OG&E Energy profit up 21.1%, maintains year view

Wednesday, August 4th 2004, 11:37 am
By: News On 6

OKLAHOMA CITY (AP)_ OGE Energy Corp. reported a 21 percent increase in second-quarter profit due to improved performance by its electric utility and its natural gas pipeline unit.

In a press release Monday, OGE reported net income for the three months ended June 30 rose to $39 million, or 44 cents a share, from $32.2 million, or 41 cents a share, a year earlier. OGE said the improvement at both subsidiaries enabled the company to overcome an 11 percent increase in average common shares outstanding and post higher earnings per share.

OGE, the parent company for Oklahoma Gas and Electric Co., attributed its strong financial performance to more favorable contract terms for the natural gas pipeline, and disciplined operation of the electric utility.

OGE Energy's second-quarter revenue jumped 35.5 percent to $1.16 billion from $852.6 million last year.