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OGE Energy Corp. Financial Results for 2024

Overview

On February 19, 2025, OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company (OG&E), disclosed impressive earnings figures for 2024. The company achieved earnings of $2.19 per diluted share in 2024, up from $2.07 in the previous year. This notable increase reflects effective operational execution and a commitment to serving customers reliably.

OGE contributed substantially to these results with earnings of $2.33 per diluted share, rising from $2.12 in 2023. However, the holding company experienced challenges, posting a loss of $0.14 per diluted share compared to a previous loss of $0.05.

Operational Highlights

Sean Trauschke, the Chairman, President, and CEO of OGE Energy Corp., emphasized the company's strong operational performance. He stated, “Our customers experienced outstanding reliability from the grid enhancements and investments in power infrastructure made over the past few years.”

The new natural-gas power generation units being constructed at the Horseshoe Lake plant are expected to further support the rising demand for electricity across the region. This alignment with economic and community growth initiatives positions OGE Energy as a vital player in meeting the energy needs of Oklahoma and western Arkansas.

Detailed 2024 Results

The net income for OGE Energy stood at $441.5 million, equating to $2.19 per diluted share for 2024, an increase from a net income of $416.8 million or $2.07 per diluted share in 2023. Significant revenue growth was driven by strong load increases and higher operational revenues, which were positively impacted by ongoing capital investments.

Other operations reflected a net loss of $28.4 million in 2024, an increase from a loss of $9.6 million in the prior year, largely due to elevated interest expenses and diminished net other income.

Fourth Quarter Performance

The fourth quarter of 2024 brought particularly encouraging results, with OGE Energy reporting a significant increase in net income. The company recorded a net income of $101.9 million or $0.50 per diluted share, a dramatic rise compared to $48.2 million or $0.24 per diluted share from the fourth quarter of 2023. This increase can be attributed to better-than-expected operating revenues and recognition of an interim order related to the Oklahoma rate review from the previous quarter.

2025 Forecast

Looking forward to 2025, OGE Energy anticipates diluted earnings per share in the range of $2.21 to $2.33, with a midpoint forecast of $2.27. The company aims for a consolidated growth rate in earnings per share of between 5% and 7% annually, suggesting a solid trajectory for ongoing development. OGE also expects to maintain approximately 202.1 million average diluted shares outstanding, while accounting for normal weather conditions throughout the year.

Dividend Declaration

In addition to the favorable earnings report, the Board of Directors declared a second-quarter dividend of $0.42125 per common share, scheduled for payment on April 25, 2025, to shareholders on record by April 7, 2025.

Conclusion

OGE Energy Corp. is dedicated to optimizing its service delivery, enhancing infrastructure, and supporting community growth. The company's robust results for 2024 and optimistic projections for 2025 underscore its strategic direction in bolstering energy reliability and addressing the increasing demand across its markets. With significant capital expenditure aimed at energy production and transmission efficiency, OGE Energy is well-positioned for a successful future.