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Oge Energy Corp. (OGE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Oge Energy Corp.

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CIK: 1021635 Ticker: OGE


OGE Energy Corp. reports earnings for 2017 and outlook for 2018

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 $3.10 per average diluted share in 2017, compared with earnings of $1.69 per average diluted share in 2016. Consolidated earnings per average diluted share for 2017 include a $1.18 per share gain due to the remeasurement of deferred taxes as a result of 2017 tax reform at its unregulated midstream investment.

In 2017, OG&E, a regulated electric utility, reported net income of $306 million and contributed $1.53 per diluted share, compared with $284 million, or $1.42 per diluted share in 2016. OGE Energy Holdings, which is primarily Natural Gas Midstream Operations, received cash distributions from Enable Midstream of approximately $141 million and contributed earnings of $324 million, or $1.62 per diluted share in 2017, compared to earnings of $54 million, or $0.27 per diluted share in 2016. The holding company posted a loss of $11 million or $0.05 per diluted share compared to breakeven results in 2016. Federal tax reform legislation passed in December of 2017 increased Enable Midstream earnings by $245 million or $1.23 per diluted share and decreased earnings at the holding company $11 million or $0.05 per diluted share due to the remeasurement of deferred taxes.

“I’m proud of the performance and execution of OG&E and Enable in 2017.” said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. “Operationally, the utility outpaced 2016 which was the best in company history and Enable’s results highlight their financial and operational strength as commodity prices improve.”

Fourth Quarter results
For the three months ended Dec. 31, 2017, OGE Energy reported earnings of $1.48 per diluted share including a $1.18 per diluted share resulting from tax reform, compared with $0.29 per diluted share in the fourth quarter of 2016. Excluding the impact of tax reform, the increase is primarily due to higher earnings from the Enable Midstream business partially offset by lower utility earnings.

Discussion of 2017 results

OG&E reported gross margin of $1.36 billion in 2017, which was approximately $16 million lower than 2016. The decrease in gross margin for the year was due in part from lower revenues due to unfavorable weather partially offset by new customer growth. Offsetting lower gross margin were lower depreciation and amortization expense as a result of the March 2017 Oklahoma rate order and an increase in other income primarily from higher allowance for funds used during construction associated with the Mustang Energy Center and environmental compliance projects. As a result, OG&E's net income increased from $284 million in 2016 to $306 million in 2017.

OGE Energy Holdings (primarily Natural Gas Midstream Operations) contributed earnings to OGE of approximately $324 million for 2017 compared to $54 million for 2016. Excluding tax reform, Enable earnings were higher due to increased margins, volumes and pricing primarily in the gathering and processing segment.

2018 Outlook

OG&E is projected to earn $1.43 to $1.53 per average diluted share. The Company projects the earnings contribution from its ownership interest in Enable Midstream to be approximately $0.48 to $0.52 per average diluted share. Additionally, OGE Energy consolidated earnings guidance for 2018 is $1.90 to $2.05 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 2018 earnings guidance and the Company’s 2017 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 2017 and the 2018 outlook on Thursday, February 22, 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 842,000 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.


The following information was filed by Oge Energy Corp. (OGE) on Thursday, February 22, 2018 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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Inside Oge Energy Corp.'s 10-K Annual Report:

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 New Accounting Pronouncement (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)
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: 0001021635-18-000015
Submitted to the SEC: Wed Feb 21 2018 5:55:51 PM EST
Accepted by the SEC: Thu Feb 22 2018
Period: Sunday, December 31, 2017
Industry: Electric Services

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