Oge Energy Corp · NYSE:OGE
Oge Energy — Q1 2024 Earnings Presentation
14 slides from Oge Energy's earnings presentation, May 1, 2024
Slide 1: Q1 2024 Earnings & Business Update Conference Call
Q1 2024 Earnings & Business Update Conference Call May 1, 2024
Slide 2: Safe Harbor
Safe Harbor Some of the matters discussed in this presentation 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," "
Slide 3: Summary of first quarter 2024 financial results
Summary of first quarter 2024 financial results Consolidated earnings of $0.09 per average diluted share Electric company earnings of $0.12 per average diluted share Other operations, including holding company, loss of $0.03 per average diluted share A solid start to the year has us on pace to a
Slide 4: © 2024 OGE Energy Corp. | 4
© 2024 OGE Energy Corp. | 4
Slide 5: Results continue to deliver on commitments
Results continue to deliver on commitments Operational excellence Grid and weather hardening investments deliver reliability results with fewer and shorter outages o Grid-enhanced circuits SAIDI improved by 28% since 2020 Integrated Resource Plan completed, reflecting 5-year generation capacity
Slide 6: Operational excellence meets the demands of a growing system
Operational excellence meets the demands of a growing system Meeting demand for growing customer base Low rates attract diverse business segments Back-to-back fuel charge reductions help keep customer rates among lowest in nation Net impact of rate review and fuel charge reductions means lower
Slide 7: Q1 2024 results in line with expectations
Q1 2024 results in line with expectations Q1 2024 Q1 2023 Drivers Depreciation and interest expense on a growing asset base OG&E $0.12 $0.20 Operating revenues driven by recovery of capital investments and strong load growth Lower income tax expense Other Operations/HoldCo $(0.03) $(0.01) Inte
Slide 8: First quarter 2024 customer and load growth highlights strength of service area
First quarter 2024 customer and load growth highlights strength of service area Customer Growth Load Growth 4.8% 1.1% 0.8% 2.7% Q1 Highlights 3.1% 1.1% 2.4% • 1.1% customer growth 1.4% • Exceptional 4.8% load growth, driven by two largest customer classes: 2020 2021 2022 2023 Q1 2024 2020 2021 2022
Slide 9: 2024 Financing plan update
2024 Financing plan update Debt issuance of up to $350 million at HoldCo in the second quarter of 2024 to term out short-term debt Debt issuance of $300 million to $350 million at OG&E in the second half of 2024 Routine filing of a new 3-year S-3 to replace the current S-3 that expires in May
Slide 10: Q&A
Q&A © 2024 OGE Energy Corp. | 10
Slide 11: Appendix
Appendix © 2024 OGE Energy Corp. | 11
Slide 12: First quarter weather impact
First quarter weather impact Weather Variance Heating Degree Days1 Q1 2024 Q1 2023 % Change Actuals 1,695 1,692 0.1% Normal 1,887 1,887 0% Variance from Normal (10%) (10%) Cooling Degree Days1 2024 2023 % Change Actuals 12 6 100% Normal 10 10 0% Variance from Normal 20% (40%) Estimated current year
Slide 13: Building futures with a community centric investments plan
Building futures with a community centric investments plan Capital Expenditures 2023 10K, $ millions 2024 2025 2026 2027 2028 Total Transmission economic expansion & reliability $ 145 $ 180 $ 195 $ 225 $ 240 $ 985 Oklahoma distribution economic expansion & reliability $ 400 $ 520 $ 665 $ 705 $ 725 $
Slide 14: OGE/OG&E fixed rate debt maturity ladder through end of the decade; strong credit ratings
OGE/OG&E fixed rate debt maturity ladder through end of the decade; strong credit ratings No fixed rate maturities until 2027 $450 $400 $350 $400 Amount ($mm) $300 $250 $300 $300 6.65% $200 $150 $100 $125 $50 $100 $0 Fixed Rate Moody's Rating Outlook OGE Energy Senior Notes Baa1 Stable OGE Energy Co