does not control; and

•other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within "Item 1A. Risk Factors" in the Company's 2019 Form 10-K and "Item 1A. Risk Factors" of "Part II - Other Information" herein.

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

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except per share data)	2020		2019		2020		2019
OPERATING REVENUES
Revenues from contracts with customers	$	492.0	$	501.1	$	912.4	$	978.5
Other revenues	11.5		12.6		22.4		25.2
Operating revenues	503.5		513.7		934.8		1,003.7



COST OF SALES	137.4		178.7		272.4		391.3



OPERATING EXPENSES
Other operation and maintenance	117.5		119.8		237.5		238.8
Depreciation and amortization	97.3		84.3		191.7		166.7


Taxes other than income	25.9		20.9		51.5		47.2
Operating expenses	240.7		225.0		480.7		452.7
OPERATING INCOME	125.4		110.0		181.7		159.7
OTHER INCOME (EXPENSE)
Equity in earnings (losses) of unconsolidated affiliates	26.9		35.8		(719.6)		66.5
Allowance for equity funds used during construction	1.3		1.2		2.6		2.7
Other net periodic benefit expense	(1.0)		(0.3)		(1.5)		(7.3)
Other income	14.1		5.0		21.5		11.7
Other expense	(12.4)		(4.4)		(18.5)		(10.1)
Net other income (expense)	28.9		37.3		(715.5)		63.5
INTEREST EXPENSE
Interest on long-term debt	38.8		31.8		75.4		64.4
Allowance for borrowed funds used during construction	(0.5)		(0.6)		(1.0)		(1.6)
Interest on short-term debt and other interest charges	2.5		4.7		4.7		7.7
Interest expense	40.8		35.9		79.1		70.5
INCOME (LOSS) BEFORE TAXES	113.5		111.4		(612.9)		152.7
INCOME TAX EXPENSE (BENEFIT)	27.6		11.2		(207.0)		5.4
NET INCOME (LOSS)	$	85.9	$	100.2	$	(405.9)	$	147.3


BASIC AVERAGE COMMON SHARES OUTSTANDING	200.2		200.2		200.2		200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING	200.5		200.6		200.2		200.5
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE	$	0.43	$	0.50	$	(2.03)	$	0.74
DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE	$	0.43	$	0.50	$	(2.03)	$	0.73

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

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2020		2019		2020		2019
Net income (loss)	$	85.9	$	100.2	$	(405.9)	$	147.3
Other comprehensive income (loss), net of tax:
Pension Plan and Restoration of Retirement Income Plan:
Amortization of deferred net loss, net of tax of $0.3, $0.3, $0.6 and $0.5, respectively	1.2		1.0		2.0		1.7



Settlement cost, net of tax of $0.1, $0.1, $0.1 and $2.3, respectively	0.2		0.5		0.2		7.1
Postretirement benefit plans:



Amortization of prior service credit, net of tax of ($0.1), ($0.1), ($0.3) and ($0.2), respectively	(0.4)		(0.4)		(0.8)		(0.9)

Amortization of deferred net gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	(0.1)		(0.1)		(0.1)		(0.1)
Other comprehensive loss from unconsolidated affiliates, net of tax of $0.0, $0.0, ($0.4) and $0.0, respectively	—		—		(1.3)		—

Other comprehensive income (loss), net of tax	0.9		1.0		—		7.8
Comprehensive income (loss)	$	86.8	$	101.2	$	(405.9)	$	155.1

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

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended June 30,
(In millions)	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(405.9)	$	147.3
Adjustments to reconcile net income (loss) to net cash provided from operating activities:
Depreciation and amortization	191.7		166.7

Deferred income taxes and investment tax credits, net	(226.7)		(1.9)
Equity in (earnings) losses of unconsolidated affiliates	719.6		(66.5)
Distributions from unconsolidated affiliates	55.0		70.6
Allowance for equity funds used during construction	(2.6)		(2.7)


Stock-based compensation expense	4.3		5.9

Regulatory assets	(6.1)		(25.6)
Regulatory liabilities	(26.7)		(21.1)
Other assets	1.3		(3.2)
Other liabilities	(15.6)		13.9
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(35.8)		(12.5)

Income taxes receivable	10.4		3.6
Fuel, materials and supplies inventories	(1.5)		7.2
Fuel recoveries	71.9		(28.9)
Other current assets	(10.8)		(4.5)
Accounts payable	(51.2)		(83.4)


Other current liabilities	(8.0)		(36.1)
Net cash provided from operating activities	263.3		128.8
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(280.8)		(314.5)
Investment in unconsolidated affiliates	(1.5)		(3.2)




Net cash used in investing activities	(282.3)		(317.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	297.2		295.9
Increase (decrease) in short-term debt	(37.0)		207.5
Payment of long-term debt	—		(250.0)
Dividends paid on common stock	(156.8)		(148.6)

Cash paid for employee equity-based compensation and expense of common stock	(7.2)		(10.2)


Purchase of treasury stock	(9.7)		—
Net cash provided from financing activities	86.5		94.6
NET CHANGE IN CASH AND CASH EQUIVALENTS	67.5		(94.3)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	—		94.3
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	67.5	$	—

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

OGE ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30,		December 31,
(In millions)	2020		2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	67.5	$	—
Accounts receivable, less reserve of $2.0 and $1.5, respectively	160.6		153.8

Accrued unbilled revenues	93.7		64.7
Income taxes receivable	0.5		10.9
Fuel inventories	42.7		46.3
Materials and supplies, at average cost	98.8		90.6

Fuel clause under recoveries	—		39.5

Other	35.2		24.4
Total current assets	499.0		430.2
OTHER PROPERTY AND INVESTMENTS
Investment in unconsolidated affiliates	376.5		1,151.5
Other	79.2		82.7
Total other property and investments	455.7		1,234.2
PROPERTY, PLANT AND EQUIPMENT
In service	13,005.4		12,771.1
Construction work in progress	124.0		141.6
Total property, plant and equipment	13,129.4		12,912.7
Less: accumulated depreciation	3,957.3		3,868.1
Net property, plant and equipment	9,172.1		9,044.6
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	299.4		306.0


Other	12.9		9.3
Total deferred charges and other assets	312.3		315.3
TOTAL ASSETS	$	10,439.1	$	11,024.3

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

OGE ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Unaudited)


	June 30,		December 31,
(In millions)	2020		2019
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt	$	75.0	$	112.0

Accounts payable	144.2		194.9
Dividends payable	77.6		77.6
Customer deposits	82.7		83.0
Accrued taxes	57.5		41.9
Accrued interest	40.3		37.9
Accrued compensation	38.7		40.6
Fuel clause over recoveries	37.2		4.8
Other	41.4		65.2
Total current liabilities	594.6		657.9
LONG-TERM DEBT	3,493.4		3,195.2
DEFERRED CREDITS AND OTHER LIABILITIES

Accrued benefit obligations	214.3		225.0
Deferred income taxes	1,165.7		1,375.8
Deferred investment tax credits	7.1		7.1
Regulatory liabilities	1,206.2		1,223.5

Other	193.6		200.3
Total deferred credits and other liabilities	2,786.9		3,031.7
Total liabilities	6,874.9		6,884.8
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,119.1		1,131.3
Retained earnings	2,473.3		3,036.1
Accumulated other comprehensive loss, net of tax	(27.9)		(27.9)
Treasury stock, at cost	(0.3)		—


Total stockholders' equity	3,564.2		4,139.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	10,439.1	$	11,024.3

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

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)


	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, 2019	200.1	$	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, 2020	200.1	$	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, 2020	200.1	$	2.0	—	$	(0.3)	$	1,117.1	$	2,473.3	$

Price	45.08	EPS	2
Shares	201	P/E	20
MCap	9,052	P/FCF	22
Net Debt	3,182	EBIT	589
TEV	12,234	TEV/EBIT	21
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-07
10-K	2019-12-31	Filed 2020-02-27
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-02
10-Q	2019-03-31	Filed 2019-05-02
10-K	2018-12-31	Filed 2019-02-21
10-K	2018-12-31	Filed 2019-02-21
10-Q	2018-09-30	Filed 2018-11-08
10-Q	2018-06-30	Filed 2018-08-09
10-Q	2018-03-31	Filed 2018-05-03
10-K	2017-12-31	Filed 2018-02-22
10-Q	2017-09-30	Filed 2017-11-02
10-Q	2017-06-30	Filed 2017-08-03
10-Q	2017-03-31	Filed 2017-05-04
10-K	2016-12-31	Filed 2017-02-23
10-Q	2016-09-30	Filed 2016-11-03
10-Q	2016-06-30	Filed 2016-08-04
10-Q	2016-03-31	Filed 2016-05-05
10-K	2015-12-31	Filed 2016-02-26
10-Q	2015-09-30	Filed 2015-11-05
10-Q	2015-06-30	Filed 2015-08-06
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-02-26
10-Q	2014-09-30	Filed 2014-11-05
10-Q	2014-06-30	Filed 2014-08-07
10-Q	2014-03-31	Filed 2014-05-01
10-K	2013-12-31	Filed 2014-02-25
10-Q	2013-09-30	Filed 2013-11-06
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-02
10-K	2012-12-31	Filed 2013-02-27
10-Q	2012-09-30	Filed 2012-11-07
10-Q	2012-06-30	Filed 2012-08-02
10-Q	2012-03-31	Filed 2012-05-03
10-K	2011-12-31	Filed 2012-02-16
10-Q	2011-09-30	Filed 2011-11-03
10-Q	2011-06-30	Filed 2011-08-04
10-Q	2011-03-31	Filed 2011-05-05
10-K	2010-12-31	Filed 2011-02-17
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-08-05
10-Q	2010-03-31	Filed 2010-05-06
10-K	2009-12-31	Filed 2010-02-18

8-K	2020-08-06	Earnings, Exhibits
8-K	2020-05-21
8-K	2020-05-07
8-K	2020-04-01
8-K	2020-04-01
8-K	2020-03-30
8-K	2020-02-27
8-K	2019-11-07
8-K	2019-11-07
8-K	2019-09-19
8-K	2019-09-19
8-K	2019-08-08
8-K	2019-08-08
8-K	2019-06-07
8-K	2019-06-07
8-K	2019-05-30
8-K	2019-05-30
8-K	2019-05-16
8-K	2019-05-02
8-K	2019-05-02
8-K	2019-02-21
8-K	2019-02-21
8-K	2018-11-08
8-K	2018-08-17
8-K	2018-08-09
8-K	2018-06-19
8-K	2018-05-17
8-K	2018-05-03
8-K	2018-03-14
8-K	2018-02-22

EX-31.01	q22020ogeenergy10-qxex1.htm
EX-32.01	q22020ogeenergy10-qxex.htm
EX-99.01	exhibit9901creditagree.htm


			Page
GLOSSARY OF TERMS			ii
FORWARD-LOOKING STATEMENTS			1

Part I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Income			3
Condensed Consolidated Statements of Comprehensive Income			4
Condensed Consolidated Statements of Cash Flows			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Changes in Stockholders' Equity			8
Notes to Condensed Consolidated Financial Statements			9

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			30

Item 3. Quantitative and Qualitative Disclosures About Market Risk			52

Item 4. Controls and Procedures			52

Part II - OTHER INFORMATION
Item 1. Legal Proceedings			53

Item 1A. Risk Factors			53

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			53

Item 5. Other Information			53

Item 6. Exhibits			54

Signature			55

OGE 10Q Quarterly Report

OGE Energy Earnings 2020-06-30