OGE Energy Corp. reported earnings of $71.5 million, or 35 cents per share for the second quarter of 2016, according to a company press release issued on Thursday. This compares with earnings of $87.5 million, or 44 cents per share for the same quarter a year ago.
Operating revenue was $551.4 million for the second quarter ending June 30 when compared to $549.9 million during the second quarter of 2015.
“Through the second quarter of 2016, our businesses are operating well and we remain focused on delivering value to our customers and shareholders” said Sean Trauschke, Chairman, President and CEO. “As a company, we are undertaking numerous complex utility projects to position OGE for the future. I’m proud of our members’ commitment to completing these projects on-time and on-budget and at the same time maintaining top quartile safety performance.”
OGE Energy Corp. is the parent company of Oklahoma Gas and Electric Company, the electric utility. OG&E’s net income was $72 million compared to $69 million a year ago. The company attributes a $15 million increase due to higher wholesale transmission revenues.
OGE Energy Corp. also holds a 26.3 percent limited partnership interest and 50 percent general partnership interest in Enable Midstream Partners, LP. Natural Gas Midstream Operations contributed breakeven results for the second quarter of 2016 compared to net income of $18 million for the same period in 2015, according to the company press release. The timing of hedges placed on natural gas and natural gas liquids are attributed to the decrease.