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Report of Business Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022.

Three Months Ended September 30, 2023

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

945.4

 

 

$

—

 

 

$

—

 

 

$

945.4

 

Fuel, purchased power and direct transmission expense

 

 

333.8

 

 

 

—

 

 

 

—

 

 

 

333.8

 

Other operation and maintenance

 

 

123.3

 

 

 

(0.6

)

 

 

—

 

 

 

122.7

 

Depreciation and amortization

 

 

132.5

 

 

 

—

 

 

 

—

 

 

 

132.5

 

Taxes other than income

 

 

24.7

 

 

 

0.6

 

 

 

—

 

 

 

25.3

 

Operating income

 

 

331.1

 

 

 

—

 

 

 

—

 

 

 

331.1

 

Other income (expense)

 

 

7.8

 

 

 

(0.4

)

 

 

(0.8

)

 

 

6.6

 

Interest expense

 

 

51.0

 

 

 

7.2

 

 

 

(0.8

)

 

 

57.4

 

Income tax expense (benefit)

 

 

41.8

 

 

 

(3.4

)

 

 

—

 

 

 

38.4

 

Net income (loss)

 

$

246.1

 

 

$

(4.2

)

 

$

—

 

 

$

241.9

 

Total assets

 

$

12,610.6

 

 

$

312.2

 

 

$

(179.6

)

 

$

12,743.2

 

 

Three Months Ended September 30, 2022

 

Electric Company

 

 

Natural Gas Midstream Operations

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,270.8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,270.8

 

Fuel, purchased power and direct transmission expense

 

 

673.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

673.8

 

Other operation and maintenance

 

 

121.5

 

 

 

10.5

 

 

 

(0.6

)

 

 

—

 

 

 

131.4

 

Depreciation and amortization

 

 

122.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

122.4

 

Taxes other than income

 

 

24.5

 

 

 

0.1

 

 

 

0.7

 

 

 

—

 

 

 

25.3

 

Operating income (loss)

 

 

328.6

 

 

 

(10.6

)

 

 

(0.1

)

 

 

—

 

 

 

317.9

 

Gain on equity securities

 

 

—

 

 

 

39.4

 

 

 

—

 

 

 

—

 

 

 

39.4

 

Other income (expense)

 

 

5.6

 

 

 

(7.8

)

 

 

2.6

 

 

 

(1.1

)

 

 

(0.7

)

Interest expense

 

 

40.2

 

 

 

—

 

 

 

3.1

 

 

 

(1.1

)

 

 

42.2

 

Income tax expense

 

 

40.9

 

 

 

4.9

 

 

 

5.8

 

 

 

—

 

 

 

51.6

 

Net income (loss)

 

$

253.1

 

 

$

16.1

 

 

$

(6.4

)

 

$

—

 

 

$

262.8

 

Total assets

 

$

12,233.8

 

 

$

1.3

 

 

$

933.9

 

 

$

(565.0

)

 

$

12,604.0

 

 

 

Nine Months Ended September 30, 2023

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,107.6

 

 

$

—

 

 

$

—

 

 

$

2,107.6

 

Fuel, purchased power and direct transmission expense

 

 

716.2

 

 

 

—

 

 

 

—

 

 

 

716.2

 

Other operation and maintenance

 

 

383.4

 

 

 

(2.0

)

 

 

—

 

 

 

381.4

 

Depreciation and amortization

 

 

377.8

 

 

 

—

 

 

 

—

 

 

 

377.8

 

Taxes other than income

 

 

75.3

 

 

 

2.9

 

 

 

—

 

 

 

78.2

 

Operating income (loss)

 

 

554.9

 

 

 

(0.9

)

 

 

—

 

 

 

554.0

 

Other income

 

 

36.3

 

 

 

8.5

 

 

 

(7.3

)

 

 

37.5

 

Interest expense

 

 

148.8

 

 

 

21.4

 

 

 

(7.3

)

 

 

162.9

 

Income tax expense (benefit)

 

 

64.6

 

 

 

(4.6

)

 

 

—

 

 

 

60.0

 

Net income (loss)

 

$

377.8

 

 

$

(9.2

)

 

$

—

 

 

$

368.6

 

Total assets

 

$

12,610.6

 

 

$

312.2

 

 

$

(179.6

)

 

$

12,743.2

 

 

Nine Months Ended September 30, 2022

 

Electric Company

 

 

Natural Gas Midstream Operations

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,663.8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,663.8

 

Fuel, purchased power and direct transmission expense

 

 

1,322.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,322.8

 

Other operation and maintenance

 

 

355.3

 

 

 

11.7

 

 

 

(2.5

)

 

 

—

 

 

 

364.5

 

Depreciation and amortization

 

 

341.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

341.4

 

Taxes other than income

 

 

74.6

 

 

 

0.2

 

 

 

2.7

 

 

 

—

 

 

 

77.5

 

Operating income (loss)

 

 

569.7

 

 

 

(11.9

)

 

 

(0.2

)

 

 

—

 

 

 

557.6

 

Gain on equity securities

 

 

—

 

 

 

282.1

 

 

 

—

 

 

 

—

 

 

 

282.1

 

Other income

 

 

6.0

 

 

 

13.3

 

 

 

2.6

 

 

 

(1.6

)

 

 

20.3

 

Interest expense

 

 

118.2

 

 

 

—

 

 

 

8.1

 

 

 

(1.6

)

 

 

124.7

 

Income tax expense (benefit)

 

 

64.7

 

 

 

56.2

 

 

 

(1.0

)

 

 

—

 

 

 

119.9

 

Net income (loss)

 

$

392.8

 

 

$

227.3

 

 

$

(4.7

)

 

$

—

 

 

$

615.4

 

Total assets

 

$

12,233.8

 

 

$

1.3

 

 

$

933.9

 

 

$

(565.0

)

 

$

12,604.0