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OGE Energy 2Q Profit Up 33% On Pipelines Unit, Weather

DOW JONES NEWSWIRES OGE Energy Corp.'s (OGE) second-quarter earnings rose 33% on better performance in its pipeline business as a sweltering start to the summer drove higher revenue at its electric utility. The parent company of Oklahoma Gas and Electric Co. also said it expected full-year earnings will top its February forecast of $3 to $3.20 a share. OGE has posted growing revenue last year as its Enogex pipeline business outpaced sluggish residential demand over the past few quarters. The pipeline unit again posted higher earnings in the latest quarter on rising demand, rebounding from a weak first-quarter performance. "In our midstream business, we're pleased to report margins are up in all areas as we continue to see growth in the natural gas liquids-rich basins of the midcontinent," Chairman and Chief Executive Pete Delaney said. OGE posted a profit of $103 million, or $1.04 a share, up from $77.3 million, or 78 cents a share, a year earlier. Analysts surveyed by Thomson Reuters predicted earnings of 88 cents a share. Revenue increased 10% to $978.1 million. Gross margin edged up to 43.8% from 42.9%. Oklahoma Gas and Electric reported 11% higher revenue on weather-related demand, while the midstream business saw revenue climb 9.4% as margins expanded. Shares closed Wednesday at $49.42 and weren't active premarket. In April, the stock hit its highest level since going public in 2004 and has since fallen 7.6%. -By Joan E. Solsman and Drew FitzGerald, Dow Jones Newswires; 212-416-2291; [email protected]

Stock News for Oge (OGE)
02/23/201708:45:00Annual Report (10-k)
02/23/201708:36:31Current Report Filing (8-k)
02/23/201708:12:37Current Report Filing (8-k)
02/23/201707:00:00OGE Energy Corp. reports earnings for 2016 and outlook for 2017
02/22/201713:20:00OGE Energy Corp. Board of Directors declares dividend
02/10/201706:15:49Amended Statement of Ownership (sc 13g/a)
02/06/201711:49:00OGE Energy Corp. 4th Quarter/Year-end 2016 Earnings Webcast
02/02/201709:33:00Oklahoma Gas & Electric achieves recognition as Utility Customer...
01/17/201712:51:41Amended Statement of Ownership (sc 13g/a)
01/12/201717:45:29Statement of Changes in Beneficial Ownership (4)
01/12/201717:45:02Statement of Changes in Beneficial Ownership (4)
01/12/201717:45:02Statement of Changes in Beneficial Ownership (4)
01/12/201717:45:02Statement of Changes in Beneficial Ownership (4)
01/10/201717:05:21Initial Statement of Beneficial Ownership (3)
12/19/201614:00:00Oklahoma Gas and Electric pays $7.5 million in energy efficiency...
12/15/201607:00:00Chesapeake Energy Corporation Announces Appointment Of Luke R...
12/13/201617:13:12Current Report Filing (8-k)
12/13/201613:40:00OGE Energy Corp. names general counsel
12/08/201618:05:14Statement of Changes in Beneficial Ownership (4)
12/08/201618:04:47Statement of Changes in Beneficial Ownership (4)

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