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Oge Energy Corp. (OGE) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Oge Energy Corp.

CIK: 1021635 Ticker: OGE


OGE Energy Corp. reports earnings for 2016 and outlook for 2017

OKLAHOMA CITY - OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), and holder of 25.7 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP, today reported earnings of $1.69 per average diluted share in 2016, compared with earnings of $1.36 per average diluted share in 2015.

In 2016, OG&E, a regulated electric utility, reported net income of $284 million and contributed $1.42 per diluted share, compared with $269 million, or $1.35 per diluted share in 2015. Enable Midstream issued cash distributions to OGE of approximately $141 million and contributed earnings of $53 million, or $0.27 per diluted share in 2016, compared to earnings of $9 million, or $0.05 per diluted share in 2015. The holding company posted breakeven results in 2016, compared to a loss of $0.04 per diluted share in 2015.

“I’m pleased with the performance of OGE and Enable despite a challenging environment. I am proud of the execution and perseverance of our members in 2016” said OGE Energy Corp. Chairman, President and CEO Sean Trauschke, “and both of our businesses are well positioned for continued success.”


Fourth Quarter results
For the three months ended Dec. 31, 2016, OGE Energy reported earnings of $0.29 per diluted share, compared with $0.15 per diluted share in the fourth quarter of 2015. The increase is primarily due to higher transmission revenues and more favorable weather at the utility.


Discussion of 2016 results

OG&E reported gross margin of $1.4 billion in 2016, which was approximately $47 million higher than 2015. The increase in gross margin for the year was due in part from higher transmission revenues and more favorable weather as compared to 2015. Partially offsetting higher gross margin were additional professional services. As a result, OG&E's net income increased from $269 million in 2015 to $284 million in 2016.

Natural Gas Midstream Operations contributed earnings to OGE of approximately $53 million for 2016 compared to $9 million for 2015. Higher earnings were primarily due to goodwill and asset impairments recorded by Enable in 2015 of approximately $114 million pretax, or $0.35 per share after tax. Higher earnings were partially offset by lower revenues associated with lower natural gas and lower natural gas liquids prices.

2017 Outlook
OG&E is projected to earn $1.58 to $1.70 per average diluted share. The Company projects the earnings contribution from its ownership interest in Enable Midstream to be approximately $0.35 to $0.39 per average diluted share. Additionally, OGE Energy consolidated earnings guidance for 2016 is $1.93 to $2.09 per average diluted share. The guidance assumes approximately 200 million average diluted shares outstanding and normal weather for the year.  More information regarding the Company’s 2017 earnings guidance and the Company’s 2016 financial results is contained in the Company's Form 10-K filed with the Securities and Exchange Commission.

Conference Call Webcast
OGE Energy will host a live webcast for discussion of the results of 2016 and the 2017 outlook on Thursday, February 23, at 8 a.m. CST. The conference will be available through www.oge.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 834,000 customers in Oklahoma and western Arkansas.  In addition, OGE holds a 25.7 percent limited partner interest and a 50 percent general partner interest of Enable Midstream Partners LP, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.

Non-GAAP Financial Measures
OG&E has included in this release the non-GAAP financial measure Gross Margin. Gross Margin is defined by OG&E as operating revenues less fuel, purchased power and certain transmission expenses. Gross margin is a non-GAAP financial measure because it excludes depreciation and amortization, and other operation and maintenance expenses. Expenses for fuel and purchased power are recovered through fuel adjustment clauses and as a result changes in these expenses are offset in operating revenues with no impact on net income. OG&E believes gross margin provides



The following information was filed by Oge Energy Corp. (OGE) on Thursday, February 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical
Consolidated Statements Of Capitalization
Consolidated Statements Of Capitalization (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income Parenthetical
Consolidated Statements Of Income
Accounting Pronouncements
Accounting Pronouncements Employee Share-based Payment (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Equity
Common Equity (tables)
Common Equity Automatic Dividend Reinvestment And Stock Purchase Plan (details)
Common Equity Dividends Restriction (details)
Common Equity Earnings Per Share (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements Carrying And Fair Value Amounts (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Investment In Unconsolidated Affiliate And Related Party Transactions
Investment In Unconsolidated Affiliate And Related Party Transactions (details)
Investment In Unconsolidated Affiliate And Related Party Transactions (tables)
Investment In Unconsolidated Affiliate And Related Party Transactions Reconciliation Of Basis Difference (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Reconciliation Of Equity In Earnings Of Unconsolidated Affiliates (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Related Party Transactions (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Summarized Balance Sheet Information Of Equity Method Investment (details)
Investment In Unconsolidated Affiliate And Related Party Transactions Summarized Income Statement Of Equity Method Investment (details)
Long-term Debt
Long-term Debt (details)
Long-term Debt (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Rate Matters And Regulation
Rate Matters And Regulation (details)
Report Of Business Segments
Report Of Business Segments (details)
Report Of Business Segments (tables)
Retirement Plans And Postretirement Benefit Plans
Retirement Plans And Postretirement Benefit Plans (details)
Retirement Plans And Postretirement Benefit Plans (tables)
Retirement Plans And Postretirement Benefit Plans Postretirement Benefit Plans (details)
Schedule Ii
Schedule Ii (details)
Schedule Ii (tables)
Short-term Debt And Credit Facilities
Short-term Debt And Credit Facilities (details)
Short-term Debt And Credit Facilities (tables)
Stock Based Compensation
Stock Based Compensation (details)
Stock Based Compensation (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Accounting Records (details)
Summary Of Significant Accounting Policies Accumulated Other Comprehensive Income (loss) (details)
Summary Of Significant Accounting Policies Allowance For Funds Used During Construction (details)
Summary Of Significant Accounting Policies Allowance For Uncollectible Accounts Receivable (details)
Summary Of Significant Accounting Policies Asset Retirement Obligation (details)
Summary Of Significant Accounting Policies Depreciation And Amortization (details)
Summary Of Significant Accounting Policies Enviromental Costs (details)
Summary Of Significant Accounting Policies Fuel Inventories (details)
Summary Of Significant Accounting Policies Property, Plant And Equipment (details)
Summary Of Significant Accounting Policies Regulated Operations (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies Reclassifications (details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: OGE
CIK: 1021635
Form Type: 10-K Annual Report
Accession Number: 0001021635-17-000013
Submitted to the SEC: Wed Feb 22 2017 5:42:57 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Electric Services

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