Newspaper article THE JOURNAL RECORD

OGE Posts $14.97 Million Quarterly Loss

Newspaper article THE JOURNAL RECORD

OGE Posts $14.97 Million Quarterly Loss

Article excerpt

OKLAHOMA CITY (JR) -- OGE Energy on Monday reported a net loss of $14.97 million, or 19 cents per share, for the first quarter.

The parent of Oklahoma Gas and Electric and Enogex had net income of $776,000, or 1 cent per share, for the first quarter of 2000.

Revenues for the quarter totaled $1.06 billion, up from $582 million for the first quarter of 2000.

"We are disappointed with our first quarter results, but we are actively addressing the issues involved," said Steven E. Moore, chairman, president and CEO of OGE Energy. "Meanwhile, our electric utility is making pre-season preparations to meet the growing demand for power during the summer cooling season, when OG&E accounts for the majority of our annual earnings."

OG&E, a regulated electric utility, posted a loss of $1 million, or 1 cent per share, compared with a net loss of $3.2 million, or 4 cents a share, for the first three months of 2000. OG&E's revenues for the quarter totaled $326.8 million, up from $245.3 million a year earlier.

The increase in revenues was due to increased customer demand, as well as higher fuel costs associated with record-high natural gas prices. Changes in fuel costs are automatically passed on to customers through regulatory adjustment clauses. Demand was driven primarily by colder weather.

OG&E's electric revenues for the quarter included $129.8 million from residential; $75.8 million, commercial; $64.38 million, industrial; $29.3 million, public authorities; and $14.2 million, sales for resale.

Enogex, a natural gas pipeline and energy marketing company, recorded a loss for the quarter of $9.6 million, or 12 cents a share, compared with net income of $7.9 million, or 10 cents a share, for the first quarter of 2000.

Enogex's decline was attributed primarily to a reduction in volumes and fractionation spreads in the processing segment, higher fuel expenses in the natural gas gathering and transmission segment, and reduced margins in the energy marketing business. …

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