Newspaper article THE JOURNAL RECORD

Oklahoma-Based OGE Energy 2Q Profits Down 33 Percent

Newspaper article THE JOURNAL RECORD

Oklahoma-Based OGE Energy 2Q Profits Down 33 Percent

Article excerpt

OGE Energy Corp. experienced lower second-quarter profits, but due to increased gross margins of its Enogex unit, income from continuing operations increased.

Overall net income for OGE Energy was $62.6 million, or 68 cents per share, down from $93.7 million, or $1.02 per share, during the corresponding quarter of 2006. Excluding the discontinued operations, earnings went from 63 cents last year to 68 cents this second quarter.

OGE Energy shares dropped 74 cents to $33.79 Thursday on the New York Stock Exchange.

Profits of Oklahoma Gas and Electric Co., better known as OG&E, the utility branch of OGE Energy Corp., fell from 48 cents last year to 38 cents this year.

Higher income from continuing operations in the second quarter of 2007 was helped by Enogex. Enogex had gross margin on revenues of $96 million in the second quarter of 2007, up from $70 million during the corresponding period. The pipeline's income was $28 million, up from $16 million.

Overall revenue fells 2 percent, from $934. …

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