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Report of Business Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Report of Business Segments
11.
Report of Business Segments

 

OGE Energy reports its operations primarily through a single segment, captioned "electric company," which is engaged in the generation, transmission, distribution and sale of electric energy. The "other operations" caption primarily includes the operations of the holding company and other energy-related investments. Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. During 2022, OGE Energy held an investment in Energy Transfer's equity securities and reported the investment's activity, as well as Enable legacy pension and postretirement costs, through the natural gas midstream operations segment. As of the end of September 2022, OGE Energy had sold all of Energy Transfer's limited partner units; therefore, beginning in 2023, OGE Energy no longer has a natural gas midstream operations segment. The following tables present the results of OGE Energy's business segments for the three and six months ended June 30, 2023 and 2022.

Three Months Ended June 30, 2023

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

605.0

 

 

$

—

 

 

$

—

 

 

$

605.0

 

Fuel, purchased power and direct transmission expense

 

 

181.8

 

 

 

—

 

 

 

—

 

 

 

181.8

 

Other operation and maintenance

 

 

128.6

 

 

 

(0.3

)

 

 

—

 

 

 

128.3

 

Depreciation and amortization

 

 

124.1

 

 

 

—

 

 

 

—

 

 

 

124.1

 

Taxes other than income

 

 

23.5

 

 

 

0.9

 

 

 

—

 

 

 

24.4

 

Operating income (loss)

 

 

147.0

 

 

 

(0.6

)

 

 

—

 

 

 

146.4

 

Other income

 

 

13.2

 

 

 

4.4

 

 

 

(3.1

)

 

 

14.5

 

Interest expense

 

 

52.1

 

 

 

8.7

 

 

 

(3.1

)

 

 

57.7

 

Income tax expense (benefit)

 

 

16.2

 

 

 

(1.4

)

 

 

—

 

 

 

14.8

 

Net income (loss)

 

$

91.9

 

 

$

(3.5

)

 

$

—

 

 

$

88.4

 

Total assets

 

$

12,492.9

 

 

$

686.8

 

 

$

(575.1

)

 

$

12,604.6

 

 

Three Months Ended June 30, 2022

 

Electric Company

 

 

Natural Gas Midstream Operations

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

803.7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

803.7

 

Fuel, purchased power and direct transmission expense

 

 

393.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

393.3

 

Other operation and maintenance

 

 

118.3

 

 

 

0.5

 

 

 

(0.7

)

 

 

—

 

 

 

118.1

 

Depreciation and amortization

 

 

111.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

111.6

 

Taxes other than income

 

 

23.3

 

 

 

0.1

 

 

 

0.7

 

 

 

—

 

 

 

24.1

 

Operating income (loss)

 

 

157.2

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

 

 

156.6

 

Loss on equity securities

 

 

—

 

 

 

(39.6

)

 

 

—

 

 

 

—

 

 

 

(39.6

)

Other income (expense)

 

 

(0.3

)

 

 

12.4

 

 

 

—

 

 

 

(0.4

)

 

 

11.7

 

Interest expense

 

 

39.8

 

 

 

—

 

 

 

3.0

 

 

 

(0.4

)

 

 

42.4

 

Income tax expense (benefit)

 

 

16.4

 

 

 

(8.9

)

 

 

5.7

 

 

 

—

 

 

 

13.2

 

Net income (loss)

 

$

100.7

 

 

$

(18.9

)

 

$

(8.7

)

 

$

—

 

 

$

73.1

 

Total assets

 

$

12,317.2

 

 

$

401.7

 

 

$

751.9

 

 

$

(632.8

)

 

$

12,838.0

 

 

 

Six Months Ended June 30, 2023

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,162.2

 

 

$

—

 

 

$

—

 

 

$

1,162.2

 

Fuel, purchased power and direct transmission expense

 

 

382.4

 

 

 

—

 

 

 

—

 

 

 

382.4

 

Other operation and maintenance

 

 

260.1

 

 

 

(1.4

)

 

 

—

 

 

 

258.7

 

Depreciation and amortization

 

 

245.3

 

 

 

—

 

 

 

—

 

 

 

245.3

 

Taxes other than income

 

 

50.6

 

 

 

2.3

 

 

 

—

 

 

 

52.9

 

Operating income (loss)

 

 

223.8

 

 

 

(0.9

)

 

 

—

 

 

 

222.9

 

Other income

 

 

28.5

 

 

 

8.9

 

 

 

(6.5

)

 

 

30.9

 

Interest expense

 

 

97.8

 

 

 

14.2

 

 

 

(6.5

)

 

 

105.5

 

Income tax expense (benefit)

 

 

22.8

 

 

 

(1.2

)

 

 

—

 

 

 

21.6

 

Net income (loss)

 

$

131.7

 

 

$

(5.0

)

 

$

—

 

 

$

126.7

 

Total assets

 

$

12,492.9

 

 

$

686.8

 

 

$

(575.1

)

 

$

12,604.6

 

 

Six Months Ended June 30, 2022

 

Electric Company

 

 

Natural Gas Midstream Operations

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,393.0

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,393.0

 

Fuel, purchased power and direct transmission expense

 

 

649.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

649.0

 

Other operation and maintenance

 

 

233.8

 

 

 

1.2

 

 

 

(1.9

)

 

 

—

 

 

 

233.1

 

Depreciation and amortization

 

 

219.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

219.0

 

Taxes other than income

 

 

50.1

 

 

 

0.1

 

 

 

2.0

 

 

 

—

 

 

 

52.2

 

Operating income (loss)

 

 

241.1

 

 

 

(1.3

)

 

 

(0.1

)

 

 

—

 

 

 

239.7

 

Gain on equity securities

 

 

—

 

 

 

242.7

 

 

 

—

 

 

 

—

 

 

 

242.7

 

Other income

 

 

0.4

 

 

 

21.1

 

 

 

—

 

 

 

(0.5

)

 

 

21.0

 

Interest expense

 

 

78.0

 

 

 

—

 

 

 

5.0

 

 

 

(0.5

)

 

 

82.5

 

Income tax expense (benefit)

 

 

23.8

 

 

 

51.3

 

 

 

(6.8

)

 

 

—

 

 

 

68.3

 

Net income

 

$

139.7

 

 

$

211.2

 

 

$

1.7

 

 

$

—

 

 

$

352.6

 

Total assets

 

$

12,317.2

 

 

$

401.7

 

 

$

751.9

 

 

$

(632.8

)

 

$

12,838.0