Date of report (Date of earliest event reported) | November 7, 2012 | |
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 November 7, 2012, announcing OGE Energy Corp. reports higher third quarter results |
OKLAHOMA GAS AND ELECTRIC COMPANY | |
(Registrant) | |
By: | /s/ Scott Forbes |
Scott Forbes | |
Controller and Chief Accounting Officer | |
• | the financial performance of Enogex's assets without regard to financing methods, capital structure or historical cost basis; |
• | Enogex's operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and |
• | the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities. |
(In millions) | Twelve Months Ended December 31, 2012 (A)(B) | ||
Net income attributable to Enogex Holdings | $ | 176 | |
Add: | |||
Interest expense, net | 32 | ||
Depreciation and amortization expense (C) | 100 | ||
EBITDA | $ | 308 | |
OGE Energy's portion | $ | 250 |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions) | 2012 | 2011 | 2012 | 2011 | ||||||||
Net income attributable to Enogex Holdings | $ | 35.5 | $ | 37.5 | $ | 126.2 | $ | 118.7 | ||||
Add: | ||||||||||||
Interest expense, net | 8.7 | 5.2 | 23.7 | 17.2 | ||||||||
Income tax expense (A) | — | — | 0.1 | 0.1 | ||||||||
Depreciation and amortization expense (B) | 27.2 | 18.5 | 76.4 | 56.1 | ||||||||
EBITDA | $ | 71.4 | $ | 61.2 | $ | 226.4 | $ | 192.1 | ||||
OGE Energy's portion | $ | 58.0 | $ | 53.1 | $ | 184.1 | $ | 169.4 |
OGE Energy Corp. | |||||||||||||||
consolidated statements of income | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
OPERATING REVENUES | |||||||||||||||
Electric Utility operating revenues | $ | 721.0 | $ | 774.8 | $ | 1,675.7 | $ | 1,765.6 | |||||||
Natural Gas Midstream Operations operating revenues | 392.4 | 437.3 | 1,133.4 | 1,265.1 | |||||||||||
Total operating revenues | 1,113.4 | 1,212.1 | 2,809.1 | 3,030.7 | |||||||||||
COST OF GOODS SOLD (exclusive of depreciation and amortization shown below) | |||||||||||||||
Electric Utility cost of goods sold | 259.8 | 322.7 | 636.1 | 772.7 | |||||||||||
Natural Gas Midstream Operations cost of goods sold | 279.8 | 335.8 | 798.1 | 969.1 | |||||||||||
Total cost of goods sold | 539.6 | 658.5 | 1,434.2 | 1,741.8 | |||||||||||
Gross margin on revenues | 573.8 | 553.6 | 1,374.9 | 1,288.9 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Other operation and maintenance | 147.1 | 147.4 | 447.7 | 432.3 | |||||||||||
Depreciation and amortization | 93.0 | 77.1 | 270.1 | 225.8 | |||||||||||
Impairment of assets | — | 5.0 | 0.3 | 5.0 | |||||||||||
Gain on insurance proceeds | — | — | (7.5 | ) | — | ||||||||||
Taxes other than income | 29.7 | 24.4 | 84.7 | 76.0 | |||||||||||
Total operating expenses | 269.8 | 253.9 | 795.3 | 739.1 | |||||||||||
OPERATING INCOME | 304.0 | 299.7 | 579.6 | 549.8 | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest income | 0.4 | 0.2 | 0.5 | 0.4 | |||||||||||
Allowance for equity funds used during construction | 1.3 | 5.9 | 4.9 | 16.1 | |||||||||||
Other income (loss) | 2.2 | (2.2 | ) | 12.3 | 11.1 | ||||||||||
Other expense | (5.6 | ) | (6.4 | ) | (11.1 | ) | (12.2 | ) | |||||||
Net other income (expense) | (1.7 | ) | (2.5 | ) | 6.6 | 15.4 | |||||||||
INTEREST EXPENSE | |||||||||||||||
Interest on long-term debt | 40.2 | 37.4 | 118.3 | 108.6 | |||||||||||
Allowance for borrowed funds used during construction | (0.8 | ) | (2.9 | ) | (2.8 | ) | (8.1 | ) | |||||||
Interest on short-term debt and other interest charges | 2.2 | 1.0 | 6.6 | 3.6 | |||||||||||
Interest expense | 41.6 | 35.5 | 122.1 | 104.1 | |||||||||||
INCOME BEFORE TAXES | 260.7 | 261.7 | 464.1 | 461.1 | |||||||||||
INCOME TAX EXPENSE | 68.3 | 80.3 | 122.6 | 140.7 | |||||||||||
NET INCOME | 192.4 | 181.4 | 341.5 | 320.4 | |||||||||||
Less: Net income attributable to noncontrolling interests | 6.9 | 2.7 | 25.0 | 13.9 | |||||||||||
NET INCOME ATTRIBUTABLE TO OGE ENERGY | $ | 185.5 | $ | 178.7 | $ | 316.5 | $ | 306.5 | |||||||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 98.7 | 98.0 | 98.5 | 97.9 | |||||||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 99.1 | 99.3 | 98.9 | 99.2 | |||||||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.88 | $ | 1.82 | $ | 3.21 | $ | 3.13 | |||||||
DILUTED EARNINGS PER AVERAGE COMMON SHARE ATTRIBUTABLE TO OGE ENERGY COMMON SHAREHOLDERS | $ | 1.87 | $ | 1.80 | $ | 3.20 | $ | 3.09 | |||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.3925 | $ | 0.3750 | $ | 1.1775 | $ | 1.1250 |
OGE Energy Corp. | |||||||||||||||
financial and statistical data | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In millions) | |||||||||||||||
ELECTRIC UTILITY | |||||||||||||||
Operating revenues by classification | |||||||||||||||
Residential | $ | 321.7 | $ | 360.0 | $ | 707.1 | $ | 771.2 | |||||||
Commercial | 170.2 | 177.5 | 404.1 | 417.6 | |||||||||||
Industrial | 63.2 | 68.2 | 158.5 | 168.2 | |||||||||||
Oilfield | 48.5 | 49.8 | 125.8 | 127.4 | |||||||||||
Public authorities and street light | 64.9 | 69.2 | 155.0 | 162.5 | |||||||||||
Sales for resale | 16.0 | 22.8 | 41.9 | 50.9 | |||||||||||
System sales revenues | 684.5 | 747.5 | 1,592.4 | 1,697.8 | |||||||||||
Off-system sales revenues | 15.5 | 13.6 | 29.5 | 35.5 | |||||||||||
Other | 21.0 | 13.7 | 53.8 | 32.3 | |||||||||||
Total operating revenues | $ | 721.0 | $ | 774.8 | $ | 1,675.7 | $ | 1,765.6 | |||||||
Sales of electricity - MWH (a) sales by classification | |||||||||||||||
Residential | 3.2 | 3.5 | 7.3 | 8.0 | |||||||||||
Commercial | 2.1 | 2.0 | 5.4 | 5.3 | |||||||||||
Industrial | 1.0 | 1.0 | 3.0 | 2.9 | |||||||||||
Oilfield | 0.8 | 0.8 | 2.5 | 2.4 | |||||||||||
Public authorities and street light | 0.9 | 0.9 | 2.5 | 2.4 | |||||||||||
Sales for resale | 0.4 | 0.4 | 1.0 | 1.1 | |||||||||||
System sales | 8.4 | 8.6 | 21.7 | 22.1 | |||||||||||
Off-system sales | 0.5 | 0.4 | 1.1 | 1.0 | |||||||||||
Total sales | 8.9 | 9.0 | 22.8 | 23.1 | |||||||||||
Number of customers | 796,696 | 788,998 | 796,696 | 788,998 | |||||||||||
Weighted average cost of energy per KWH (b) - cents | |||||||||||||||
Natural gas | 2.939 | 4.319 | 2.822 | 4.388 | |||||||||||
Coal | 2.354 | 2.077 | 2.295 | 2.048 | |||||||||||
Total fuel | 2.554 | 3.155 | 2.403 | 2.963 | |||||||||||
Total fuel and purchased power | 2.839 | 3.443 | 2.755 | 3.268 | |||||||||||
Degree days | |||||||||||||||
Heating - Actual | 7 | 17 | 1,464 | 2,095 | |||||||||||
Heating - Normal | 19 | 29 | 2,020 | 2,228 | |||||||||||
Cooling - Actual | 1,630 | 1,761 | 2,484 | 2,687 | |||||||||||
Cooling - Normal | 1,380 | 1,295 | 2,018 | 1,850 | |||||||||||
NATURAL GAS MIDSTREAM OPERATIONS | |||||||||||||||
Operating revenues | $ | 412.4 | $ | 459.3 | $ | 1,186.0 | $ | 1,331.8 | |||||||
Operating income | $ | 45.2 | $ | 41.1 | $ | 152.4 | $ | 131.6 | |||||||
Net income attributable to OGE Enogex Holdings | $ | 17.9 | $ | 19.3 | $ | 63.8 | $ | 63.1 | |||||||
Net cash provided from operating activities | $ | 104.6 | $ | 44.7 | $ | 216.7 | $ | 180.8 | |||||||
Capital expenditures | $ | 158.2 | $ | 103.7 | $ | 365.3 | $ | 278.3 | |||||||
Gathered volumes – TBtu/d (c) | 1.41 | 1.43 | 1.38 | 1.36 | |||||||||||
Incremental transportation volumes – TBtu/d (d) | 0.80 | 0.71 | 0.67 | 0.60 | |||||||||||
Total throughput volumes – TBtu/d | 2.21 | 2.14 | 2.05 | 1.96 | |||||||||||
Natural gas processed – TBtu/d | 0.98 | 0.79 | 0.96 | 0.77 | |||||||||||
Condensate sold – million gallons | 7 | 5 | 26 | 20 | |||||||||||
Average condensate sales price per gallon | $ | 1.79 | $ | 1.87 | $ | 1.99 | $ | 2.11 | |||||||
Natural gas liquids sold (keep-whole) – million gallons | 59 | 48 | 133 | 132 | |||||||||||
Natural gas liquids sold (purchased for resale) – million gallons | 177 | 114 | 487 | 338 | |||||||||||
Natural gas liquids sold (percent-of-liquids) – million gallons | 5 | 6 | 18 | 18 | |||||||||||
Natural gas liquids sold (percent-of-proceeds) – million gallons | 4 | 1 | 11 | 3 | |||||||||||
Total natural gas liquids sold – million gallons | 245 | 169 | 649 | 491 | |||||||||||
Average natural gas liquids sales price per gallon | $ | 0.83 | $ | 1.24 | $ | 0.88 | $ | 1.19 | |||||||
Average natural gas sales price per MMBtu (e) | $ | 2.74 | $ | 4.30 | $ | 2.60 | $ | 4.26 | |||||||
(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. |