Date of report (Date of earliest event reported) | November 3, 2011 | |
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) | ||
* Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
* Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
* Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
* Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) Exhibits | ||
Exhibit Number | Description | |
99.01 | Press release dated November 3, 2011, announcing Record heat contributes to higher 3rd quarter earnings at OGE Energy Corp. |
OGE ENERGY CORP. | |
(Registrant) | |
By: | /s/ Scott Forbes |
Scott Forbes | |
Controller and Chief Accounting Officer | |
OGE Energy Corp. | |||||||||||||||
consolidated statements of income | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
OPERATING REVENUES | |||||||||||||||
Electric Utility operating revenues | $ | 774.8 | $ | 723.0 | $ | 1,765.6 | $ | 1,679.8 | |||||||
Natural Gas Midstream Operations operating revenues | 437.3 | 402.4 | 1,265.1 | 1,208.6 | |||||||||||
Total operating revenues | 1,212.1 | 1,125.4 | 3,030.7 | 2,888.4 | |||||||||||
COST OF GOODS SOLD (exclusive of depreciation and amortization shown below) | |||||||||||||||
Electric Utility cost of goods sold | 322.7 | 299.4 | 772.7 | 757.2 | |||||||||||
Natural Gas Midstream Operations cost of goods sold | 335.8 | 313.2 | 969.1 | 932.0 | |||||||||||
Total cost of goods sold | 658.5 | 612.6 | 1,741.8 | 1,689.2 | |||||||||||
Gross margin on revenues | 553.6 | 512.8 | 1,288.9 | 1,199.2 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Other operation and maintenance | 147.4 | 142.4 | 432.3 | 401.0 | |||||||||||
Depreciation and amortization | 77.1 | 73.7 | 225.8 | 215.2 | |||||||||||
Impairment of assets | 5.0 | — | 5.0 | — | |||||||||||
Taxes other than income | 24.4 | 22.5 | 76.0 | 70.5 | |||||||||||
Total operating expenses | 253.9 | 238.6 | 739.1 | 686.7 | |||||||||||
OPERATING INCOME | 299.7 | 274.2 | 549.8 | 512.5 | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest income | 0.2 | — | 0.4 | — | |||||||||||
Allowance for equity funds used during construction | 5.9 | 2.6 | 16.1 | 7.2 | |||||||||||
Other income | (2.2 | ) | 0.6 | 11.1 | 5.8 | ||||||||||
Other expense | (6.4 | ) | (2.7 | ) | (12.2 | ) | (8.8 | ) | |||||||
Net other income (expense) | (2.5 | ) | 0.5 | 15.4 | 4.2 | ||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest on long-term debt | 37.4 | 36.3 | 108.6 | 103.3 | |||||||||||
Allowance for borrowed funds used during construction | (2.9 | ) | (1.3 | ) | (8.1 | ) | (3.5 | ) | |||||||
Interest on short-term debt and other interest charges | 1.0 | 1.4 | 3.6 | 4.7 | |||||||||||
Interest expense | 35.5 | 36.4 | 104.1 | 104.5 | |||||||||||
INCOME BEFORE TAXES | 261.7 | 238.3 | 461.1 | 412.2 | |||||||||||
INCOME TAX EXPENSE | 80.3 | 74.8 | 140.7 | 145.6 | |||||||||||
NET INCOME | 181.4 | 163.5 | 320.4 | 266.6 | |||||||||||
Less: Net income attributable to noncontrolling interests | 2.7 | 0.4 | 13.9 | 2.0 | |||||||||||
NET INCOME ATTRIBUTABLE TO OGE ENERGY | $ | 178.7 | $ | 163.1 | $ | 306.5 | $ | 264.6 | |||||||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 98.0 | 97.4 | 97.9 | 97.3 | |||||||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 99.3 | 99.0 | 99.2 | 98.8 | |||||||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE | |||||||||||||||
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.82 | $ | 1.67 | $ | 3.13 | $ | 2.72 | |||||||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | |||||||||||||||
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.80 | $ | 1.65 | $ | 3.09 | $ | 2.68 |
OGE Energy Corp. | |||||||||||||||
financial and statistical data | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In millions) | |||||||||||||||
ELECTRIC UTILITY | |||||||||||||||
Operating revenues by classification | |||||||||||||||
Residential | $ | 360.0 | $ | 330.9 | $ | 771.2 | $ | 729.8 | |||||||
Commercial | 177.5 | 176.5 | 417.6 | 409.5 | |||||||||||
Industrial | 68.2 | 66.2 | 168.2 | 164.5 | |||||||||||
Oilfield | 49.8 | 49.6 | 127.4 | 125.6 | |||||||||||
Public authorities and street light | 69.2 | 67.8 | 162.5 | 157.8 | |||||||||||
Sales for resale | 22.8 | 19.3 | 50.9 | 50.5 | |||||||||||
Provision for rate refund | — | (0.4 | ) | — | (0.4 | ) | |||||||||
System sales revenues | 747.5 | 709.9 | 1,697.8 | 1,637.3 | |||||||||||
Off-system sales revenues | 13.6 | 5.8 | 35.5 | 19.7 | |||||||||||
Other | 13.7 | 7.3 | 32.3 | 22.8 | |||||||||||
Total operating revenues | $ | 774.8 | $ | 723.0 | $ | 1,765.6 | $ | 1,679.8 | |||||||
Sales of Electricity - MWH (a) sales by classification | |||||||||||||||
Residential | 3.5 | 3.2 | 8.0 | 7.6 | |||||||||||
Commercial | 2.0 | 1.9 | 5.3 | 5.1 | |||||||||||
Industrial | 1.0 | 1.0 | 2.9 | 2.9 | |||||||||||
Oilfield | 0.8 | 0.8 | 2.4 | 2.3 | |||||||||||
Public authorities and street light | 0.9 | 0.9 | 2.4 | 2.3 | |||||||||||
Sales for resale | 0.4 | 0.4 | 1.1 | 1.1 | |||||||||||
System sales | 8.6 | 8.2 | 22.1 | 21.3 | |||||||||||
Off-system sales | 0.4 | 0.2 | 1.0 | 0.5 | |||||||||||
Total sales | 9.0 | 8.4 | 23.1 | 21.8 | |||||||||||
Number of customers | 788,998 | 782,174 | 788,998 | 782,174 | |||||||||||
Average cost of energy per KWH (b) - cents | |||||||||||||||
Natural gas | 4.319 | 4.546 | 4.388 | 4.838 | |||||||||||
Coal | 2.077 | 1.951 | 2.048 | 1.891 | |||||||||||
Total fuel | 3.155 | 3.084 | 2.963 | 3.063 | |||||||||||
Total fuel and purchased power | 3.443 | 3.407 | 3.268 | 3.361 | |||||||||||
Degree days | |||||||||||||||
Heating - Actual | 17 | 7 | 2,095 | 2,305 | |||||||||||
Heating - Normal | 29 | 29 | 2,228 | 2,228 | |||||||||||
Cooling - Actual | 1,761 | 1,541 | 2,687 | 2,286 | |||||||||||
Cooling - Normal | 1,295 | 1,295 | 1,850 | 1,850 | |||||||||||
NATURAL GAS MIDSTREAM OPERATIONS | |||||||||||||||
Operating revenues | $ | 459.3 | $ | 432.0 | $ | 1,331.8 | $ | 1,289.6 | |||||||
Operating income | $ | 41.1 | $ | 44.8 | $ | 131.6 | $ | 140.3 | |||||||
Net income attributable to OGE Enogex Holdings | $ | 19.3 | $ | 22.8 | $ | 63.1 | $ | 68.8 | |||||||
Net cash provided from operating activities | $ | 44.7 | $ | 86.2 | $ | 180.8 | $ | 240.9 | |||||||
Capital expenditures | $ | 103.7 | $ | 60.8 | $ | 278.3 | $ | 157.5 | |||||||
Gathered volumes – TBtu/d (c) | 1.43 | 1.34 | 1.36 | 1.32 | |||||||||||
Incremental transportation volumes – TBtu/d (d) | 0.67 | 0.46 | 0.57 | 0.44 | |||||||||||
Total throughput volumes – TBtu/d | 2.10 | 1.80 | 1.93 | 1.76 | |||||||||||
Natural gas processed – TBtu/d | 0.79 | 0.86 | 0.77 | 0.81 | |||||||||||
Natural gas liquids sold (keep-whole) – million gallons | 48 | 44 | 132 | 137 | |||||||||||
Natural gas liquids sold (purchased for resale) – million gallons | 114 | 119 | 338 | 339 | |||||||||||
Natural gas liquids sold (percent-of-liquids) – million gallons | 6 | 7 | 18 | 18 | |||||||||||
Natural gas liquids sold (percent-of-proceeds) – million gallons | 1 | 1 | 3 | 4 | |||||||||||
Total natural gas liquids sold – million gallons | 169 | 171 | 491 | 498 | |||||||||||
Average natural gas liquids sales price per gallon | $ | 1.24 | $ | 0.92 | $ | 1.19 | $ | 0.94 | |||||||
Average natural gas sales price per MMBtu (e) | $ | 4.30 | $ | 4.13 | $ | 4.26 | $ | 4.46 | |||||||
(a) Megawatt-hours. | |||||||||||||||
(b) Kilowatt-hours. | |||||||||||||||
(c) Trillion British thermal units per day. | |||||||||||||||
(d) Incremental transportation volumes consist of natural gas moved only on the transportation pipeline. | |||||||||||||||
(e) Million British thermal units. |