Welcome to our dedicated page for OGE Energy news (Ticker: OGE), a resource for investors and traders seeking the latest updates and insights on OGE Energy stock.
OGE Energy Corp. (NYSE: OGE) is a diversified energy company based in Oklahoma City. It is the parent company of Oklahoma Gas & Electric Company (OG&E), a regulated electric utility that provides electricity generation, transmission, and distribution services to around 900,000 customers in Oklahoma and western Arkansas. Covering a service area of 30,000 square miles, OG&E plays a vital role in the region's energy infrastructure.
Founded on a legacy of hard work and dedication, OGE Energy continues to prioritize employee well-being and transparency. Many of its employees have been with the company for decades, reflecting a strong corporate culture built on teamwork and trust.
OGE Energy has recently divested its stake in Enable Midstream Partners, fully exiting the natural gas midstream operations in 2022. This move has allowed the company to focus more on its core electric utility business. Despite selling its retail gas operations back in 1928, OGE Energy remains a significant player in the energy sector.
The company has been making strides in modernizing its electric grid to meet growing demand and improve reliability. OG&E's recent financial performance has been solid, with substantial net income contributions from its electric utility operations. In 2023, OG&E reported net income of $426.4 million, driven by higher operating revenues from capital investments and strong load growth.
OGE Energy's strategic focus is on enhancing shareholder value through low-risk infrastructure investments that support economic vitality in its service areas. The company has a long-term growth target of 5-7% for its consolidated earnings per share, underpinned by steady load growth and prudent financial management.
OGE Energy's quarterly earnings calls provide detailed insights into its financial performance and future outlook. These calls, accessible via their website, are an important resource for investors seeking transparency and up-to-date information.
OGE Energy Corp. reported earnings of $0.56 per diluted share for Q2 2021, up from $0.43 in Q2 2020. Net income reached $113 million, driven by customer growth of 1.3% and higher investment recovery. OG&E contributed $0.42 per share, while Natural Gas Midstream Operations added $0.16, benefiting from increased commodity prices. The company reaffirmed its 2021 earnings guidance for OG&E between $352 million and $373 million.
OGE Energy Corp. (NYSE: OGE) announced a pilot program by its subsidiary OG&E aimed at reducing outages from equipment failures using artificial intelligence (AI). This program incorporates AI-powered image recognition for accurate inspections of distribution poles, focusing initially on damage from woodpeckers. Partnering with TRC Companies and eSmart Systems, OG&E expects enhanced efficiency and safety in operations. The Grid Enhancement Plan is set to upgrade technology and improve reliability, ultimately benefiting customers and stakeholders.
OGE Energy Corp. (NYSE: OGE) will conduct a quarterly conference call on August 5, 2021, at 9 a.m. Eastern Time to discuss its second quarter 2021 earnings. The event will be accessible via webcast on the company's website. OGE Energy, based in Oklahoma City, serves around 871,000 customers through its utility subsidiary, Oklahoma Gas and Electric Company (OG&E), and holds significant interests in Enable Midstream Partners, LP.
OGE Energy Corp. held its 2021 Annual Meeting of Shareholders virtually on May 20, 2021. CEO Sean Trauschke acknowledged the challenges of the past year, including extreme weather and the COVID-19 pandemic, while celebrating the company's 119th anniversary. Shareholders elected 10 board members and ratified Ernst & Young as auditors for 2021. The board declared a quarterly dividend of $0.4025 per share, marking 75 consecutive years of dividends. OGE Energy serves approximately 871,000 customers in Oklahoma and Arkansas and has a stake in Enable Midstream Partners.
CR Minerals has partnered with OG&E, a subsidiary of OGE Energy Corp (NYSE: OGE), to utilize fly ash from its River Valley power plant in Spiro, OK. This arrangement will facilitate the production of CR Minerals' Tephra® RFA (Remediated Fly Ash) product at a new facility in the Dallas-Fort Worth area. The collaboration aims to address the demand for high-quality fly ash in Texas and Oklahoma's construction industry while promoting environmental sustainability and reducing OGE's ecological footprint.
OGE Energy Corp. (NYSE: OGE) reported earnings of $0.26 per diluted share for Q1 2021, a significant recovery from a loss of $2.46 per share in Q1 2020, which was mainly due to a $590 million impairment charge related to Enable Midstream. OG&E's net income was $11 million, down from $20 million a year prior, primarily impacted by losses during the February 2021 extreme weather event. The company remains on track for a 2021 earnings guidance of $1.76 to $1.86 per share, indicating confidence in operational performance amid challenges. OG&E is also expanding renewable energy initiatives to meet customer demand.
OGE Energy Corp. (NYSE: OGE) announced a 5 MW expansion of its Choctaw Nation/OGE Solar Energy Center in Durant, Oklahoma, increasing total capacity to 10 MW. This expansion, expected online by the end of 2021, reinforces OG&E's commitment to renewable energy while maintaining low rates. The Choctaw Nation expressed excitement over the project, highlighting its environmental benefits. Additionally, OG&E is constructing a 5 MW solar facility in Branch, Arkansas, set to be completed in late 2021, marking its first universal solar offering in the state.
OGE Energy Corp. (NYSE: OGE) will host a quarterly conference call on May 6, 2021 at 9 a.m. Eastern Time to discuss its first quarter 2021 results. This event will be accessible via webcast on OGE Energy's website. OGE Energy, based in Oklahoma City, serves approximately 867,000 customers in Oklahoma and western Arkansas through its subsidiary, Oklahoma Gas and Electric Company (OG&E). The company also holds significant interests in Enable Midstream Partners, LP.
Oklahoma Gas and Electric (OGE) has formed a partnership with Dobson Fiber to enhance its communications network backbone. This collaboration aims to build approximately 350 miles of new fiber and utilize over 600 miles of existing infrastructure, significantly improving network capacity from 150 Mbps to 10 Gbps. OGE expects to save over 60% on deployment costs while increasing reliability and security, effectively mitigating the risks associated with wireless interference. This initiative aligns with OGE's commitment to grid automation and operational excellence, ensuring better service for its nearly 867,000 customers.
OGE Energy Corp. reported a 2020 loss of $0.87 per diluted share, down from a profit of $2.16 in 2019. Ongoing earnings were $2.08 per share. The utility, OG&E, contributed $1.70 per share, a slight decline from $1.74 in 2019. Natural Gas Midstream Operations reported a loss of $2.58 per share compared to earnings of $0.41 in 2019. The company plans a long-term utility earnings growth rate of 5%.
For Q4 2020, earnings rose to $0.27 per share from $0.18 in Q4 2019, aided by reduced operational expenses. The 2021 earnings guidance is projected between $1.76 and $1.86 per share.
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