$OGE

OGE ENERGY CORP

CIK:0001021635|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues from contracts with customers	$ 688.0	$ 719.7	$ 1,424.7	$ 1,460.8
Other revenues	23.9	21.9	39.8	28.5
Operating revenues	711.9	741.6	1,464.5	1,489.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	217.7	261.1	554.4	585.1
OPERATING EXPENSES
Other operation and maintenance	138.7	127.1	275.2	248.9
Depreciation and amortization	138.1	140.6	274.5	278.0
Taxes other than income	25.8	26.2	55.7	57.4
Operating expenses	302.6	293.9	605.4	584.3
OPERATING INCOME	191.6	186.6	304.7	319.9
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	7.3	6.0	14.8	13.0
Other net periodic benefit expense	(2.6)	(2.9)	(5.2)	(5.5)
Other income	15.3	17.2	28.9	24.2
Other expense	(7.1)	(5.2)	(19.4)	(9.7)
Net other income	12.9	15.1	19.1	22.0
INTEREST EXPENSE
Interest on long-term debt	71.6	66.6	137.9	128.0
Allowance for borrowed funds used during construction	(3.4)	(3.7)	(7.0)	(8.2)
Interest on short-term debt and other interest charges	(1.5)	9.3	(4.3)	19.7
Interest expense	66.7	72.2	126.6	139.5
INCOME BEFORE TAXES	137.8	129.5	197.2	202.4
INCOME TAX EXPENSE	21.5	22.0	30.7	32.2
NET INCOME	$ 116.3	$ 107.5	$ 166.5	$ 170.2
BASIC AVERAGE COMMON SHARES OUTSTANDING	206.5	201.3	206.4	201.3
DILUTED AVERAGE COMMON SHARES OUTSTANDING	207.8	202.1	207.5	202.0
BASIC EARNINGS PER AVERAGE COMMON SHARE	$ 0.56	$ 0.53	$ 0.81	$ 0.85
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$ 0.56	$ 0.53	$ 0.8	$ 0.84
Other comprehensive income, net of tax	$ 0.1	$ 0.1
Comprehensive income	116.4	107.6	$ 166.6	$ 170.4
OG&E [Member]
Revenues from contracts with customers	688.0	719.7	1,424.7	1,460.8
Other revenues	23.9	21.9	39.8	28.5
Operating revenues	711.9	741.6	1,464.5	1,489.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	217.7	261.1	554.4	585.1
OPERATING EXPENSES
Other operation and maintenance	138.6	126.3	275.4	248.1
Depreciation and amortization	138.1	140.6	274.5	278.0
Taxes other than income	25.8	26.2	55.7	57.4
Operating expenses	302.5	293.1	605.6	583.5
OPERATING INCOME	191.7	187.4	304.5	320.7
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	7.3	6.0	14.8	13.0
Other net periodic benefit expense	(2.5)	(2.6)	(5.0)	(5.1)
Other income	6.4	4.1	9.1	9.4
Other expense	(0.6)	(0.5)	(1.4)	(1.4)
Net other income	10.6	7.0	17.5	15.9
INTEREST EXPENSE
Interest on long-term debt	65.9	60.8	126.5	116.4
Allowance for borrowed funds used during construction	(3.4)	(3.7)	(7.0)	(8.2)
Interest on short-term debt and other interest charges	(4.1)	6.3	(11.1)	12.0
Interest expense	58.4	63.4	108.4	120.2
INCOME BEFORE TAXES	143.9	131.0	213.6	216.4
INCOME TAX EXPENSE	23.8	23.3	35.6	37.7
NET INCOME	120.1	107.7	178.0	178.7
Other comprehensive income, net of tax	0.0	0.0	0.0	0.0
Comprehensive income	$ 120.1	$ 107.7	$ 178.0	$ 178.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 166.5	$ 170.2
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	274.5	278.0
Deferred income taxes and other tax credits, net	19.0	1.2
Allowance for equity funds used during construction	(14.8)	(13.0)
Stock-based compensation expense	7.7	6.6
Regulatory assets	(20.4)	(30.1)
Regulatory liabilities	2.1	0.4
Other assets	11.6	(5.2)
Other liabilities	(20.4)	9.7
Other	0.0	(8.7)
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(4.7)	(116.9)
Income taxes receivable	11.8	(0.2)
Fuel, materials and supplies inventories	(0.7)	4.1
Fuel recoveries	124.9	11.8
Other current assets	8.0	23.9
Accounts payable	(49.6)	13.8
Other current liabilities	(4.1)	8.9
Net cash provided from operating activities	511.4	354.5
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(488.6)	(523.2)
Cost of removal and other	(30.2)	(35.8)
Net cash used in investing activities	(518.8)	(559.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	341.3	344.4
Payment of long-term debt	(0.1)	(32.5)
(Decrease) increase in short-term debt	(162.9)	65.2
Dividends paid on common stock	(176.8)	(171.5)
Proceeds (costs) from issuance of common stock	12.2	6.1
Cash paid for employee equity-based compensation	(5.6)	(7.3)
Net cash provided from financing activities	8.1	204.4
NET CHANGE IN CASH AND CASH EQUIVALENTS	0.7	(0.1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	0.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	0.9	0.5
OG&E [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	178.0	178.7
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	274.5	278.0
Deferred income taxes and other tax credits, net	17.5	2.0
Allowance for equity funds used during construction	(14.8)	(13.0)
Stock-based compensation expense	7.7	6.6
Regulatory assets	(20.4)	(30.1)
Regulatory liabilities	2.1	0.4
Other assets	0.4	(4.7)
Other liabilities	(21.0)	10.1
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net	(4.8)	(116.9)
Fuel, materials and supplies inventories	(0.7)	4.1
Fuel recoveries	124.9	11.8
Other current assets	8.5	19.7
Accounts payable	(49.2)	42.9
Income taxes payable - parent	17.9	9.7
Other current liabilities	(4.1)	(3.5)
Net cash provided from operating activities	516.5	395.8
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)	(488.6)	(523.2)
Cost of removal	(29.9)	(34.9)
Net cash used in investing activities	(518.5)	(558.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Changes in advances with parent	(490.1)	(169.6)
Proceeds from long-term debt	342.9	344.4
Payment of long-term debt	(0.1)	(32.5)
Capital contribution from OGE Energy	150.0	150.0
Dividends paid on common stock	0.0	(130.0)
Net cash provided from financing activities	2.7	162.3
NET CHANGE IN CASH AND CASH EQUIVALENTS	0.7	0.0
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	0.2	0.2
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 0.9	$ 0.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 0.9	$ 0.2
Accounts receivable	323.7	347.8
Accrued unbilled revenues	105.0	76.2
Income taxes receivable	25.5	37.3
Fuel inventories	110.6	112.0
Materials and supplies, at average cost	214.2	212.7
Other	63.7	71.7
Total current assets	843.6	857.9
OTHER PROPERTY AND INVESTMENTS
Other	118.8	129.4
Total other property and investments	118.8	129.4
PROPERTY, PLANT AND EQUIPMENT
In service	17,565.0	17,203.0
Construction work in progress	769.0	744.9
Total property, plant and equipment	18,334.0	17,947.9
Less: accumulated depreciation	5,312.4	5,217.5
Net property, plant and equipment	13,021.6	12,730.4
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	562.4	557.2
Other	80.2	95.6
Total deferred charges and other assets	642.6	652.8
TOTAL ASSETS	14,626.6	14,370.5
CURRENT LIABILITIES
Short-term debt	129.1	292.0
Accounts payable	282.2	350.6
Customer deposits	121.0	127.2
Accrued taxes	50.3	53.0
Accrued interest	74.1	68.8
Dividends payable	87.8	87.6
Accrued compensation	38.5	54.3
Long-term debt due within one year	115.9	0.0
Fuel clause over recoveries	152.0	27.1
Other	48.6	33.5
Total current liabilities	1,099.5	1,094.1
LONG-TERM DEBT	5,598.2	5,369.2
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	157.4	164.4
Deferred income taxes	1,535.3	1,489.3
Deferred investment tax credits	9.4	9.8
Regulatory liabilities	935.6	957.1
Other	310.0	309.3
Total deferred credits and other liabilities	2,947.7	2,929.9
Total liabilities	9,645.4	9,393.2
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,392.7	1,378.4
Retained earnings	3,591.0	3,601.5
Accumulated other comprehensive loss, net of tax	(2.5)	(2.6)
Total stockholders' equity	4,981.2	4,977.3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	14,626.6	14,370.5
OG&E [Member]
CURRENT ASSETS
Cash and cash equivalents	0.9	0.2
Accounts receivable	323.2	347.2
Accrued unbilled revenues	105.0	76.2
Advances to parent	550.5	78.3
Fuel inventories	110.6	112.0
Materials and supplies, at average cost	214.2	212.7
Other	63.0	71.5
Total current assets	1,367.4	898.1
OTHER PROPERTY AND INVESTMENTS
Total other property and investments	4.1	4.1
PROPERTY, PLANT AND EQUIPMENT
In service	17,558.9	17,196.9
Construction work in progress	769.0	744.9
Total property, plant and equipment	18,327.9	17,941.8
Less: accumulated depreciation	5,312.4	5,217.5
Net property, plant and equipment	13,015.5	12,724.3
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets	562.4	557.2
Other	76.9	93.8
Total deferred charges and other assets	639.3	651.0
TOTAL ASSETS	15,026.3	14,277.5
CURRENT LIABILITIES
Accounts payable	280.7	348.7
Customer deposits	121.0	127.2
Accrued taxes	49.9	52.3
Accrued interest	71.7	66.4
Accrued compensation	38.5	54.3
Long-term debt due within one year	56.0	0.0
Fuel clause over recoveries	152.0	27.1
Other	48.5	33.5
Total current liabilities	818.3	709.5
LONG-TERM DEBT	5,250.3	4,961.7
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations	87.1	93.2
Deferred income taxes	1,575.7	1,531.3
Deferred investment tax credits	9.4	9.8
Regulatory liabilities	935.6	957.1
Other	274.0	274.7
Total deferred credits and other liabilities	2,881.8	2,866.1
Total liabilities	8,950.4	8,537.3
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity	1,911.2	1,753.5
Retained earnings	4,164.7	3,986.7
Total stockholders' equity	6,075.9	5,740.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 15,026.3	$ 14,277.5