OGE Energy (OGE) Q4 2024 earnings summary

Executive summary

• 2024 consolidated earnings exceeded guidance, driven by strong operational execution, broad-based load and customer growth, and a constructive regulatory environment.

• Over 10,000 new customers added, with significant grid investments and modernization projects completed ahead of schedule, including 550 MW of new generation capacity under construction.

• Customer experience improved through self-service tools and grid strengthening, supporting exceptional reliability and growth.

• Data center opportunities are being pursued, but 2024 and 2025 forecasts exclude any data center load.

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).

• Q4 2024 consolidated EPS was $0.50, more than double Q4 2023's $0.24, driven by capital investment recovery and exceptional load growth.

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

• Weather-normalized load growth was 7.6% in 2024, 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% is now based on the higher 2025 midpoint and extended through 2029.

• 2025 weather-normalized load growth expected to reach 8.5%.

• No external equity issuances anticipated except for modest annual DRIP; long-term debt issuance of $300–$350 million planned for 2025.