Energy Transfer purchased and merged Enable Midstream Partners assets in late-2021.
OKLAHOMA CITY, April 1, 2020 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE) announced today its support of the recent decision by Enable Midstream Partners, LP (NYSE: ENBL) to increase its annualized retained cash flow by approximately $450 million. OGE also reconfirmed the strength of its own balance sheet, credit metrics and liquidity position.
OGE expects distributions of approximately $18 million for the quarter and does not expect any changes to its operations, nor does the company foresee the need to access the equity markets as a result of this action.
"Today's action by Enable does not impact our growth plans at the utility," said OGE Energy Chairman, President and CEO Sean Trauschke. "We purposefully built our balance sheet to withstand the rigors of the marketplace, and it remains strong today."
OGE Energy is the parent company of OG&E, a regulated electric utility serving approximately 858,000 customers in Oklahoma and Western Arkansas. In addition, OGE holds 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP.
Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal, natural gas and natural gas liquids ("NGLs"); the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties; social attitudes regarding the utility, natural gas and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; the impact of extraordinary external events, such as the current pandemic health event resulting from the novel coronavirus (COVID-19), and their collateral consequences, including extended disruption of economic activity in our markets; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2019 and in the Company's Form 8-K filed on March 30, 2020.
View original content:http://www.prnewswire.com/news-releases/oge-energy-corp-supports-enables-actions-to-strengthen-balance-sheet-and-improve-liquidity-301033810.html
SOURCE OGE Energy Corp.
OKLAHOMA CITY, Nov. 7, 2019 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E") and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP (NYSE: ENBL), today reported earnings of $1.25 per diluted share for the three months ended September 30, 2019, compared to $1.02 per diluted share for the third quarter of 2018.
"We are very pleased with our year-to-date performance that has created value for customers and shareholders alike," said Sean Trauschke, OGE Energy Chairman, President and CEO. "With the Oklahoma Corporation Commission approval of our federally-mandated, environmental expenditures now behind us, we remain forward-looking and firmly committed to providing customers with products and services in the most reliable and cost-efficient manner."
Discussion of Third Quarter 2019
OGE Energy's net income was approximately $251 million in the third quarter, compared to approximately $205 million in the year-ago quarter.
OG&E's net income was approximately $227 million in the third quarter, compared to approximately $184 million in the comparable quarter last year. The primary drivers for the increase in net income were more favorable weather in the quarter compared to 2018, the recovery of assets in service, and new customer growth. These earnings were partially offset by higher depreciation and lower AFUDC as new assets were placed into service.
Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of approximately $29 million for the third quarter of 2019 compared to net income of approximately $28 million for the same period in 2018. The increase in net income was due in part to realized gains and changes in the fair value on natural gas, condensate and NGL derivatives in the gathering and processing segment, offset by lower processed volumes and lower average sales prices. Enable Midstream issued cash distributions to OGE of approximately $37 million in the third quarter compared to approximately $35 million in the third quarter last year.
2019 Earnings Outlook
The Company's 2019 OG&E earnings guidance is projected to be between $1.74 and $1.78 per average diluted share. This is an increase from the previously issued guidance between $1.55 and $1.62 per average diluted share. OGE Energy Holdings projects the earnings contribution from its ownership interest in Enable Midstream to be at the low end of previously issued guidance between $0.52 and $0.58 per average diluted share. OGE Energy consolidated earnings guidance projection for 2019 has increased to between $2.24 and $2.30 per average diluted share. This is an increase from the previously issued guidance of between $2.05 and $2.20 per average diluted share and is primarily due to higher projected earnings at the utility. The holding company guidance remains unchanged at a loss of $0.00 to $0.02 per average diluted share. More information regarding the Company's 2019 earnings guidance is contained in the Company's Form 10-Q for the period ending September 30, 2019 as filed with the Securities and Exchange Commission.
Conference Call Webcast
OGE Energy will host a conference call for discussion of the results on Thursday, November 7, at 8 a.m. CT. The conference will be available through www.ogeenergy.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 856,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 25.5 percent limited partner interest and a 50 percent general partner interest of Enable Midstream, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.
Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal, natural gas and NGLs; the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; Federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties; social attitudes regarding the utility, natural gas and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2018.
Note: Consolidated Statements of Income, Financial and Statistical Data attached.
OGE Energy Corp. | ||||
Consolidated Statements of Income | ||||
(Unaudited) | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||
(In millions, except per share data) | 2019 | 2018 | 2019 | 2018 |
OPERATING REVENUES | ||||
Revenues from contracts with customers | $ 739.2 | $ 684.5 | $ 1,717.7 | $ 1,710.1 |
Other revenues | 16.2 | 14.3 | 41.4 | 48.4 |
Operating revenues | 755.4 | 698.8 | 1,759.1 | 1,758.5 |
COST OF SALES | 234.0 | 244.4 | 625.3 | 663.6 |
OPERATING EXPENSES | ||||
Other operation and maintenance | 129.8 | 123.3 | 368.6 | 353.2 |
Depreciation and amortization | 94.1 | 81.1 | 260.8 | 240.8 |
Taxes other than income | 23.2 | 22.7 | 70.4 | 69.3 |
Operating expenses | 247.1 | 227.1 | 699.8 | 663.3 |
OPERATING INCOME | 274.3 | 227.3 | 434.0 | 431.6 |
OTHER INCOME (EXPENSE) | ||||
Equity in earnings of unconsolidated affiliates | 38.3 | 40.1 | 104.8 | 103.3 |
Allowance for equity funds used during construction | 1.0 | 6.7 | 3.7 | 20.0 |
Other net periodic benefit expense | (1.4) | (0.7) | (8.7) | (10.7) |
Other income | 4.6 | 4.1 | 16.3 | 14.2 |
Other expense | (5.5) | (3.4) | (15.6) | (11.1) |
Net other income | 37.0 | 46.8 | 100.5 | 115.7 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 37.5 | 40.2 | 101.9 | 119.5 |
Allowance for borrowed funds used during construction | (0.6) | (3.3) | (2.2) | (9.8) |
Interest on short-term debt and other interest charges | 2.7 | 1.8 | 10.4 | 8.5 |
Interest expense | 39.6 | 38.7 | 110.1 | 118.2 |
INCOME BEFORE TAXES | 271.7 | 235.4 | 424.4 | 429.1 |
INCOME TAX EXPENSE | 20.8 | 30.3 | 26.2 | 58.3 |
NET INCOME | $ 250.9 | $ 205.1 | $ 398.2 | $ 370.8 |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.2 | 199.7 | 200.1 | 199.7 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.8 | 200.6 | 200.6 | 200.4 |
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 1.25 | $ 1.03 | $ 1.99 | $ 1.86 |
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 1.25 | $ 1.02 | $ 1.98 | $ 1.85 |
Oklahoma Gas and Electric Company | ||||
Financial and Statistical Data | ||||
(Unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
(Dollars in millions) | 2019 | 2018 | 2019 | 2018 |
Operating revenues by classification: | ||||
Residential | $ 328.0 | $ 286.4 | $ 710.0 | $ 714.7 |
Commercial | 176.6 | 156.0 | 396.7 | 402.6 |
Industrial | 68.1 | 68.6 | 176.0 | 179.0 |
Oilfield | 59.4 | 53.0 | 159.5 | 142.5 |
Public authorities and street light | 67.0 | 60.4 | 154.3 | 156.9 |
Sales for resale | — | — | 0.1 | 0.1 |
System sales revenues | 699.1 | 624.4 | 1,596.6 | 1,595.8 |
Provision for rate refund | (2.3) | 13.5 | (2.9) | (6.2) |
Integrated market | 12.8 | 16.9 | 29.8 | 38.7 |
Transmission | 36.7 | 33.2 | 112.6 | 109.2 |
Other | 9.1 | 10.8 | 23.0 | 21.0 |
Total operating revenues | $ 755.4 | $ 698.8 | $ 1,759.1 | $ 1,758.5 |
MWh sales by classification (In millions) | ||||
Residential | 3.2 | 2.9 | 7.6 | 7.6 |
Commercial | 2.1 | 1.9 | 5.1 | 5.1 |
Industrial | 1.2 | 1.2 | 3.4 | 3.4 |
Oilfield | 1.2 | 1.1 | 3.5 | 3.1 |
Public authorities and street light | 1.0 | 0.9 | 2.4 | 2.4 |
System sales | 8.7 | 8.0 | 22.0 | 21.6 |
Integrated market | 0.3 | 0.5 | 0.9 | 1.1 |
Total sales | 9.0 | 8.5 | 22.9 | 22.7 |
Number of customers | 855,904 | 846,817 | 855,904 | 846,817 |
Weighted-average cost of energy per kilowatt-hour (In cents) | ||||
Natural gas | 1.943 | 2.158 | 2.234 | 2.328 |
Coal | 2.025 | 2.046 | 2.005 | 2.035 |
Total fuel | 1.857 | 2.029 | 2.002 | 2.046 |
Total fuel and purchased power | 2.528 | 2.730 | 2.616 | 2.791 |
Degree days | ||||
Heating - Actual | — | 12 | 2,277 | 2,220 |
Heating - Normal | 19 | 19 | 2,023 | 2,020 |
Cooling - Actual | 1,477 | 1,265 | 1,958 | 2,051 |
Cooling - Normal | 1,382 | 1,380 | 2,021 | 2,018 |
View original content:http://www.prnewswire.com/news-releases/oge-energy-corp-reports-third-quarter-results-300953480.html
SOURCE OGE Energy Corp.
DALLAS, Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019, total products directly tied to and tracking the Alerian indices was $13.7 billion.
Exchange traded funds, exchange traded notes, return of capital notes, and variable insurance portfolios represent $12.7 billion of the total $13.7 billion. Below is a list of energy master limited partnership (MLP) positions, as of June 28, 2019, in the $12.7 billion of such assets tracking Alerian's indices.
Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | |
AM | 2,402,831 | 209,671 | HESM | 7,694,422 | 394,586 | |
AMID | 4,919,211 | 951,492 | MMLP | 5,598,671 | 784,128 | |
ANDX | 403,075,523 | 11,094,840 | MMP | 1,276,581,260 | 19,946,582 | |
BPL | 782,332,474 | 19,058,038 | MPLX | 1,273,711,451 | 39,568,545 | |
BPMP | 18,205,543 | 1,176,069 | NBLX | 89,522,800 | 2,691,606 | |
CEQP | 220,495,699 | 6,164,263 | NGL | 214,053,630 | 14,492,460 | |
CNXM | 14,513,491 | 1,032,989 | NS | 331,580,260 | 12,217,401 | |
CQP | 214,074,794 | 5,075,268 | OMP | 5,663,726 | 263,429 | |
DCP | 329,731,673 | 11,253,641 | PAA | 1,305,749,277 | 53,624,200 | |
DKL | 6,791,101 | 212,222 | PAGP | 7,638,294 | 305,899 | |
ENBL | 153,164,680 | 11,171,749 | PBFX | 16,284,545 | 770,319 | |
ENLC | 327,210,823 | 32,429,219 | PSXP | 342,743,828 | 6,945,164 | |
EPD | 1,277,755,891 | 44,258,950 | SHLX | 319,209,192 | 15,405,849 | |
EQM | 462,044,829 | 10,341,200 | SMLP | 7,589,588 | 1,020,106 | |
ET | 1,262,122,882 | 89,639,409 | TCP | 253,540,259 | 6,739,507 | |
GEL | 298,090,775 | 13,611,451 | TGE | 419,509,147 | 19,872,532 | |
GPP | 3,882,098 | 277,293 | USDP | 3,861,679 | 342,044 | |
HEP | 156,422,759 | 5,688,100 | WES | 773,416,245 | 25,135,400 |
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 28, 2019, nearly $14 billion of products, including exchange traded funds and notes, are directly tied to and tracking the Alerian Index Series. Visit alerian.com to learn more.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2019-index-linked-product-positions-300899499.html
SOURCE Alerian
OKLAHOMA CITY, Aug. 8, 2019 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E") and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP (NYSE: ENBL), today reported earnings of $0.50 per diluted share for the three months ended June 30, 2019, compared to $0.55 per diluted share for the second quarter of 2018.
"Both of our businesses performed well in the second quarter and are on plan for the year," said Sean Trauschke, OGE Energy Chairman, President and CEO. "We continue to focus on all aspects of our operations creating value for our customers, communities and shareholders."
Discussion of Second Quarter 2019
OGE Energy's net income was approximately $100 million in the second quarter, compared to approximately $111 million in the year-ago quarter.
OG&E's net income was approximately $75 million in the second quarter, compared to approximately $92 million in the comparable quarter last year. The primary driver for the decrease in net income was lower gross margin as a result of milder weather.
Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of approximately $27 million for the second quarter of 2019 compared to net income of approximately $22 million for the same period in 2018. The increase was in part due to higher volumes in the gathering and processing segments. Enable Midstream issued cash distributions to OGE of approximately $35 million in each of the second quarters of 2019 and 2018. In addition, Enable announced an increase in the quarterly distribution rate from $0.3180 to $0.3305 per common unit payable August 27, 2019.
2019 Earnings Outlook
The Company reaffirms its 2019 consolidated earnings guidance between approximately $412 million and $442 million of net income, or $2.05 to $2.20 per average diluted share. More information regarding the Company's 2019 earnings guidance is contained in the Company's 2018 Form 10-K and Form 10-Q for the period ending June 30, 2019, as filed with the Securities and Exchange Commission.
Conference Call Webcast
OGE Energy will host a conference call for discussion of the results on Thursday, August 8, at 8 a.m. CDT. The conference will be available through www.ogeenergy.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 854,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 25.5 percent limited partner interest and a 50 percent general partner interest of Enable Midstream, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.
Non-GAAP Financial Measures
OG&E has included in this release the non-GAAP financial measure Gross Margin. Gross Margin is defined by OG&E as operating revenues less cost of sales. Cost of sales, as reflected on the income statement, includes fuel, purchased power and certain transmission expenses. Gross margin is a non-GAAP financial measure because it excludes depreciation and amortization and other operation and maintenance expenses. Expenses for fuel and purchased power are recovered through fuel adjustment clauses, and as a result, changes in these expenses are offset in operating revenues with no impact on net income. OG&E believes gross margin provides a more meaningful basis for evaluating its operations across periods than operating revenues because gross margin excludes the revenue effect of fluctuations in these expenses. Gross margin is used internally to measure performance against budget and in reports for management and the Board of Directors. OG&E's definition of gross margin may be different from similar terms used by other companies. Further, gross margin is not intended to replace operating revenues as determined in accordance with GAAP as an indicator of operating performance.
Reconciliation of Gross Margin to Revenue attributable to OG&E | ||||||||
Three Months Ended June 30, | ||||||||
(In millions) | 2019 | 2018 | ||||||
Operating revenues | $ | 513.7 | $ | 567.0 | ||||
Less: | ||||||||
Cost of sales | 178.7 | 208.7 | ||||||
Gross Margin | $ | 335.0 | $ | 358.3 |
Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal, natural gas and NGLs; the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; Federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties; social attitudes regarding the utility, natural gas and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2018.
Note: Consolidated Statements of Income, Financial and Statistical Data attached.
OGE Energy Corp. | ||||
Consolidated Statements of Income | ||||
(Unaudited) | ||||
Three Months Ended | Six Months Ended | |||
June 30, | June 30, | |||
(In millions, except per share data) | 2019 | 2018 | 2019 | 2018 |
OPERATING REVENUES | ||||
Revenues from contracts with customers | $ 501.1 | $ 547.7 | $ 978.5 | $ 1,025.6 |
Other revenues | 12.6 | 19.3 | 25.2 | 34.1 |
Operating revenues | $ 513.7 | $ 567.0 | $ 1,003.7 | $ 1,059.7 |
COST OF SALES | 178.7 | 208.7 | 391.3 | 419.2 |
OPERATING EXPENSES | ||||
Other operation and maintenance | 119.8 | 117.2 | 238.8 | 229.9 |
Depreciation and amortization | 84.3 | 80.9 | 166.7 | 159.7 |
Taxes other than income | 20.9 | 22.5 | 47.2 | 46.6 |
Operating expenses | 225.0 | 220.6 | 452.7 | 436.2 |
OPERATING INCOME | 110.0 | 137.7 | 159.7 | 204.3 |
OTHER INCOME (EXPENSE) | ||||
Equity in earnings of unconsolidated affiliates | 35.8 | 29.3 | 66.5 | 63.2 |
Allowance for equity funds used during construction | 1.2 | 6.3 | 2.7 | 13.3 |
Other net periodic benefit expense | (0.3) | (5.2) | (7.3) | (10.0) |
Other income | 5.0 | 4.7 | 11.7 | 10.1 |
Other expense | (4.4) | (3.3) | (10.1) | (7.7) |
Net other income | 37.3 | 31.8 | 63.5 | 68.9 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 31.8 | 39.7 | 64.4 | 79.3 |
Allowance for borrowed funds used during construction | (0.6) | (2.8) | (1.6) | (6.5) |
Interest on short-term debt and other interest charges | 4.7 | 4.0 | 7.7 | 6.7 |
Interest expense | 35.9 | 40.9 | 70.5 | 79.5 |
INCOME BEFORE TAXES | 111.4 | 128.6 | 152.7 | 193.7 |
INCOME TAX EXPENSE | 11.2 | 17.9 | 5.4 | 28.0 |
NET INCOME | $ 100.2 | $ 110.7 | $ 147.3 | $ 165.7 |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.2 | 199.7 | 200.1 | 199.7 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.6 | 200.5 | 200.5 | 200.3 |
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 0.50 | $ 0.55 | $ 0.74 | $ 0.83 |
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 0.50 | $ 0.55 | $ 0.73 | $ 0.83 |
Oklahoma Gas and Electric Company | ||||
Financial and Statistical Data | ||||
(Unaudited) | ||||
Three Months | Six Months Ended | |||
June 30, | June 30, | |||
(Dollars in millions) | 2019 | 2018 | 2019 | 2018 |
Operating revenues by classification: | ||||
Residential | $ 186.6 | $ 226.2 | $ 382.0 | $ 428.3 |
Commercial | 119.8 | 140.9 | 220.1 | 246.6 |
Industrial | 54.3 | 58.5 | 107.9 | 110.4 |
Oilfield | 49.9 | 46.7 | 100.1 | 89.5 |
Public authorities and street light | 45.8 | 53.0 | 87.3 | 96.5 |
Sales for resale | 0.1 | — | 0.1 | 0.1 |
System sales revenues | 456.5 | 525.3 | 897.5 | 971.4 |
Provision for rate refund | (0.5) | (16.5) | (0.6) | (19.7) |
Integrated market | 10.3 | 13.2 | 17.0 | 21.8 |
Transmission | 39.8 | 40.2 | 75.9 | 76.0 |
Other | 7.6 | 4.8 | 13.9 | 10.2 |
Total operating revenues | $ 513.7 | $ 567.0 | $ 1,003.7 | $ 1,059.7 |
MWh sales by classification (In millions) | ||||
Residential | 2.0 | 2.3 | 4.4 | 4.7 |
Commercial | 1.5 | 1.9 | 2.9 | 3.3 |
Industrial | 1.2 | 1.1 | 2.3 | 2.1 |
Oilfield | 1.2 | 1.0 | 2.4 | 2.0 |
Public authorities and street light | 0.7 | 0.8 | 1.4 | 1.5 |
System sales | 6.6 | 7.1 | 13.4 | 13.6 |
Integrated market | 0.3 | 0.3 | 0.6 | 0.6 |
Total sales | 6.9 | 7.4 | 14.0 | 14.2 |
Number of customers | 853,500 | 845,244 | 853,500 | 845,244 |
Weighted-average cost of energy per kilowatt-hour (In cents) | ||||
Natural gas | 2.113 | 2.338 | 2.527 | 2.475 |
Coal | 2.067 | 2.058 | 1.993 | 2.028 |
Total fuel | 1.909 | 2.047 | 2.118 | 2.058 |
Total fuel and purchased power | 2.471 | 2.721 | 2.672 | 2.827 |
Degree days (A) | ||||
Heating - Actual | 197 | 328 | 2,277 | 2,208 |
Heating - Normal | 204 | 203 | 2,004 | 2,001 |
Cooling - Actual | 481 | 776 | 481 | 786 |
Cooling - Normal | 626 | 625 | 639 | 638 |
View original content:http://www.prnewswire.com/news-releases/oge-energy-corp-reports-second-quarter-results-300898411.html
SOURCE OGE Energy Corp.
DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
AM |
305,257,484 |
10,340,701 |
HEP |
151,911,915 |
5,375,510 | |
AMGP |
1,164,270 |
61,732 |
MMP |
1,501,453,809 |
21,735,000 | |
ANDX |
446,822,576 |
10,506,056 |
MPLX |
1,162,174,520 |
34,041,433 | |
APU |
58,778,057 |
1,392,185 |
NBLX |
22,166,701 |
434,130 | |
ARLP |
25,591,033 |
1,394,607 |
NGL |
165,162,738 |
13,213,019 | |
BPL |
604,497,037 |
17,197,640 |
NS |
210,933,016 |
9,312,716 | |
BPMP |
20,189,424 |
961,859 |
NSH |
239,822 |
19,340 | |
BWP |
170,678,160 |
14,688,310 |
PAA |
1,177,071,579 |
49,791,522 | |
CEQP |
183,499,246 |
5,779,504 |
PAGP |
3,213,393 |
134,395 | |
CQP |
173,601,824 |
4,828,980 |
PSXP |
318,554,875 |
6,238,834 | |
CVRR |
20,028,626 |
896,135 |
RMP |
147,346,450 |
8,657,253 | |
DCP |
421,401,442 |
10,654,904 |
SEP |
341,382,494 |
9,638,128 | |
DM |
13,475,016 |
990,810 |
SHLX |
322,823,077 |
14,554,692 | |
EEP |
277,227,481 |
25,363,905 |
SMLP |
12,744,536 |
827,567 | |
ENBL |
176,973,526 |
10,343,280 |
SPH |
28,830,596 |
1,227,356 | |
ENLC |
853,859 |
51,906 |
SUN |
27,065,571 |
1,084,358 | |
ENLK |
303,905,691 |
19,568,943 |
TCP |
165,868,659 |
6,391,856 | |
EPD |
1,503,782,388 |
54,347,032 |
TEGP |
386,005,955 |
17,419,041 | |
EQGP |
355,540 |
15,123 |
TGP |
18,444,324 |
1,094,619 | |
EQM |
356,373,011 |
6,907,792 |
USAC |
16,751,289 |
995,323 | |
ETE |
6,023,303 |
349,177 |
VLP |
17,131,051 |
449,988 | |
ETP |
1,481,856,983 |
77,828,623 |
VNOM |
25,953,041 |
813,320 | |
GEL |
281,851,288 |
12,864,048 |
WES |
571,788,034 |
11,816,244 | |
GLOP |
14,609,467 |
612,556 |
WGP |
826,761 |
23,126 | |
GMLP |
15,169,006 |
981,178 |
WPZ |
1,218,967,796 |
30,031,234 | |
HCLP |
18,789,000 |
1,592,288 |
||||
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html
SOURCE Alerian
DALLAS, June 8, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP, announce today an upcoming interim rebalancing of The Cushing® Energy Index (the "Index"). Per the Index's methodology guide, the removal of an Index constituent from a Sub-Index without a named direct replacement necessitates the rebalancing of the Index. The Cushing® 30 MLP Index (the "Sub-Index") announced today that Index constituents Spectra Energy Partners, LP (NYSE: SEP) and Tallgrass Energy GP, LP (NYSE: TEGP) will be removed from the Sub-Index after the markets close on June 15, 2018, and effective on June 18, 2018. Replacements named for the removed constituents are not direct replacements. After the markets close on June 15, 2018, the constituents of the Index will be rebalanced, and the changes in the table below will become effective on June 18, 2018.
Cushing® Energy Index constituents, effective June 18, 2018:
Company Name |
Ticker |
Index Weight |
Status |
The Williams Companies, Inc. |
WMB |
6.00% |
Existing |
Kinder Morgan, Inc. |
KMI |
6.00% |
Existing |
ONEOK, Inc. |
OKE |
6.00% |
Existing |
Helmerich & Payne, Inc. |
HP |
5.78% |
Existing |
Exxon Mobil Corporation |
XOM |
5.22% |
Existing |
Chevron Corporation |
CVX |
4.74% |
Existing |
Occidental Petroleum Corporation |
OXY |
4.65% |
Existing |
Schlumberger N.V. (Schlumberger Limited) |
SLB |
3.79% |
Existing |
Phillips 66 |
PSX |
3.58% |
Existing |
Valero Energy Corporation |
VLO |
3.45% |
Existing |
Apache Corporation |
APA |
3.30% |
Existing |
Marathon Petroleum Corporation |
MPC |
3.05% |
Existing |
Baker Hughes, A GE Company |
BHGE |
2.72% |
Existing |
ConocoPhillips |
COP |
2.19% |
Existing |
Andeavor |
ANDV |
2.14% |
Existing |
TechnicFMC plc |
FTI |
2.13% |
Existing |
Hess Corporation |
HES |
2.12% |
Existing |
Dominion Energy Midstream Partners, LP |
DM |
2.00% |
NEW |
Alliance Resource Partners, L.P. |
ARLP |
2.00% |
Existing |
Andeavor Logistics LP |
ANDX |
2.00% |
Existing |
Tallgrass Energy Partners, LP |
TEP |
2.00% |
Existing |
EnLink Midstream Partners, LP |
ENLK |
2.00% |
Existing |
DCP Midstream, LP |
DCP |
2.00% |
Existing |
Enable Midstream Partners, LP |
ENBL |
2.00% |
NEW |
EQT Midstream Partners, LP |
EQM |
2.00% |
NEW |
Western Gas Partners, L.P. |
WES |
2.00% |
Existing |
Crestwood Equity Partners LP |
CEQP |
2.00% |
NEW |
Energy Transfer Equity, L.P. |
ETE |
2.00% |
Existing |
Energy Transfer Partners, L.P. |
ETP |
2.00% |
NEW |
Halliburton Company |
HAL |
1.95% |
Existing |
Anadarko Petroleum Corporation |
APC |
1.88% |
Existing |
Noble Energy, Inc. |
NBL |
1.67% |
Existing |
Cabot Oil & Gas Corporation |
COG |
1.37% |
Existing |
Marathon Oil Corporation |
MRO |
1.26% |
Existing |
Devon Energy Corporation |
DVN |
1.01% |
Existing |
Constituents removed, effective June 18, 2018:
Company Name |
Ticker |
MPLX LP |
MPLX |
Spectra Energy Partners, LP |
SEP |
Sunoco LP |
SUN |
Tallgrass Energy GP, LP |
TEGP |
Williams Partners L.P. |
WPZ |
ABOUT THE CUSHING® ENERGY INDEX
The Cushing® Energy Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, and storage and transportation of oil, natural gas, coal and consumable fuels, as well as oil and natural gas equipment and services companies. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CENI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CENI
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-rebalancing-of-the-cushing-energy-index-300662241.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
OKLAHOMA CITY, April 26, 2018 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) today announced the execution of a firm transportation agreement on Enable Midstream Partners' (NYSE: ENBL) Project Wildcat. Project Wildcat will provide Continental Resources 400 million cubic feet per day (MMcf/d) of additional takeaway capacity from its properties in the SCOOP and STACK plays in Oklahoma. Project Wildcat will provide Continental direct access to premium markets, including the expanding Dallas Fort Worth area where supplies of natural gas from the Barnett shale continue to decline.
Logo - http://photos.prnewswire.com/prnh/20120327/DA76602LOGO
"We are pleased to continue to expand our relationship with Enable as the anchor shipper on Project Wildcat. Project Wildcat not only provides flow assurance for our growing production in SCOOP and STACK but access to premium markets to maximize the returns on every molecule we sell," said Harold Hamm, Continental's Chairman and Chief Executive Officer.
"Enable has provided midstream solutions for Continental's substantial production growth in Oklahoma since before the SCOOP and STACK were household names," said Rod Sailor, Enable's President and CEO. "We are pleased to build on our relationship and support Continental's future growth with this creative and cost-effective market-access project."
Project Wildcat commences service in June 2018 and is expected to be fully in service in July 2018.
Investor Contact: |
Media Contact: |
Rory Sabino |
Kristin Thomas |
Vice President, Investor Relations |
Senior Vice President, Public Relations |
P/F: 405.234.9620 |
405-234-9480 |
About Continental Resources
Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. Lower 48 and a leader in America's energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company also has leading positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK plays. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation's leadership in the new world oil market. In 2018, the Company will celebrate 51 years of operations. For more information, please visit www.CLR.com.
View original content:http://www.prnewswire.com/news-releases/continental-resources-announces-firm-transportation-agreement-on-enables-project-wildcat-from-scoop-and-stack-to-premium-texas-markets-300637623.html
SOURCE Continental Resources
DALLAS, Feb. 21, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
AM |
318,072,149 |
10,952,898 |
MMP |
1,644,568,414 |
23,182,526 | |
AMGP |
754,587 |
38,265 |
MPLX |
1,279,929,181 |
36,084,837 | |
ANDX |
516,099,522 |
11,173,404 |
NBLX |
21,404,873 |
428,097 | |
APU |
76,556,528 |
1,655,992 |
NGL |
195,952,022 |
13,946,763 | |
ARLP |
20,166,275 |
1,023,669 |
NS |
296,565,295 |
9,902,013 | |
BPL |
908,164,717 |
18,328,249 |
NSH |
236,356 |
15,055 | |
BWP |
201,509,203 |
15,608,769 |
PAA |
1,085,692,515 |
52,601,382 | |
CEQP |
30,317,020 |
1,175,078 |
PAGP |
3,567,709 |
162,538 | |
CQP |
30,774,953 |
1,038,291 |
PSXP |
303,822,210 |
5,803,672 | |
DCP |
411,714,791 |
11,332,639 |
RMP |
197,598,050 |
9,203,449 | |
DM |
186,044,367 |
6,109,831 |
SEP |
397,826,315 |
10,061,364 | |
EEP |
372,358,764 |
26,962,981 |
SHLX |
369,468,507 |
12,389,957 | |
ENBL |
30,305,242 |
2,131,170 |
SMLP |
20,113,987 |
981,170 | |
ENLC |
1,134,945 |
64,485 |
SPH |
35,347,307 |
1,459,426 | |
ENLK |
317,615,016 |
20,664,607 |
SUN |
36,559,156 |
1,287,294 | |
EPD |
1,672,410,145 |
63,086,011 |
TCP |
350,896,258 |
6,608,216 | |
EQGP |
315,059 |
11,712 |
TEGP |
1,533,669 |
59,583 | |
EQM |
536,502,790 |
7,339,299 |
TEP |
269,478,027 |
5,877,383 | |
ETE |
6,574,648 |
380,918 |
TGP |
26,220,374 |
1,301,259 | |
ETP |
1,669,396,449 |
93,158,284 |
VLP |
23,823,578 |
535,361 | |
GEL |
300,264,393 |
13,434,648 |
VNOM |
20,179,418 |
864,956 | |
GLOP |
17,814,465 |
719,776 |
WES |
604,184,334 |
12,563,617 | |
GMLP |
26,442,305 |
1,159,750 |
WGP |
664,201 |
17,874 | |
HEP |
168,157,229 |
5,175,661 |
WPZ |
1,231,920,496 |
31,766,903 |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html
SOURCE Alerian
DALLAS, Sept. 12, 2017 /PRNewswire/ -- Tailwater Capital ("Tailwater") is pleased to announce that Align Midstream, LLC ("Align") has entered into a definitive agreement to sell the company to Enable Midstream Partners, LP (NYSE: ENBL) ("Enable") for approximately $300 million, subject to certain customary adjustments.
"This transaction is a very important milestone for our team," said Fritz Brinkman, Chief Executive Officer of Align. "Over the past three years, we have created significant value for our stakeholders through acquiring and connecting underutilized gathering and processing assets to create an extensive system. This platform now serves some of the best producers in the basin."
Jason Downie, Managing Partner at Tailwater, said, "We are proud of the execution success demonstrated by Fritz Brinkman and his team at Align. Their ability to create a vertically integrated midstream asset and to achieve a strong return for our investors is second to none. The Align team has built a best-in-class asset centered on customer service that will provide meaningful value to Enable's midstream strategy."
The transaction is subject to regulatory approval and closing conditions and is expected to close as soon as practicable after such regulatory approvals and closing conditions have been satisfied.
About Align Midstream Partners
Align is a Dallas-based midstream company focused on servicing producers' needs in East Texas and North Louisiana. Align operates a 100-million cubic feet per day cryogenic natural gas processing plant in Panola, Texas, and approximately 190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties in Texas and DeSoto Parish in Louisiana. Align's assets are underpinned with long-term, fee-based contracts, including approximately 100,000 gross acres of dedication from producer customers.
About Enable Midstream Partners
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable's assets include approximately 12,900 miles of gathering pipelines, 14 major processing plants with approximately 2.5 Bcf/d of processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50 percent), approximately 2,200 miles of intrastate pipelines and eight storage facilities comprising 85.0 billion cubic feet of storage capacity.
Advisors
Simmons & Company International | Energy Specialists of Piper Jaffray acted as Align's exclusive financial advisor in connection with the transaction. The Simmons & Company team was led by Principal, Billy O'Neil. Locke Lord served as legal counsel to Align with Partner, Greg Heath in the lead role from the firm's Houston office.
View original content:http://www.prnewswire.com/news-releases/tailwater-capital-announces-align-midstream-llc-sale-to-enable-midstream-partners-lp-for-approximately-300-million-300518227.html
SOURCE Tailwater Capital LLC
OKLAHOMA CITY, Aug. 3, 2017 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E") and holder of 25.7 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP (NYSE: ENBL), today reported earnings of $0.52 per diluted share for the three months ended June 30, 2017, compared to $0.35 per diluted share for the second quarter of 2016.
"Our Q2 results are indicative of our resolve to embrace and overcome challenges. Each day, we're adjusting, adapting and moving forward. And, despite some challenges, we're on plan for 2017," said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. "I couldn't be more proud of the focus and determination of our team to press forward and create value for those we serve."
Discussion of Second Quarter 2017
OGE Energy's net income was approximately $105 million in the second quarter, compared to approximately $72 million in the year-ago quarter.
OG&E's net income was approximately $86 million in the second quarter, compared to approximately $72 million in the comparable quarter last year. The primary driver for the increase in net income was lower operating expenses which included lower depreciation expense related to the reduction in depreciation rates as directed in the Oklahoma Corporation Commission's final order. Gross margin increased due to customer growth and higher transmission revenues despite the impact of mild weather.
Natural Gas Midstream Operations contributed net income to OGE Energy Corp. of approximately $18 million for the second quarter of 2017 compared to breakeven results for the same period in 2016. The increase is due in part to higher volumes across all business segments driven by contract execution and significant rig activity. Enable has also increased their distribution coverage quarter over quarter. In addition, Enable Midstream issued cash distributions to OGE of approximately $35 million in each of the second quarters of 2017 and 2016.
2017 Earnings Outlook
The Company's 2017 OG&E earnings guidance remains unchanged at the low end of the earnings range of $1.58 to $1.70 per average diluted share based on the Oklahoma Corporation Commission rate order. OGE Energy consolidated earnings guidance for 2017 also remains unchanged and is projected to be at the lower end of the earnings range of $1.93 to $2.09 per average diluted share. More information regarding the Company's 2017 earnings guidance is contained in the Company's 2016 Form 10-K and Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission.
Conference Call Webcast
OGE Energy will host a conference call for discussion of the results on Thursday, August 3, at 8 a.m. CST. The conference will be available through www.oge.com. OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 838,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 25.7 percent limited partner interest and a 50 percent general partner interest of Enable Midstream, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.
Non-GAAP Financial Measures
OG&E has included in this release the non-GAAP financial measure Gross Margin. Gross Margin is defined by OG&E as operating revenues less fuel, purchased power and certain transmission expenses. Gross margin is a non-GAAP financial measure because it excludes depreciation and amortization, and other operation and maintenance expenses. Expenses for fuel and purchased power are recovered through fuel adjustment clauses and as a result changes in these expenses are offset in operating revenues with no impact on net income. OG&E believes gross margin provides a more meaningful basis for evaluating its operations across periods than operating revenues because gross margin excludes the revenue effect of fluctuations in these expenses. Gross margin is used internally to measure performance against budget and in reports for management and the Board of Directors. OG&E's definition of gross margin may be different from similar terms used by other companies.
Reconciliation of Gross Margin to Revenue attributable to OG&E
Three Months Ended June 30, | ||||||||
(In millions) |
2017 |
2016 | ||||||
Operating revenues |
$ |
586.4 |
$ |
551.4 | ||||
Less: |
||||||||
Cost of sales |
232.1 |
197.7 | ||||||
Gross Margin |
$ |
354.3 |
$ |
353.7 | ||||
Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal, natural gas and NGLs; the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; Federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties; social attitudes regarding the utility, natural gas and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2016.
Note: Consolidated Statements of Income, Financial and Statistical Data attached.
Oklahoma Gas and Electric Company |
||||
Financial and Statistical Data |
||||
(Unaudited) |
||||
Three Months Ended |
Six Months Ended | |||
June 30, |
June 30, | |||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016 |
Operating revenues by classification |
||||
Residential |
$ 212.6 |
$ 219.6 |
$ 404.9 |
$ 398.1 |
Commercial |
152.1 |
143.1 |
276.4 |
245.8 |
Industrial |
54.0 |
48.8 |
98.3 |
87.0 |
Oilfield |
43.1 |
38.8 |
81.2 |
71.1 |
Public authorities and street light |
54.3 |
51.5 |
98.8 |
87.6 |
Sales for resale |
0.1 |
0.1 |
0.1 |
0.2 |
System sales revenues |
516.2 |
501.9 |
959.7 |
889.8 |
Provision for rate refund |
16.6 |
— |
(4.2) |
— |
Integrated market |
6.3 |
10.7 |
2.8 |
19.8 |
Other |
47.3 |
38.8 |
84.1 |
74.9 |
Total operating revenues |
$ 586.4 |
$ 551.4 |
$ 1,042.4 |
$ 984.5 |
MWh sales by classification (In millions) |
||||
Residential |
2.0 |
2.0 |
4.0 |
4.1 |
Commercial |
2.0 |
2.0 |
3.6 |
3.6 |
Industrial |
1.0 |
0.9 |
1.8 |
1.8 |
Oilfield |
0.8 |
0.8 |
1.6 |
1.6 |
Public authorities and street light |
0.8 |
0.8 |
1.5 |
1.5 |
Sales for resale |
— |
— |
— |
— |
System sales |
6.6 |
6.5 |
12.5 |
12.6 |
Integrated market |
0.5 |
0.4 |
0.8 |
0.8 |
Total sales |
7.1 |
6.9 |
13.3 |
13.4 |
Number of customers |
838,163 |
829,779 |
838,163 |
829,779 |
Weighted-average cost of energy per kilowatt-hour - cents |
||||
Natural gas |
2.842 |
2.262 |
2.831 |
2.157 |
Coal |
2.188 |
2.293 |
2.142 |
2.290 |
Total fuel |
2.302 |
2.122 |
2.215 |
2.034 |
Total fuel and purchased power |
3.209 |
2.735 |
3.172 |
2.675 |
Degree days (A) |
||||
Heating - Actual |
189 |
159 |
1,570 |
1,711 |
Heating - Normal |
203 |
203 |
2,002 |
2,001 |
Cooling - Actual |
567 |
620 |
624 |
632 |
Cooling - Normal |
625 |
625 |
638 |
638 |
OGE Energy Corp. | ||||
Consolidated Statements of Income | ||||
(Unaudited) | ||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
OPERATING REVENUES |
$ 586.4 |
$ 551.4 |
1,042.4 |
984.5 |
COST OF SALES |
232.1 |
197.7 |
440.8 |
375.6 |
OPERATING EXPENSES |
||||
Other operation and maintenance |
114.8 |
127.6 |
238.8 |
241.5 |
Depreciation and amortization |
74.7 |
80.1 |
130.3 |
158.6 |
Taxes other than income |
21.3 |
20.1 |
45.2 |
45.0 |
Total operating expenses |
210.8 |
227.8 |
414.3 |
445.1 |
OPERATING INCOME |
143.5 |
125.9 |
187.3 |
163.8 |
OTHER INCOME (EXPENSE) |
||||
Equity in earnings of unconsolidated affiliates |
29.4 |
16.7 |
65.0 |
45.0 |
Allowance for equity funds used during construction |
8.5 |
3.7 |
15.4 |
5.3 |
Other income |
10.3 |
7.6 |
19.1 |
13.2 |
Other expense |
(3.2) |
(5.8) |
(7.3) |
(7.5) |
Net other income |
45.0 |
22.2 |
92.2 |
56.0 |
INTEREST EXPENSE |
||||
Interest on long-term debt |
39.2 |
35.7 |
75.1 |
71.5 |
Allowance for borrowed funds used during construction |
(4.1) |
(1.8) |
(7.4) |
(2.7) |
Interest on short-term debt and other interest charges |
2.0 |
2.1 |
4.4 |
3.5 |
Interest expense |
37.1 |
36.0 |
72.1 |
72.3 |
INCOME BEFORE TAXES |
151.4 |
112.1 |
207.4 |
147.5 |
INCOME TAX EXPENSE |
46.6 |
40.6 |
66.6 |
50.8 |
NET INCOME |
104.8 |
71.5 |
140.8 |
96.7 |
BASIC AVERAGE COMMON SHARES OUTSTANDING |
199.7 |
199.7 |
199.7 |
199.7 |
DILUTED AVERAGE COMMON SHARES OUTSTANDING |
199.9 |
199.8 |
200.0 |
199.8 |
BASIC EARNINGS PER AVERAGE COMMON SHARE |
$ 0.52 |
$ 0.35 |
$ 0.70 |
$ 0.48 |
DILUTED EARNINGS PER AVERAGE COMMON SHARE |
$ 0.52 |
$ 0.35 |
$ 0.70 |
$ 0.48 |
DIVIDENDS DECLARED PER COMMON SHARE |
$ 0.30250 |
$ 0.27500 |
$ 0.60500 |
$ 0.55000 |
View original content:http://www.prnewswire.com/news-releases/oge-energy-corp-reports-second-quarter-results-300498903.html
SOURCE OGE Energy Corp.
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