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Oge Energy Corp. (OGE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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OGE Quarterly Reports

Oge Energy Corp.

CIK: 1021635 Ticker: OGE
Exhibit 99.01
OGE Energy Corp. reports second quarter 2022 results
Company's consistent performance delivers solid results

OKLAHOMA CITY — OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E") today reported earnings of $0.36 per diluted share during the three months ended June 30, 2022, compared to $0.56 per diluted share in the same period in 2021, as stronger earnings at OG&E for the three months ending June 30, 2022 were partially offset by a mark-to-market loss on OGE Energy's investment in Energy Transfer.

OG&E, a regulated electric utility, contributed earnings of $0.50 per diluted share in the second quarter, compared with earnings of $0.42 per diluted share in the second quarter 2021.
Other operations, which includes the holding company, contributed a loss of $0.05 per diluted share in the second quarter, compared to a loss of $0.02 per diluted share in the second quarter 2021.
Natural Gas Midstream Operations contributed a loss of $0.09 per diluted share in the second quarter, compared to earnings of $0.16 per diluted share in the second quarter 2021.

"I'm proud of the performance of our system and employees. Our customers have maintained service and experienced the benefits of our generation and grid enhancement investments" said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO. "The second quarter is a continuation of the safe and solid operational execution by the company."

Second Quarter 2022
OG&E contributed net income of $100.7 million, or $0.50 per diluted share in the second quarter, compared to $85.1 million, or $0.42 per diluted share, in the same period of 2021. The increase in net income was primarily due to higher operating revenues driven by more favorable weather and revenues from the recovery of capital investments, partially offset by higher depreciation and amortization expense due to additional assets being placed into service and higher income tax expense.

Other Operations resulted in a loss of $8.7 million, or $0.05 per diluted share in the second quarter compared to a loss of $4.4 million or $0.02 per diluted share in the same period of 2021. The increase in the net loss was primarily due to the partial reversal of an interim period consolidating tax benefit recorded in the first quarter of 2022 related to mark-to-market activity and the gain on sale of Energy Transfer limited partner units. The consolidating tax expense adjustment was $6.1 million in the second quarter.

Natural Gas Midstream Operations resulted in a loss of $18.9 million, or $0.09 per diluted share in the second quarter, compared to net income of $32.2 million, or $0.16 per diluted share in the same period of 2021. The decrease of $51.1 million in net income was primarily due to a $39.6 million pre-tax loss on OGE Energy's investment in Energy Transfer's equity securities coupled with the elimination of OGE Energy's equity in earnings of Enable in 2022, which was driven by the merger of Enable and Energy Transfer closing in December 2021, partially offset by distributions received from Energy Transfer of $13.3 million.

Through the end of July 2022, OGE sold 73.3 million units of Energy Transfer limited partner units, resulting in pre-tax net proceeds of approximately $813 million and a remaining ownership percentage of less than one percent based on the latest publicly available information filed by Energy Transfer. OGE has realized an average pre-tax net sales price of $11.09 per unit on the units sold through the end of July 2022 compared to December 31, 2021 unit price of $8.23 per unit.

OGE Energy's net income was $73.1 million or $0.36 per diluted share in the second quarter, compared to earnings of $112.9 million or $0.56 per diluted share in the same period a year ago.

2022 Outlook
OG&E’s 2022 earnings guidance is unchanged and is between approximately $375 million to $395 million, or $1.87 to $1.97 per average diluted share. Due to warmer than expected weather in the first half of 2022, OG&E's earnings are expected to be in the top half of its 2022 earnings guidance range. As indicated in its 2021 Form 10-K, OGE Energy did not issue guidance for its natural gas midstream operations segment and therefore did not issue 2022 consolidated earnings guidance. See OGE Energy's 2021 Form 10-K for other key factors and assumptions underlying its 2022 guidance.

Conference Call Webcast
OGE Energy Corp. will host a conference call for discussion of the results on Thursday, August 4, at 8 a.m. CDT. The conference will be available through the Investor Center at www.oge.com.

OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 884,000 customers in Oklahoma and western Arkansas. In addition, as of July 31, 2022, OGE Energy Corp. owned less than one percent of the


The following information was filed by Oge Energy Corp. (OGE) on Thursday, August 4, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information Document
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) Parenthetical
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) Parenthetical
Condensed Consolidated Statements Of Income (Unaudited)
Accounting Pronouncements
Commitments And Contingencies
Common Equity
Common Equity (Tables)
Common Equity Automatic Dividend Reinvestment And Stock Purchase Plan (Details)
Common Equity Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Carrying And Fair Value Amounts (Details)
Fair Value Measures And Disclosures (Policies)
Income Taxes
Investment In Unconsolidated Affiliates
Investment In Unconsolidated Affiliates (Details)
Investment In Unconsolidated Affiliates (Tables)
Investment In Unconsolidated Affiliates Reconciliation Of Equity In Earnings Of Unconsolidated Affiliates (Details)
Investment In Unconsolidated Affiliates Related Party Transactions (Details)
Investment In Unconsolidated Affiliates Summarized Income Statement Of Equity Method Investment (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Rate Matters And Regulation Rate Matters And Regulation (Details)
Regulated Operations
Regulated Operations (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)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (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 Accumulated Other Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassifications Out Of Aoci (Details)
Summary Of Significant Accounting Policies Equity Ownership (Details)
Ticker: OGE
CIK: 1021635
Form Type: 10-Q Quarterly Report
Accession Number: 0001021635-22-000120
Submitted to the SEC: Wed Aug 03 2022 7:01:18 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Electric Services

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