Oklahoma City-based OGE Energy Corp., the parent company of Oklahoma Gas and Electric Company and holder of 25.6 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP, reported earnings of $0.55 per diluted share for the three months ended June 30, 2018, compared to $0.52 per diluted share for the second quarter of 2017.
- OG&E contributed earnings of $0.46 per share in the second quarter, compared with earnings of $0.43 per share in the second quarter last year.
- OGE Energy Holdings, which is primarily Natural Gas Midstream Operations, contributed earnings of $0.11 per share compared with earnings of $0.09 per share in the second quarter last year.
- The holding company posted a loss of $0.02 per share in 2018 compared with breakeven results in 2017.
“I’m pleased by where we are year to date,” said Sean Trauschke, OGE Energy Chairman, President and CEO. “Our core is solid, our employees are doing a great job, and we’re effectively executing on our plans across every area of the company.”
OGE Energy’s net income was approximately $111 million in the second quarter, compared to approximately $105 million in the year-ago quarter.
OG&E’s net income was approximately $92 million in the second quarter, compared to approximately $86 million in the comparable quarter last year. The primary driver for the increase in net income was higher gross margin due to warmer weather.
OGE Energy Holdings (primarily Natural Gas Midstream Operations) contributed net income to OGE Energy Corp. of nearly $23 million for the second quarter of 2018 compared to net income of approximately $18 million for the same period in 2017. The increase is attributed to higher record volumes in the gathering and processing segments. Per day natural gas gathering volumes increased for the tenth consecutive quarter. In addition, Enable Midstream issued cash distributions to OGE of approximately $35 million in each of the second quarters of 2018 and 2017.
The Company’s 2018 OG&E earnings guidance is projected to be at the upper end of the previously issued guidance between $1.43 to $1.53 per average diluted share primarily due to favorable weather experienced in the second quarter of 2018 and assuming normal weather patterns for the remainder of the year. OGE Energy consolidated earnings guidance for 2018 is also projected to be at the upper end of previously issued guidance between $1.90 to $2.05 per average diluted share due to higher projected utility earnings.