OGE Energy (OGE) Q4 2024 earnings summary

Executive summary

• 2024 consolidated earnings exceeded guidance, driven by strong operational execution, customer growth, and major infrastructure investments, including 550 MW of new generation capacity under construction.

• Customer experience improved through enhanced digital tools, automation, and grid strengthening, supporting reliability and safety.

• Added over 10,000 customers, with total customers reaching approximately 907,000 in 2024.

• Fourth quarter 2024 net income was $101.9 million ($0.50 per share), more than double Q4 2023, driven by rate review settlement and load growth.

Financial highlights

• 2024 consolidated net income was $442 million ($2.19 per diluted share), up from $417 million ($2.07 per share) in 2023.

• Electric company net income reached $470 million ($2.33 per share), compared to $426 million ($2.12 per share) in 2023.

• Operating revenues rose to $2,985.3 million in 2024 from $2,674.3 million in 2023.

• Holding company reported a loss of $28 million ($0.14 per share), primarily due to higher interest expense and lower net other income.

• Weather-normalized load growth was 7.6% year-over-year, with commercial load up 21.4% and residential up 2.4%.

Outlook and guidance

• 2025 consolidated earnings guidance midpoint set at $2.27 per share, a 7% increase over 2024's original midpoint, with a range of $2.21–$2.33.

• Long-term annual EPS growth rate of 5%-7% based on the higher 2025 midpoint, extended through 2029.

• 2025 weather-normalized load growth expected at 8.5%, with forecasted range of 7.5%–9.5%.

• Dividend payout targeted at 65%-70% of earnings, with regular quarterly payments maintained.