The second quarter 2021 brought increased earnings for OGE Energy Corp., parent company of Oklahoma Gas and Electric.
The company reported net income of $113 million or $0.56 per share in the second quarter, compared to $86 million or $0.43 per share in the year-ago quarter.
“Our strong customer growth of 1.3% over the last year reflects the combination of highly affordable rates and our ability to service commercial expansion in our markets,” said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. “When combined with our full slate of business and economic development activity, we remain on track for sustained load growth of approximately 1% going forward, with many additional opportunities still ahead.”
Net income for OG&E totaled $85 million or 42 cents a share in the second quarter while a year ago, the net income was $79 million and 39 cents a share. The earnings report attributed the higher quarterly results primarily due to the recovery of increased investments and improved load from customer growth partially offset by higher depreciation on a growing asset base and mild weather.
Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of $32 million or $0.16 per share in the second quarter, compared to $19 million or $0.10 per share in the same period in 2020. The increase in net income was driven by higher commodity prices, higher gathering and processing volumes, as well as a benefit from the reduction in the Oklahoma corporate tax rate. In addition, Enable Midstream issued cash distributions to OGE Energy Corp. of approximately $18 million in each of the second quarters of 2021 and 2020.
The company reaffirmed its 2021 OG&E earnings guidance, in the lower half of the range, between approximately $352 million and $373 million of net income, or $1.76 to $1.86 per average diluted share.
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