OGE Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OGE Energy Corp. has officially filed its comprehensive 2023 annual report (10-K) with the SEC.</b>

AI Summary

OGE ENERGY CORP. (OGE) filed a Annual Report (10-K) with the SEC on February 21, 2024. OGE Energy Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing was submitted on February 21, 2024. The company's principal business address is 321 N Harvey Street, Oklahoma City, OK. The Standard Industrial Classification for the company is Electric Services [4911]. The filing includes data for the fiscal year ending December 31.

Why It Matters

For investors and stakeholders tracking OGE ENERGY CORP., this filing contains several important signals. This 10-K filing provides a detailed overview of OGE Energy Corp.'s financial performance, operational activities, and strategic outlook for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, identify potential risks, and understand its business strategy moving forward.

Risk Assessment

Risk Level: medium — OGE ENERGY CORP. shows moderate risk based on this filing. The filing is a standard annual report, which typically contains a broad range of information about the company's operations and financial status, necessitating a medium-level risk assessment for potential investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand OGE Energy Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240221 — Filing Date (Filed as of date)
• 4911 — Standard Industrial Classification (Electric Services)

Key Players & Entities

• OGE ENERGY CORP. (company) — Filer's company name
• OKLAHOMA GAS & ELECTRIC CO (company) — Former company name
• 321 N HARVEY STREET (company) — Business address
• OKLAHOMA CITY (company) — Business address city
• OK (company) — Business address state
• 73101 (company) — Business address zip

FAQ

Industry Context

OGE Energy Corp. operates within the electric services industry, providing electricity to customers.

Regulatory Implications

The company is subject to regulations typical for electric utility providers in its operating regions.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and expenses.
2. Examine the Management's Discussion and Analysis for operational insights and future outlook.
3. Review the Risk Factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.01 — Energy Corp.'s common stock, par value $0.01 per share, outstanding. At January 31
• $2.50 — ctric Company's common stock, par value $2.50 per share, outstanding, all of which we

Filing Documents

• oge-20231231.htm (10-K) — 7421KB
• oge-ex4_28.htm (EX-4.28) — 20KB
• oge-ex10_10.htm (EX-10.10) — 5KB
• oge-ex10_11.htm (EX-10.11) — 27KB
• oge-ex21_01.htm (EX-21.01) — 6KB
• oge-ex23_01.htm (EX-23.01) — 11KB
• oge-ex23_02.htm (EX-23.02) — 6KB
• oge-ex24_01.htm (EX-24.01) — 27KB
• oge-ex24_02.htm (EX-24.02) — 27KB
• oge-ex31_01.htm (EX-31.01) — 24KB
• oge-ex31_02.htm (EX-31.02) — 24KB
• oge-ex32_01.htm (EX-32.01) — 14KB
• oge-ex32_02.htm (EX-32.02) — 13KB
• oge-ex97_01.htm (EX-97.01) — 56KB
• img208251390_0.jpg (GRAPHIC) — 15KB
• 0000950170-24-017400.txt (&nbsp;) — 30898KB
• oge-20231231.xsd (EX-101.SCH) — 3208KB
• oge-20231231_htm.xml (XML) — 7925KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 4 Part I

Business

Item 1. Business 6

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 48

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Controls and Procedures

Item 9A. Controls and Procedures 107

Other Information

Item 9B. Other Information 110

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 110 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 111

Executive Compensation

Item 11. Executive Compensation 111

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 111

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 111

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 112 Part IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 113

Form 10-K Summary

Item 16. Form 10-K Summary 119

Signatures

Signatures 120 2 GLOSSARY OF TERMS The following is a glossary of frequently used abbreviations that are found throughout this Form 10-K. Abbreviation Definition 2022 Form 10-K Annual Report on Form 10-K for the year ended December 31, 2022 401(k) Plan Qualified defined contribution retirement plan APSC Arkansas Public Service Commission ASC Financial Accounting Standards Board Accounting Standards Codification ASU Financial Accounting Standards Board Accounting Standards Update CenterPoint CenterPoint Energy Resources Corp., wholly-owned subsidiary of CenterPoint Energy, Inc. CO 2 Carbon dioxide Code Internal Revenue Code of 1986 COVID-19 Novel Coronavirus disease Dry Scrubber Dry flue gas desulfurization unit with spray dryer absorber Enable Enable Midstream Partners, LP, partnership formed to own and operate the midstream businesses of OGE Energy and CenterPoint (prior to December 2, 2021) Energy Transfer Energy Transfer LP, a Delaware limited partnership, collectively with its subsidiaries EPA U.S. Environmental Protection Agency Federal Clean Water Act Federal Water Pollution Control Act of 1972, as amended FERC Federal Energy Regulatory Commission FIP Federal Implementation Plan GAAP Accounting principles generally accepted in the U.S. IRP Integrated Resource Plan kV Kilovolt MRG Member Resource Group MW Megawatt MWh Megawatt-hour NAAQS National Ambient Air Quality Standard NERC North American Electric Reliability Corporation NO X Nitrogen oxide OCC Oklahoma Corporation Commission ODEQ Oklahoma Department of Environmental Quality OG&E Oklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy OGE Energy OGE Energy Corp., collectively with its subsidiaries, holding company and parent company of OG&E OGE Holdings OGE Enogex Holdings LLC, wholly-owned subsidiary of OGE Energy, parent company of Enogex Holdings LLC (prio

Business

Item 1. Business. Introduction OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. The Registrants' principal executive offices are located at 321 North Harvey, P.O. Box 321, Oklahoma City, Oklahoma, 73101-0321 (telephone 405-553-3000). OGE Energy's website address is www.oge.com. Through OGE Energy's website, OGE Energy makes available, free of charge, the Registrants' annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. OGE Energy's website and the information contained therein or connected thereto are not intended to be incorporated into this Form 10-K and should not be considered a part of this Form 10-K. Reports filed with the Securities and Exchange Commission are also made available on its website at www.sec.gov. Strategy OGE Energy's purpose is to energize life, providing life-sustaining and life-enhancing products and services that enrich its communities, encouraging growth and a higher quality of life. Its business mo

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View this 10-K filing on SEC EDGAR