OGE Energy earnings up 10 percent

Sat. November 01, 2008; Posted: 03:22 PM

Nov 01, 2008 (Tulsa World - McClatchy-Tribune Information Services via COMTEX) -- OGE | Quote | Chart | News | PowerRating -- OGE Energy Corp.'s third-quarter net income rose by more than 10 percent from the same time last year, the company reported Friday.

OGE Energy, the Oklahoma City-based parent company of utility Oklahoma Gas and Electric Co., logged $140 million in profit, compared with last year's third-quarter net income of $127 million.

"It was another quarter of solid performance, marked by positive regulatory outcomes and joint venture announcements that position OGE and Oklahoma for future growth," said company resident and CEO Pete Delaney in a statement.

The OG&E portion of the company earned $107 million, or $1.15 per diluted share, according to the report. Enogex, the natural gas gathering and transportation wing of OGE Energy, tallied $28 million in profit for the third quarter.

OG&E's net income was down $2 million from the same three months last year. A decrease in demand due to cooler summer weather contributed to a parallel downturn in gross revenues, according to the earnings report.

So far this year, OGE Energy has a reported net income of $210 million, or $2.26 per diluted share. The nine-month profit last year totaled $207 million.

OGE Energy revised its earnings guidance

to between $2.40 and $2.60 per diluted share for this year, 10 cents to 15 cents lower than previously estimated. Next year's earnings guidance also was adjusted downward, into the $2.30 to $2.60 range, due to uncertainty about commodity prices and the global economic situation, OGE Energy said.

Shares of OGE Energy fell $3.40 Friday to close at $27.30, down 11 percent from the previous day.

OG&E serves more than 765,000 customers in Oklahoma and western Arkansas. Enogex operates 7,900 miles of natural gas pipelines, processing plants and storage facilities.

Rod Walton 581-8457

rod.walton@tulsaworld.com

To see more of the Tulsa World, or to subscribe to the newspaper, go to http://www.tulsaworld.com. Copyright (c) 2008, Tulsa World, Okla. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Oge Energy Corp (OGE) click here. Oge Energy Corp (OGE) has Short Term PowerRatings of 5. Details on Oge Energy Corp (OGE) Short Term PowerRatings is available at This Link.

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