8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) August 5, 2009

OGE ENERGY CORP.
(Exact Name of Registrant as Specified in Its Charter)
Oklahoma
(State or Other Jurisdiction of Incorporation)
1-12579	73-1481638
(Commission File Number)	(IRS Employer Identification No.)
321 North Harvey, P.O. Box 321, Oklahoma City, Oklahoma		73101-0321
(Address of Principal Executive Offices)		(Zip Code)
405-553-3000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

OGE Energy Corp. (the “Company”) is the parent company of Oklahoma Gas and Electric Company (“OG&E”), a regulated electric utility with approximately 773,000 customers in Oklahoma and western Arkansas, and Enogex LLC and its subsidiaries (“Enogex”), a midstream natural gas pipeline business with principal operations in Oklahoma.

On August 5, 2009, the Company issued a press release describing the Company’s consolidated financial results for the quarter ended June 30, 2009, which is furnished as Exhibit 99.01 and incorporated herein by reference. As described in the press release, the Company reported earnings of $0.72 per diluted share for the quarter ended June 30, 2009 compared to $0.62 per diluted share for the quarter ended June 30, 2008. Earnings were higher due to a higher gross margin on revenues (“gross margin”) at OG&E, which was a result of revenues associated with OG&E’s Redbud power plant, warmer weather in OG&E’s service territory and higher electric rates in Arkansas, as well as the absence of two one-time write-downs in 2008 at OG&E. These increases were partially offset by a lower gross margin in Enogex’s gathering and processing segment primarily due to lower commodity spreads in the second quarter of 2009.

OG&E posted earnings of $0.58 per diluted share in the second quarter of 2009 as compared to $0.33 per diluted share in the second quarter of 2008. Enogex posted earnings of $0.16 per diluted share in the second quarter of 2009 as compared to $0.33 per diluted share in the second quarter of 2008. The holding company, including results from its marketing business, posted a loss of $0.02 per diluted share in the second quarter of 2009 as compared to $0.04 per diluted share in the second quarter of 2008.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits
Exhibit Number	Description
99.01	Press release dated August 5, 2009, announcing OGE Energy Corp. achieves solid 2nd quarter results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	OGE ENERGY CORP.
	(Registrant)
By:	/s/ Scott Forbes
	Scott Forbes
	Controller and Chief Accounting Officer

August 5, 2009

EX-99

Exhibit 99.01

OGE Energy Corp. achieves solid 2^nd quarter results

Earnings up compared to same period last year

OKLAHOMA CITY – OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company (OG&E) and Enogex LLC, today announced second-quarter earnings of $0.72 per diluted share, compared with $0.62 per share in the second quarter of 2008. The 10-cent increase was due primarily to improved second-quarter results for OG&E.

OG&E, a regulated electric utility, contributed second-quarter net income of $0.58 per diluted share, compared with $0.33 per share in the same period last year. Enogex, a midstream natural gas pipeline business, recorded net income of $0.16 per diluted share, compared with $0.33 per share in the year-ago quarter. The holding company, including results from the OGE Energy Resources marketing business, posted a loss of $0.02 per diluted share in the second quarter this year, compared with a loss of $0.04 per share in the second quarter a year ago.

“We are pleased to report that we are successfully managing our business in a challenging economy,” said Pete Delaney, OGE Energy chairman, president and CEO. “We have achieved positive regulatory outcomes, including the rate relief we need to continue investing in our system and to begin implementing our smart grid program. We also are looking forward to future opportunities to add new transmission and renewable generation.”

Discussion of Second Quarter 2009

OGE Energy reported consolidated gross margin on revenues of $320 million in the second quarter of 2009, compared with $314 million in the same period a year ago. Operating income was $126 million in the second quarter, compared with $123 million in the year-earlier quarter.

OG&E reported gross margin on revenues of $237 million in the second quarter of 2009, compared with $208 million in the second quarter of 2008, primarily due to regulatory recovery for the Redbud power plant, warmer weather in the OG&E service area and higher electric rates in Arkansas. Improved results for OG&E in the second quarter of 2009 also reflect the absence of two one-time write-downs in 2008. Net income at OG&E was $56 million in the second quarter, compared with $31 million in the same period a year ago.

Enogex reported gross margin on revenues of $84 million in the second quarter of 2009, compared with $112 million in the comparable quarter last year. The decrease was due primarily to lower commodity prices. Net income at Enogex was $16 million in the second quarter this year, compared with $31 million in the second quarter of 2008.

2009 Outlook

OGE Energy has reaffirmed its 2009 consolidated earnings guidance at $2.30 - $2.60 per diluted share. The guidance assumes approximately 96 million to 97 million average diluted shares outstanding and normal weather for the remainder of the year.

The 2009 guidance includes:

• OG&E: $1.83 to $1.98 per share on net income of $177 million to $191 million.

• Enogex: $0.53 to $0.70 per share on net income of $51 million to $68 million.

• Holding company (including the marketing business): a loss of $0.05 to $0.10 per share on a net loss of $5 million to $10 million.

More information regarding the Company’s 2009 earnings guidance and second-quarter financial results is contained in the Company’s Form 10-Q filed today with the Securities and Exchange Commission.

Conference Call Webcast

OGE Energy will host a conference call for discussion of the results and 2009 outlook on Wednesday, Aug. 5, at 8 a.m. CDT. The conference will be available through www.oge.com.

OGE Energy is the parent company of Oklahoma Gas and Electric Company (OG&E), which serves approximately 773,000 customers in a service territory spanning 30,000 square miles in Oklahoma and western Arkansas, and of Enogex LLC, a midstream natural gas pipeline business with principal operations in Oklahoma.

Some of the matters discussed in this news release may contain 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. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, actions of rating agencies and their impact on capital expenditures; the Company’s ability and the ability of its subsidiaries to access capital markets and obtain financing on favorable terms; prices and availability of electricity, coal, natural gas and natural gas liquids, each on a stand-alone basis and in relation to each other; business conditions in the energy and natural gas midstream industries; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; unusual weather; availability and prices of raw materials for current and future construction projects; 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 and regulations that may impact the Company’s operations; changes in accounting standards, rules or guidelines; the discontinuance of regulated accounting principles under SFAS No. 71; creditworthiness of suppliers, customers and other contractual parties; the higher degree of risk associated with the Company’s nonregulated business compared with the Company’s regulated utility business; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including Risk Factors and Exhibit 99.01 to the Company’s Form 10-K for the year ended December 31, 2008.

*Note: Consolidated Statements of Income, Financial and Statistical Data attached.

OGE Energy Corp.
consolidated statements of income
(unaudited)	Three Months Ended				Six Months Ended
	June 30				June 30
	2009		2008		2009		2008
	(In millions, except per share data)
OPERATING REVENUES
Electric Utility operating revenues	$	425.3	$	520.7	$	762.0	$	907.1
Natural Gas Pipeline operating revenues		218.8		615.0		488.7		1,223.3
Total operating revenues		644.1		1,135.7		1,250.7		2,130.4
COST OF GOODS SOLD (exclusive of depreciation and amortization shown below)
Electric Utility cost of goods sold		176.4		294.7		335.5		523.5
Natural Gas Pipeline cost of goods sold		147.8		527.4		341.9		1,047.4
Total cost of goods sold		324.2		822.1		677.4		1,570.9
Gross margin on revenues		319.9		313.6		573.3		559.5
Other operation and maintenance		105.6		119.0		222.1		244.2
Depreciation and amortization		64.6		52.4		127.2		103.1
Impairment of assets		1.4		-		1.4		-
Taxes other than income		21.9		19.5		44.2		41.4
OPERATING INCOME		126.4		122.7		178.4		170.8
OTHER INCOME (EXPENSE)
Interest income		0.4		1.2		1.1		2.1
Allowance for equity funds used during construction		3.9		-		5.2		-
Other income		6.5		4.5		13.0		8.4
Other expense		(2.7)		(12.5)		(5.0)		(15.0)
Net other income (expense)		8.1		(6.8)		14.3		(4.5)
INTEREST EXPENSE
Interest on long-term debt		31.9		24.3		63.3		47.7
Allowance for borrowed funds used during construction		(1.9)		(0.9)		(3.0)		(1.6)
Interest on short-term debt and other interest charges		1.7		4.0		4.1		10.5
Interest expense		31.7		27.4		64.4		56.6
INCOME BEFORE TAXES		102.8		88.5		128.3		109.7
INCOME TAX EXPENSE		31.9		29.7		39.8		36.3
NET INCOME	$	70.9	$	58.8	$	88.5	$	73.4
Less: Net income attributable to noncontrolling interest		0.4		1.7		1.2		3.3
NET INCOME ATTRIBUTABLE TO OGE ENERGY	$	70.5	$	57.1	$	87.3	$	70.1
BASIC AVERAGE COMMON SHARES OUTSTANDING		96.5		92.1		95.6		92.0
DILUTED AVERAGE COMMON SHARES OUTSTANDING		97.5		92.5		96.4		92.5
BASIC EARNINGS PER AVERAGE COMMON SHARE
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS	$	0.73	$	0.62	$	0.91	$	0.76
DILUTED EARNINGS PER AVERAGE COMMON SHARE
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS	$	0.72	$	0.62	$	0.91	$	0.76

OGE Energy Corp.
financial and statistical data
(unaudited)		Three Months Ended				Six Months Ended
		June 30				June 30
		2009		2008		2009		2008
		(In millions)
ELECTRIC UTILITY
	Operating revenues by classification
	Residential	$	167.6	$	185.3	$	303.9	$	331.7
	Commercial		112.3		126.6		191.7		216.0
	Industrial		43.0		59.9		75.8		106.5
	Oilfield		33.2		40.1		62.1		72.7
	Public authorities and street light		41.3		51.6		72.8		87.7
	Sales for resale		12.0		16.5		24.7		31.8
	Provision for rate refund		(0.4)		–		(0.6)		–
	System sales revenues		409.0		480.0		730.4		846.4
	Off-system sales revenues		8.6		33.2		14.5		45.5
	Other		7.7		7.5		17.1		15.2
	Total operating revenues	$	425.3	$	520.7	$	762.0	$	907.1
	Sales of electricity - MWH (a) sales by classification
	Residential		2.1		2.0		4.1		4.2
	Commercial		1.7		1.7		3.1		3.1
	Industrial		0.8		1.0		1.7		2.0
	Oilfield		0.7		0.7		1.4		1.4
	Public authorities and street light		0.8		0.8		1.4		1.4
	Sales for resale		0.3		0.3		0.6		0.7
	System sales		6.4		6.5		12.3		12.8
	Off-system sales		0.3		0.5		0.5		0.7
	Total sales		6.7		7.0		12.8		13.5
	Number of customers		773,436		766,407		773,436		766,407
	Average cost of energy per KWH (b) - cents
	Natural gas		3.310		10.412		3.519		8.996
	Coal		1.778		1.166		1.659		1.124
	Total fuel		2.340		3.718		2.285		3.435
	Total fuel and purchased power		2.624		4.166		2.601		3.816
	Degree days
	Heating
	Actual		254		220		1,929		2,034
	Normal		236		236		2,199		2,218
	Cooling
	Actual		637		721		660		733
	Normal		547		547		555		556
NATURAL GAS PIPELINE
	Operating revenues (before intercompany eliminations)	$	190.9	$	323.9	$	381.0	$	590.6
	Operating income	$	32.6	$	59.6	$	64.4	$	105.2
	Net income attributable to Enogex LLC	$	16.0	$	30.9	$	31.4	$	53.4
	Net cash provided from operating activities	$	78.3	$	42.2	$	69.7	$	60.7
	Capital expenditures	$	70.1	$	65.2	$	143.4	$	127.5
	New well connects (includes wells behind CRP’s (c)) (d)		36		103		113		188
	New well connects (excludes wells behind CRP’s) (d)		25		57		65		96
	Gathered volumes - Tbtu/d (e)		1.25		1.12		1.25		1.09
	Incremental transportation volumes - Tbtu/d		0.57		0.41		0.49		0.41
	Total throughput volumes - Tbtu/d		1.82		1.53		1.74		1.50
	Natural gas processed - Tbtu/d		0.70		0.65		0.67		0.64
	Natural gas liquids sold (keep-whole) - million gallons		26		52		48		105
	Natural gas liquids sold (purchase for resale) - million gallons		85		48		154		89
	Natural gas liquids sold (percent-of-liquids) - million gallons		9		6		17		10
	Total natural gas liquids produced - million gallons		120		106		219		204
	Average net sales price per gallon	$	0.657	$	1.551	$	0.643	$	1.456
	Estimated realized keep-whole spreads (f)	$	3.50	$	7.18	$	3.20	$	7.11

(a)  Megawatt-hours.

(b)  Kilowatt-hours.

(c)  Central receipt points.

(d)  As reported to management by third parties.

(e)  Trillion British thermal units per day.

(f)   The estimated realized keep-whole spread is an approximation of the spread between the weighted-average sales price

of the retained NGL commodities and the purchase price of the replacement natural gas shrink. The spread is based

on the market commodity spread less any gains or losses realized from keep-whole hedging transactions. The market

commodity spread is estimated using the average of the Oil Price Information Service daily average posting at the

Conway, Kansas market for NGL and the Inside FERC monthly index posting for Panhandle Eastern Pipe Line Co.

Texas, Oklahoma for the forward month contract for natural gas prices.