Newspaper article THE JOURNAL RECORD

OGE Energy Reports Loss for Quarter

Newspaper article THE JOURNAL RECORD

OGE Energy Reports Loss for Quarter

Article excerpt

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 Inc. 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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