3Q results show improved earnings for OGE Energy Corp.

Company Overview | OGE Energy Corp.

 

OGE Energy Corp., the parent company of Oklahoma Gas and Electric Company, and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP reported earnings of $1.26 per diluted share for the three months ended September 30, 2021 compared to earnings of $0.89 per diluted share for the third quarter of 2020.

Here’s a breakdown of earnings reported by the parent company’s operations:

  • OG&E, the regulated electric utility, contributed earnings of $1.12 per share in the third quarter, compared with earnings of $1.00 per share in the third quarter last year
  • Natural Gas Midstream Operations contributed earnings of $0.15 per share, compared with earnings of $0.05 per share in the third quarter last year
  • The holding company reported a loss of $0.01 per share compared to a loss of $0.16 per share in the third quarter of 2020.  The holding company’s results in the year-ago quarter were impacted by the elimination of a consolidating tax adjustment as a result of the 2020 impairment related to Enable.
  • HERE COMES THE SUN - Article Photos

“We are very pleased to narrow our 2021 utility earnings per share guidance thanks to strong performance throughout the year,” said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO. “We continue our successful efforts to meet commercial expansion with affordable service. Our focus on customers is delivering great results and creating new opportunities for even more growth in the future.”

For the third quarter, OGE Energy Corp. reported net income of $252 million or $1.26 a share, far better than the $177 million and 89 cents a share a year ago.

Oklahoma Gas and Electric Co. | The Journal Record

Meanwhile, OG&E’s net income totaled $224 million or $1.12 per share for the quarter, improved over the $199 million and $1 a share in the third quarter 2020.

The holding company’s natural gas midstream operations added $31 million and 15 cents a share in the quarter, also better than the $10 million and 5 cents a share from a year earlier.

Despite the improved earnings, the company also announced it narrowed its remaining 2021 OG&E earnings guidance to between $1.79 to $1.83 per average diluted share.