Company Overview of Oklahoma Gas and Electric Company
Oklahoma Gas and Electric Company generates, transmits, distributes, and sells electric energy in Oklahoma and western Arkansas. The company produces electricity through coal-fired, natural gas-fired, wind-powered, and solar-powered generating facilities. As of December 31, 2016, it owned and operated an interconnected electric generation, transmission, and distribution system, which included 10 generating stations with an aggregate capability of 6,667 megawatts. The company’s transmission system comprised 52 substations with a total capacity of 13.3 million kilovolt (kV)-amps and 4,911 structure miles of lines in Oklahoma; and 7 substations with a total capacity of 2.5 million kV-amps and 2...
321 North Harvey
PO Box 321
Oklahoma City, OK 73101
Founded in 1902
Key Executives for Oklahoma Gas and Electric Company
Chairman of the Board, Chief Executive Officer and President
Chief Accounting Officer, Controller, Chief Accounting Officer of OGE Energy Corp and Controller of OGE Energy Corp
Chief Information Officer and Vice President
Compensation as of Fiscal Year 2016.
Oklahoma Gas and Electric Company Key Developments
Oklahoma Gas and Electric Company Enters into New Unsecured Five-Year Revolving Credit Facility
Mar 8 17
Oklahoma Gas and Electric Company entered into a new unsecured five-year revolving credit facility. The New Facility is scheduled to terminate on March 8, 2022. However the company has the right to request an extension of the revolving credit facility termination date under its respective New Facility for an additional one-year period, which extension option can be exercised up to two times. All such extension requests are subject to majority lender group approval (and only the commitments of those lenders that consent to such extension (or that agree to replace any non-consenting lender) will be extended for such additional period). The company’s $450 million New Facility is with Wells Fargo Bank, National Association, as administrative agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Mizuho Bank Ltd., MUFG Union Bank, N.A., Royal Bank of Canada and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto. The New Facility replaced its current $400 million revolving credit facility entered into on December 13, 2011, which was terminated on the closing date. The company's old facility was set to expire on December 13, 2018. As of March 8, 2017, there were approximately $172 million, in principal, of revolving loan borrowings and $1.7 million of standby letters of credit outstanding under company’s old facility. Borrowings under company’s New Facility shall bear interest at rates equal to either the eurodollar base rate (reserve adjusted, if applicable), plus a margin of 0.69% to 1.275%, or an alternate base rate, plus a margin of 0.0% to 0.275%.
Oklahoma Gas and Electric Company Announces Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Fiscal 2017
Feb 23 17
Oklahoma Gas and Electric Company announced consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported operating Revenue was $530.8 million against $447.1 million a year ago. Operating income was $82.2 million against $46.8 million a year ago. Income before taxes was $76.1 million against $42.4 million a year ago. Net income was $57.9 million against $29.4 million a year ago. Diluted earnings per share were $0.29 against $0.15 a year ago. The increase is primarily due to higher transmission revenues and more favorable weather at the utility.
For the year, the company reported operating Revenue was $2,259.2 million against $2,196.9 million a year ago. Operating income was $503.3 million against $481.2 million a year ago. Income before taxes was $486.3 million against $368.7 million a year ago. Net income was $338.2 million against $271.3 million a year ago. Diluted earnings per share were $1.69 against $1.36 a year ago.
For the quarter, the company reported total sales was 7.8 million MWH against 6.4 million MWH a year ago. Total fuel and purchased power was 2.979 cents per kilowatt-hour against 2.700 cents per kilowatt-hour a year ago.
For the year, the company reported total sales was 29.9 million MWH against 28.9 million MWH a year ago. Total fuel and purchased power was 2.842 cents per kilowatt-hour 2.874 cents per kilowatt-hour a year ago.
For the fiscal 2017, the company 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, the company consolidated earnings guidance for 2016 is $1.93 to $2.09 per average diluted share.
Oklahoma Gas and Electric Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for 2016
Nov 3 16
Oklahoma Gas and Electric Company (OG&E) announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total operating revenues of $743.9 million against $719.8 million a year ago. Total sales were $8.7 million against $8.3 million a year ago. Net income was $160 million compared to $163 million in the year-ago quarter. The primary drivers for the decrease in net income were higher operating and income tax expenses. These increased expenses were partially offset by higher gross margins as a result of more favorable weather compared to the third quarter of 2015, though milder than normal.
For the nine months, the company reported total operating revenues of $1,728.4 million against $1,749.8 million a year ago. Total sales were $22.1 million against $22.4 million a year ago.
The 2016 outlook is unchanged with OG&E projected to earn $1.44 to $1.50 per average diluted share. The OG&E guidance assumes a final Oklahoma rate order being included in 2016 results.
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