Date of report (Date of earliest event reported) | August 4, 2011 | |
OKLAHOMA GAS AND ELECTRIC COMPANY | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Oklahoma | ||
(State or Other Jurisdiction of Incorporation) | ||
1-1097 | 73-0382390 | |
(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 August 4, 2011, announcing OGE Energy Corp. 2nd quarter earnings higher from hot weather. |
OKLAHOMA GAS AND ELECTRIC COMPANY | |
(Registrant) | |
By: | /s/ Scott Forbes |
Scott Forbes | |
Controller and Chief Accounting Officer |
OGE Energy Corp. | |||||||||||||||
consolidated statements of income | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
OPERATING REVENUES | |||||||||||||||
Electric Utility operating revenues | $ | 568.7 | $ | 512.8 | $ | 990.8 | $ | 956.8 | |||||||
Natural Gas Midstream Operations operating revenues | 409.4 | 374.4 | 827.8 | 806.2 | |||||||||||
Total operating revenues | 978.1 | 887.2 | 1,818.6 | 1,763.0 | |||||||||||
COST OF GOODS SOLD (exclusive of depreciation and amortization shown below) | |||||||||||||||
Electric Utility cost of goods sold | 242.5 | 218.9 | 450.0 | 457.8 | |||||||||||
Natural Gas Midstream Operations cost of goods sold | 307.6 | 287.6 | 633.3 | 618.8 | |||||||||||
Total cost of goods sold | 550.1 | 506.5 | 1,083.3 | 1,076.6 | |||||||||||
Gross margin on revenues | 428.0 | 380.7 | 735.3 | 686.4 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Other operation and maintenance | 146.6 | 135.0 | 284.9 | 258.6 | |||||||||||
Depreciation and amortization | 74.7 | 71.2 | 148.7 | 141.5 | |||||||||||
Taxes other than income | 24.5 | 23.0 | 51.6 | 48.0 | |||||||||||
Total operating expenses | 245.8 | 229.2 | 485.2 | 448.1 | |||||||||||
OPERATING INCOME | 182.2 | 151.5 | 250.1 | 238.3 | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest income | 0.1 | — | 0.2 | — | |||||||||||
Allowance for equity funds used during construction | 5.8 | 2.3 | 10.2 | 4.6 | |||||||||||
Other income | 7.0 | 3.4 | 13.3 | 6.5 | |||||||||||
Other expense | (3.5 | ) | (5.0 | ) | (5.8 | ) | (7.4 | ) | |||||||
Net other income | 9.4 | 0.7 | 17.9 | 3.7 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest on long-term debt | 35.8 | 33.4 | 71.2 | 67.0 | |||||||||||
Allowance for borrowed funds used during construction | (2.9 | ) | (1.0 | ) | (5.2 | ) | (2.2 | ) | |||||||
Interest on short-term debt and other interest charges | 1.6 | 1.6 | 2.6 | 3.3 | |||||||||||
Interest expense | 34.5 | 34.0 | 68.6 | 68.1 | |||||||||||
INCOME BEFORE TAXES | 157.1 | 118.2 | 199.4 | 173.9 | |||||||||||
INCOME TAX EXPENSE | 47.8 | 40.3 | 60.4 | 70.8 | |||||||||||
NET INCOME | 109.3 | 77.9 | 139.0 | 103.1 | |||||||||||
Less: Net income attributable to noncontrolling interests | 6.3 | 0.6 | 11.2 | 1.6 | |||||||||||
NET INCOME ATTRIBUTABLE TO OGE ENERGY | $ | 103.0 | $ | 77.3 | $ | 127.8 | $ | 101.5 | |||||||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 98.0 | 97.3 | 97.8 | 97.2 | |||||||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 99.3 | 98.7 | 99.2 | 98.6 | |||||||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE | |||||||||||||||
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.05 | $ | 0.79 | $ | 1.31 | $ | 1.04 | |||||||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | |||||||||||||||
ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.04 | $ | 0.78 | $ | 1.29 | $ | 1.03 |
OGE Energy Corp. | |||||||||||||||
financial and statistical data | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In millions) | |||||||||||||||
ELECTRIC UTILITY | |||||||||||||||
Operating revenues by classification | |||||||||||||||
Residential | $ | 234.4 | $ | 207.7 | $ | 411.2 | $ | 398.9 | |||||||
Commercial | 141.9 | 132.0 | 240.1 | 233.0 | |||||||||||
Industrial | 55.9 | 52.8 | 100.0 | 98.3 | |||||||||||
Oilfield | 42.7 | 40.4 | 77.6 | 76.0 | |||||||||||
Public authorities and street light | 55.0 | 50.5 | 93.3 | 90.0 | |||||||||||
Sales for resale | 14.9 | 14.5 | 28.1 | 31.2 | |||||||||||
System sales revenues | 544.8 | 497.9 | 950.3 | 927.4 | |||||||||||
Off-system sales revenues | 12.5 | 7.5 | 21.9 | 13.9 | |||||||||||
Other | 11.4 | 7.4 | 18.6 | 15.5 | |||||||||||
Total operating revenues | $ | 568.7 | $ | 512.8 | $ | 990.8 | $ | 956.8 | |||||||
Sales of Electricity - MWH (a) sales by classification | |||||||||||||||
Residential | 2.3 | 2.0 | 4.5 | 4.4 | |||||||||||
Commercial | 1.8 | 1.8 | 3.3 | 3.2 | |||||||||||
Industrial | 1.0 | 1.0 | 1.9 | 1.9 | |||||||||||
Oilfield | 0.8 | 0.8 | 1.6 | 1.5 | |||||||||||
Public authorities and street light | 0.8 | 0.7 | 1.5 | 1.4 | |||||||||||
Sales for resale | 0.4 | 0.4 | 0.7 | 0.7 | |||||||||||
System sales | 7.1 | 6.7 | 13.5 | 13.1 | |||||||||||
Off-system sales | 0.3 | 0.2 | 0.6 | 0.3 | |||||||||||
Total sales | 7.4 | 6.9 | 14.1 | 13.4 | |||||||||||
Number of customers | 786,125 | 779,359 | 786,125 | 779,359 | |||||||||||
Average cost of energy per KWH (b) - cents | |||||||||||||||
Natural gas | 4.485 | 4.503 | 4.477 | 5.050 | |||||||||||
Coal | 2.032 | 1.916 | 2.033 | 1.858 | |||||||||||
Total fuel | 2.986 | 2.832 | 2.842 | 3.049 | |||||||||||
Total fuel and purchased power | 3.255 | 3.127 | 3.156 | 3.334 | |||||||||||
Degree days | |||||||||||||||
Heating | |||||||||||||||
Actual | 174 | 158 | 2,078 | 2,298 | |||||||||||
Normal | 236 | 236 | 2,199 | 2,199 | |||||||||||
Cooling | |||||||||||||||
Actual | 885 | 737 | 926 | 745 | |||||||||||
Normal | 547 | 547 | 555 | 555 | |||||||||||
NATURAL GAS MIDSTREAM OPERATIONS | |||||||||||||||
Operating revenues | $ | 430.1 | $ | 397.5 | $ | 872.5 | $ | 857.6 | |||||||
Operating income | $ | 48.9 | $ | 38.5 | $ | 90.5 | $ | 95.5 | |||||||
Net income attributable to Enogex | $ | 25.0 | $ | 18.6 | $ | 43.8 | $ | 46.0 | |||||||
Net cash provided from operating activities | $ | 86.9 | $ | 108.2 | $ | 136.1 | $ | 154.7 | |||||||
Capital expenditures | $ | 109.5 | $ | 62.8 | $ | 174.6 | $ | 96.7 | |||||||
Gathered volumes – TBtu/d (c) | 1.36 | 1.33 | 1.33 | 1.30 | |||||||||||
Incremental transportation volumes – TBtu/d (d) | 0.53 | 0.41 | 0.51 | 0.44 | |||||||||||
Total throughput volumes – TBtu/d | 1.89 | 1.74 | 1.84 | 1.74 | |||||||||||
Natural gas processed – TBtu/d | 0.76 | 0.83 | 0.76 | 0.78 | |||||||||||
Natural gas liquids sold (keep-whole) – million gallons | 42 | 50 | 84 | 92 | |||||||||||
Natural gas liquids sold (purchased for resale) – million gallons | 112 | 121 | 224 | 220 | |||||||||||
Natural gas liquids sold (percent-of-liquids) – million gallons | 7 | 8 | 14 | 15 | |||||||||||
Total natural gas liquids sold – million gallons | 161 | 179 | 322 | 327 | |||||||||||
Average natural gas liquids sales price per gallon | $ | 1.24 | $ | 0.86 | $ | 1.17 | $ | 0.94 | |||||||
Average natural gas sales price per MMBtu (e) | $ | 4.36 | $ | 4.01 | $ | 4.25 | $ | 4.65 | |||||||
(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. |