OGE Energy Corp., the parent company of Oklahoma Gas and Electric Company reported a drop in earnings per share in 2022 compared to the previous year, but OG&E saw earnings growth for the year.
Earnings for OGE Energy Corp were $3.32 per diluted share for 2022, down from the $3.68 reported for 2021. Its fourth quarter earnings were also down. Net income for the quarter was $50.3 million or 25 cents a share compared with $319.2 million of net income or $1.59 per share in the same period of 2021. The drop in earnings was due to a net gain on the company’s Enable merger transaction in 2021.
Its regulated electric company, OG&E saw earnings of $2.19 per share last year, better than the $1.80 per diluted share recorded for 2021.
OGE Energy Corp stated in its latest report that other operations which included the holding company contributed a loss of 3 cents per diluted share for 2022. It compared to a 4-cent loss per share in 2021.
The company’s Natural Gas Midstream Operations saw a loss as well, down from $1.92 per share in 2021 to $1.16 per share last year. Still, leaders were receptive to the financial results. The operations contributed net income of $231.3 million, or $1.16 per diluted share, in 2022 compared to net income of $385.0 million, or $1.92 per diluted share, in 2021.
“Continued economic growth in our communities combined with outstanding execution by our employees delivered solid financial results in 2022,” said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO.
“As we look ahead to 2023 as a pure-play electric company, OG&E will continue to deliver reliable, resilient and secure energy for our customers with our focus on safety, operational excellence, and customer experience.”
OG&E, the utility had net income of $439.5 million or $2.19 per diluted share for 2022, far more than the $360 million and $1.80 per share in 2021.
The increase in net income was primarily due to higher operating revenues driven by favorable weather and revenues from the recovery of capital investments, partially offset by higher depreciation expense and increased other operation and maintenance expense.
But, other operations saw a $5.1 million loss or 3 cents a share last year, improved from the $7.7 million or 4 cents a share lost in 2021.
Investors will still get a dividend. The company’s Board of Directors approved a second quarter dividend of $0.4141 per common share of stock, to be paid April 28, 2023 to shareholders of record on April 10, 2023.
