OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $2.19 per diluted share in 2024, compared to $2.07 per diluted share in 2023. 

• OG&E, a regulated electric company, contributed earnings of $2.33 per diluted share in 2024, compared to earnings of $2.12 per diluted share in 2023.
• Other operations, which includes the holding company, contributed a loss of $0.14 per diluted share in 2024, compared to a loss of $0.05 per diluted share in 2023.

“Excellent operational execution and our dedicated team delivered strong results for 2024,” said Sean Trauschke, Chairman, President and CEO of OGE Energy Corp. “Customers experienced outstanding reliability from the grid strengthening and power plant investments we have made over the last several years.”

“Outstanding customer growth and demand for electricity support our continued efforts to drive economic and community growth across our service area. As we complete two new natural-gas power generation units at our Horseshoe Lake plant, we will continue to meet the growing energy needs in our region, create jobs and tax dollars to strengthen communities and serve new businesses.”

Discussion of 2024 Results
OG&E contributed net income of $469.9 million, or $2.33 per diluted share, in 2024 compared to $426.4 million, or $2.12 per diluted share, in 2023. The increase in net income was primarily due to exceptional load growth and higher operating revenues driven by the recovery of capital investments, partially offset by higher depreciation and interest expense on a growing asset base, higher income taxes, and lower other income.
 
Other Operations resulted in a loss of $28.4 million, or $0.14 per diluted share, in 2024 compared to a loss of $9.6 million, or $0.05 per diluted share, in 2023. The increase in net loss was primarily due to higher interest expense and lower net other income.

OGE Energy’s net income was $441.5 million or $2.19 per diluted share in 2024, compared to earnings of $416.8 million, or $2.07 per diluted share, in 2023. 

Fourth Quarter Results
For the three months ended December 31, 2024, OGE Energy reported net income of $101.9 million, or $0.50 per diluted share, compared with net income of $48.2 million, or $0.24 per diluted share, in the same period of 2023.

OG&E reported net income of $110.4 million, or $0.55 per diluted share, compared with net income of $48.6 million, or $0.24 per diluted share, in the same period of 2023. The increase in net income was primarily due to higher operating revenues driven by the recognition of the interim order received in the fourth quarter 2024 approving the uncontested settlement agreement in the Oklahoma rate review, as well as exceptional load growth, and lower operation and maintenance expense, partially offset by higher income taxes and interest expense. 

Other operations reported a loss of $8.5 million, or $0.05 per diluted share, compared to a loss of $0.4 million in the same period 2023. The decrease in earnings was primarily due to higher interest expense.

2025 Outlook and Consolidated Earnings per Share Growth Rate
The midpoint of OGE Energy’s consolidated earnings guidance for 2025 is $2.27 per average diluted share, within a range of $2.21 to $ 2.33 per average diluted share. The Company forecasts earnings for OG&E, the electric company, of $2.43 per average diluted share and earnings for the holding company of a loss of $0.16 per average diluted share. The Company expects to grow consolidated earnings per share annually between 5% and 7% from the midpoint of 2025’s guidance range.

The guidance assumes, among other things, approximately 202.1 million average diluted shares outstanding and normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year over year basis.

More information regarding the Company's financial results and 2025 earnings guidance is contained in the Company's Form 10-K filed with the Securities and Exchange Commission.

Dividend Declared
On February 18, 2025, the Company’s Board of Directors approved a second quarter dividend of $0.42125 per common share of stock, to be paid April 25, 2025, to shareholders of record on April 7, 2025.

Conference Call Webcast
OGE Energy Corp. will host an earnings and business update on Wednesday, February 19, 2025, at 8 a.m. CST. The conference will be available through the Investor Center at www.oge.com. 

OGE Energy Corp. is the parent company of OG&E, a regulated electric company with approximately 907,000 customers in Oklahoma and western Arkansas.

Some the matters discussed in this news release may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially from those expressed in forward looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company’s services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company’s markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company’s facilities are operated or result in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations recently finalized by the EPA, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company’s ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company’s business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from emerging industries such as cryptocurrency; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company’s most recent Form 10-K for the year ended December 31, 2024. 
 

OGE Q4 2024 Financials

OG&E­­­­, a subsidiary of OGE Energy Corp., provides our customers in Oklahoma and western Arkansas with the safe, reliable electricity needed to power their businesses and homes with some of the nation's lowest electric rates. We are committed to generating and delivering electricity, protecting the environment, and providing excellent service to approximately 907,000 customers. Our employees live, work, and volunteer in the communities we serve. Follow us on Facebook, LinkedIn and Instagram.