OG&E 2011 Annual Report Download - page 91

Download and view the complete annual report

Please find page 91 of the 2011 OG&E annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

OGE Energy Corp. 89
(In millions, except per share data, quarter ended) March 31 June 30 September 30 December 31 Total
Operating revenues
2011 $840.5 $978.1 $1,212.1 $885.2 $3,915.9
2010 $875.8 $887.2 $1,125.4 $828.5 $3,716.9
Operating income
2011 $÷67.9 $182.2 $÷«299.7 $÷96.9 $÷«646.7
2010$÷86.8 $151.5 $÷«274.2 $÷81.4 $÷«593.9
Net income
2011 $÷29.7 $109.3 $÷«181.4 $÷43.2 $÷«363.6
2010 $÷25.2 $÷77.9 $÷«163.5 $÷33.8 $÷«300.4
Net income attributable to OGE Energy
2011 $÷24.8 $103.0 $÷«178.7 $÷36.4 $÷«342.9
2010 $÷24.2 $÷77.3 $÷«163.1 $÷30.7 $÷«295.3
Basic earnings per average common share
attributable to OGE Energy common shareholders(A)
2011 $÷0.25 $÷1.05 $÷«÷1.82 $÷0.37 $÷÷«3.50
2010 $÷0.25 $÷0.79 $÷÷«1.67 $÷0.32 $÷÷«3.03
Diluted earnings per average common share
attributable to OGE Energy common shareholders(A)
2011 $÷0.25 $÷1.04 $÷÷«1.80 $÷0.37 $÷÷«3.45
2010 $÷0.25 $÷0.78 $÷÷«1.65 $÷0.31 $÷÷«2.99
(A) Due to the impact of dilution on the earnings per share calculation, quarterly earnings per share amounts may not add to the total.
were filed. On January 10, 2012, Enogex filed a settlement agreement
with the FERC. The deadline for comments to the filing was January 17,
2012, and no comments opposing the settlement were filed. A FERC
order is pending.
Enogex 2011 Fuel Filing
On February 28, 2011, Enogex submitted its annual fuel filing to
establish the fixed fuel percentages for its East Zone and West Zone for
the upcoming fuel year (April 1, 2011 through March 31, 2012). Along
with the revised fuel percentages, Enogex also requested authority to
revise its Statement of Operating Conditions to permanently change the
annual filing date to February 28. The deadline for interventions and
protests on Enogex’s filing was March 15, 2011, and no protests were
filed. A FERC order is pending.
18. Quarterly Financial Data (Unaudited)
Due to the seasonal fluctuations and other factors of the Company’s
businesses, the operating results for interim periods are not necessarily
indicative of the results that may be expected for the year. In the
Company’s opinion, the following quarterly financial data includes all
adjustments, consisting of normal recurring adjustments, necessary
to fairly present such amounts. Summarized consolidated quarterly
unaudited financial data is as follows:
Enogex Storage Statement of Operating Conditions Filing
On August 31, 2010, Enogex filed via eTariff with the FERC a new
Statement of Operating Conditions applicable to storage services that
replaced Enogex’s existing storage Statement of Operating Conditions
effective July 30, 2010. Among other things, the new storage Statement
of Operating Conditions updates the general terms and conditions for
providing storage services. A FERC order is pending.
Enogex FERC Section 311 2011 Rate Case
On January 28, 2011, Enogex submitted a new rate filing to the FERC
to set the maximum rate for a new firm Section 311 transportation serv-
ice in the West Zone of its system and to revise the currently effective
maximum rates for Section 311 interruptible transportation service in
the East Zone and West Zone. Along with establishing the rate for a
new firm service in the West Zone, Enogex’s filing requested a decrease
in the maximum interruptible zonal rates in the West Zone and to retain
the currently effective rates for firm and interruptible services in the East
Zone. Enogex reserved the right to implement the higher rates for firm
and interruptible services in the East Zone supported by the cost of
service to the extent an expeditious settlement agreement cannot be
reached in the proceeding. Enogex proposed that the rates be placed
into effect on March 1, 2011. The deadline for interventions and
protests on Enogex’s filing was November 28, 2011 and no protests