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OGE Energy Corp. reports second quarter results
Enable partnership drives higher earnings



Aug 7, 2014

OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), and holder of 26.3 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP, reported earnings of $0.50 per diluted share for the three months ended June 30, 2014 compared to $0.46 per diluted share for the second quarter of 2014.

OG&E, a regulated electric utility, contributed earnings of $0.38 per share in the second quarter, compared with earnings of $0.40 per share in the second quarter last year. OGE Energy's interest in the natural gas midstream operations contributed earnings of $0.12 per share compared with earnings of $0.07 per share in the year-ago quarter. The holding company posted breakeven results in the second quarter of 2014 compared to a loss of $0.01 per share for the same period in 2013.

"Higher earnings over the same quarter last year are primarily driven by our natural gas midstream partnership, Enable Midstream Partners," said OGE Energy Corp. Chairman, President and CEO Pete Delaney. "The utility is performing in line with expectations and focused on implementing our regional haze compliance plan."

Discussion of Second Quarter 2014
OGE Energy's net income was $101 million in the second quarter, compared to $92 million in the year-ago quarter.

OG&E's gross margin on revenues was $341 million in the second quarter, compared with $327 million in the comparable quarter last year. The increase in gross margin was primarily due to revenues associated with transmission projects as well as new customer growth, partially offset by mild weather. Net income at the utility declined to $77 million, compared to $79 million in the year-ago quarter primarily due to higher operating expenses.

Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of $24 million for the second quarter of 2014 compared to $15 million for the same period in 2013. The increase reflects the accretive effect of the Enable transaction as well as higher gross margins in the transportation and storage business.

2014 Outlook

The Company's 2014 consolidated earnings guidance is unchanged at between $388 million to $411 million of net income, or $1.94 to $2.06 per average diluted share. This guidance assumes normal weather for the remainder of the year and the dilution associated with the initial public offering of Enable Midstream Partners. See the Company's 2013 Form 10-K for other key factors and assumptions underlying its 2014 earnings guidance.

Click here to read the full press release.

For more information :

Organization:
OGE Energy Corp.
www.oge.com


Link http://www.electricenergyonline.com/detail_news.php?ID=491009
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