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Report of Business Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Report of Business Segments

12. 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 would be recorded at prices comparable to those of unaffiliated customers and could be affected by regulatory considerations. In accordance with ASC Topic 280, “Segment Reporting,” the Registrants have identified their Chief Executive Officer as the “chief operating decision maker.” The Chief Executive Officer uses net income as the measure of reportable segment profit or loss to make operating decisions, allocate resources, and assess performance. The following tables, which include significant segment expenses, present the results of OGE Energy's business segments for the years ended December 31, 2024, 2023 and 2022.

2024

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,985.3

 

 

$

—

 

 

$

—

 

 

$

2,985.3

 

Fuel, purchased power and direct transmission expense

 

 

1,076.4

 

 

 

—

 

 

 

—

 

 

 

1,076.4

 

Other operation and maintenance

 

 

514.1

 

 

 

0.3

 

 

 

—

 

 

 

514.4

 

Depreciation and amortization

 

 

539.5

 

 

 

—

 

 

 

—

 

 

 

539.5

 

Taxes other than income

 

 

109.7

 

 

 

—

 

 

 

—

 

 

 

109.7

 

Operating income (loss)

 

 

745.6

 

 

 

(0.3

)

 

 

—

 

 

 

745.3

 

Other income

 

 

31.9

 

 

 

2.4

 

 

 

(4.5

)

 

 

29.8

 

Interest expense

 

 

214.4

 

 

 

44.6

 

 

 

(4.5

)

 

 

254.5

 

Income tax expense (benefit)

 

 

93.2

 

 

 

(14.1

)

 

 

—

 

 

 

79.1

 

Net income (loss)

 

$

469.9

 

 

$

(28.4

)

 

$

—

 

 

$

441.5

 

Total assets

 

$

13,581.3

 

 

$

402.9

 

 

$

(268.2

)

 

$

13,716.0

 

Capital expenditures

 

$

1,090.9

 

 

$

—

 

 

$

—

 

 

$

1,090.9

 

 

2023

 

Electric Company

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,674.3

 

 

$

—

 

 

$

—

 

 

$

2,674.3

 

Fuel, purchased power and direct transmission expense

 

 

911.7

 

 

 

—

 

 

 

—

 

 

 

911.7

 

Other operation and maintenance

 

 

505.0

 

 

 

(2.4

)

 

 

—

 

 

 

502.6

 

Depreciation and amortization

 

 

506.6

 

 

 

—

 

 

 

—

 

 

 

506.6

 

Taxes other than income

 

 

99.4

 

 

 

3.8

 

 

 

—

 

 

 

103.2

 

Operating income (loss)

 

 

651.6

 

 

 

(1.4

)

 

 

—

 

 

 

650.2

 

Other income

 

 

43.5

 

 

 

8.1

 

 

 

(7.4

)

 

 

44.2

 

Interest expense

 

 

199.9

 

 

 

28.9

 

 

 

(7.4

)

 

 

221.4

 

Income tax expense (benefit)

 

 

68.8

 

 

 

(12.6

)

 

 

—

 

 

 

56.2

 

Net income (loss)

 

$

426.4

 

 

$

(9.6

)

 

$

—

 

 

$

416.8

 

Total assets

 

$

12,642.6

 

 

$

301.1

 

 

$

(153.0

)

 

$

12,790.7

 

Capital expenditures

 

$

1,178.2

 

 

$

—

 

 

$

—

 

 

$

1,178.2

 

 

2022

 

Electric Company

 

 

Natural Gas Midstream Operations (A)

 

 

Other
Operations

 

 

Eliminations

 

 

Total

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

3,375.7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

3,375.7

 

Fuel, purchased power and direct transmission expense

 

 

1,662.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,662.4

 

Other operation and maintenance

 

 

491.9

 

 

 

12.6

 

 

 

(3.1

)

 

 

—

 

 

 

501.4

 

Depreciation and amortization

 

 

460.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

460.9

 

Taxes other than income

 

 

98.0

 

 

 

0.1

 

 

 

3.4

 

 

 

—

 

 

 

101.5

 

Operating income (loss)

 

 

662.5

 

 

 

(12.7

)

 

 

(0.3

)

 

 

—

 

 

 

649.5

 

Gain on equity securities

 

 

—

 

 

 

282.1

 

 

 

—

 

 

 

—

 

 

 

282.1

 

Other income

 

 

11.2

 

 

 

10.0

 

 

 

4.9

 

 

 

(2.1

)

 

 

24.0

 

Interest expense

 

 

157.8

 

 

 

—

 

 

 

10.6

 

 

 

(2.1

)

 

 

166.3

 

Income tax expense (benefit)

 

 

76.4

 

 

 

48.1

 

 

 

(0.9

)

 

 

—

 

 

 

123.6

 

Net income (loss)

 

$

439.5

 

 

$

231.3

 

 

$

(5.1

)

 

$

—

 

 

$

665.7

 

Total assets

 

$

12,410.5

 

 

$

1.2

 

 

$

683.7

 

 

$

(550.7

)

 

$

12,544.7

 

Capital expenditures

 

$

1,050.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,050.9

 

(A) 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 sold all of Energy Transfer's limited partner units; therefore, beginning in 2023, OGE Energy no longer has a natural gas midstream operations segment.