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 Information Officer and Vice President
Compensation as of Fiscal Year 2017.
Oklahoma Gas and Electric Company Key Developments
Oklahoma Gas and Electric Company Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reaffirms Earnings Guidance for the Year 2017
Aug 3 17
Oklahoma Gas and Electric Company announced unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company's total operating revenues were $586.4 million compared with $551.4 million a year ago. The company reported earnings of $0.43 per share in the second quarter, compared with earnings of $0.36 per share in the second quarter last year. The company's net income was approximately $86 million in the second quarter, compared to approximately $72 million in the comparable quarter last year. The primary driver for the increase in net income was lower operating expenses which included lower depreciation expense related to the reduction in depreciation rates as directed in the Oklahoma Corporation Commission's final order.
For the six months, the company's total operating revenues were $1,042.4 million compared with $984.5 million a year ago.
For 2017, the company's earnings guidance remains unchanged at the low end of the earnings range of $1.58 to $1.70 per average diluted share based on the Oklahoma Corporation Commission rate order.
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.
Similar Private Companies By Industry
Recent Private Companies Transactions
|No transactions available in the past 12 months.|