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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, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
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Commission File Number |
Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number |
I.R.S. Employer Identification No. |
1-12579 |
OGE ENERGY CORP. |
73-1481638 |
1-1097 |
OKLAHOMA GAS AND ELECTRIC COMPANY |
73-0382390 |
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:
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Registrant |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
OGE Energy Corp. |
Common Stock |
OGE |
New York Stock Exchange |
Oklahoma Gas and Electric Company |
None |
N/A |
N/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.
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OGE Energy Corp. |
Large accelerated filer |
☑ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
Emerging growth company |
☐ |
Oklahoma Gas and Electric Company |
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).
OGE Energy Corp. ☐ Yes ☑ No Oklahoma Gas and Electric Company ☐ Yes ☑ No
At September 30, 2024, there were 200,947,879 shares of OGE Energy Corp.'s common stock, par value $0.01 per share, outstanding.
At September 30, 2024, 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, 2024
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 |
2023 Form 10-K |
Annual Report on Form 10-K for the year ended December 31, 2023 |
APSC |
Arkansas Public Service Commission |
ASU |
Financial Accounting Standards Board Accounting Standards Update |
CO2 |
Carbon dioxide |
COVID-19 |
Novel Coronavirus disease |
Dry Scrubber |
Dry flue gas desulfurization unit with spray dryer absorber |
EPA |
U.S. Environmental Protection Agency |
Federal Clean Water Act |
Federal Water Pollution Control Act of 1972, as amended |
FERC |
Federal Energy Regulatory Commission |
FIP |
Federal Implementation Program |
GAAP |
Accounting principles generally accepted in the U.S. |
IRP |
Integrated Resource Plan |
MW |
Megawatt |
MWh |
Megawatt-hour |
NAAQS |
National Ambient Air Quality Standard |
NOX |
Nitrogen oxide |
OCC |
Oklahoma Corporation Commission |
ODEQ |
Oklahoma Department of Environmental Quality |
OG&E |
Oklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy |
OGE Energy |
OGE Energy Corp., collectively with its subsidiaries, holding company and parent company of OG&E |
Other operations |
Other operations primarily includes the operations of the holding company, other energy-related investments and consolidating eliminations |
PM |
Particulate matter |
Pension Plan |
Qualified defined benefit retirement plan |
Regional Haze |
The EPA's Regional Haze Rule |
Registrants |
OGE Energy and OG&E |
Restoration of Retirement Income Plan |
Supplemental retirement plan to the Pension Plan |
SIP |
State Implementation Plan |
SPP |
Southwest Power Pool |
System sales |
Sales to OG&E's customers |
U.S. |
United States of America |
USFWS |
United States Fish and Wildlife Service |
Winter Storm Uri |
Unprecedented, prolonged extreme cold weather event in February 2021 |
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," "forecast," "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' 2023 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 and inflation rates, and their impact on capital expenditures;
•the ability of the Registrants 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 and purchased power costs, operating costs, transmission costs and deferred expenditures;
•prices and availability of electricity, coal and natural gas;
•competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Registrants, potentially through deregulation;
•the impact on demand for the Registrants' 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;
•environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Registrants' facilities are operated or result in stranded assets;
•the ability of the Registrants to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations recently finalized by the EPA, and the availability of resources;
•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, including losing control of our assets and potential ransoms, and other catastrophic events;
•changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit our ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to our business, reputation or financial results;
•creditworthiness of suppliers, customers and other contractual parties, including large, new customers from emerging industries such as cryptocurrency;
•social attitudes regarding the electric utility 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;
•national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences;
•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; 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' 2023 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.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
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|
|
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 |
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|
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|
|
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|
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|
|
|
Interest on long-term debt |
|
|
59.6 |
|
|
|
52.0 |
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|
|
166.5 |
|
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|
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 |
|
The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 ($ |