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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12579
OGE Energy Corp.
(Exact name of registrant as specified in its charter)
Oklahoma 73-1481638
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
321 North Harvey
P. O. Box 321
Oklahoma City, Oklahoma 73101-0321
(Address of principal executive offices)
(Zip Code)
405-553-3000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
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There were 40,385,917 Shares of Common Stock, par value $0.01 per share,
outstanding as of April 30, 1998.
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OGE ENERGY CORP.
PART I. FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
3 MONTHS ENDED
MARCH 31
1998 1997
-------------- --------------
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
OPERATING REVENUES:
Electric utility......................................... $ 236,645 $ 227,878
Non-utility.............................................. 69,239 63,337
-------------- --------------
Total operating revenues............................... 305,884 291,215
-------------- --------------
OPERATING EXPENSES:
Fuel..................................................... 59,614 56,614
Purchased power.......................................... 56,325 58,157
Gas purchased for resale................................. 48,247 42,958
Other operation and maintenance.......................... 79,401 71,625
Depreciation and amortization............................ 37,050 35,320
Current income taxes..................................... (1,996) (886)
Deferred income taxes, net............................... 908 (219)
Deferred investment tax credits, net..................... (1,287) (1,287)
Taxes other than income.................................. 13,325 12,932
-------------- --------------
Total operating expenses............................... 291,587 275,214
-------------- --------------
OPERATING INCOME........................................... 14,297 16,001
-------------- --------------
OTHER INCOME AND DEDUCTIONS:
Interest income.......................................... 1,483 547
Other.................................................... (180) (105)
-------------- --------------
Net other income....................................... 1,303 442
-------------- --------------
INTEREST CHARGES:
Interest on long-term debt............................... 13,790 15,419
Allowance for borrowed funds used during construction.... (181) (67)
Other.................................................... 2,331 1,351
-------------- --------------
Total interest charges, net............................ 15,940 16,703
-------------- --------------
NET LOSS................................................... (340) (260)
PREFERRED DIVIDEND REQUIREMENTS............................ 733 571
-------------- --------------
LOSS AVAILABLE FOR COMMON.................................. $ (1,073) $ (831)
============== ==============
AVERAGE COMMON SHARES OUTSTANDING (THOUSANDS).............. 40,386 40,374
LOSS PER AVERAGE COMMON SHARE.............................. $ (0.03) $ (0.02)
============== ==============
DIVIDENDS DECLARED PER SHARE............................... $ 0.665 $ 0.665
THE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ARE AN INTEGRAL PART HEREOF.
1
CONSOLIDATED BALANCE SHEETS
(Unaudited)
MARCH 31 DECEMBER 31
1998 1997
------------- --------------
(DOLLARS IN THOUSANDS)
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
In service.................................................... $ 4,138,062 $ 4,125,858
Construction work in progress................................. 39,616 25,799
------------- --------------
Total property, plant and equipment......................... 4,177,678 4,151,657
Less accumulated depreciation............................. 1,832,415 1,797,806
------------- --------------
Net property, plant and equipment............................. 2,345,263 2,353,851
------------- --------------
OTHER PROPERTY AND INVESTMENTS, at cost......................... 82,501 37,898
------------- --------------
CURRENT ASSETS:
Cash and cash equivalents..................................... 240 4,257
Accounts receivable - customers, net.......................... 97,731 117,842
Accrued unbilled revenues..................................... 29,200 36,900
Accounts receivable - other................................... 23,602 11,470
Fuel inventories, at LIFO cost................................ 49,068 49,369
Materials and supplies, at average cost....................... 28,743 28,430
Prepayments and other......................................... 4,205 4,489
Accumulated deferred tax assets............................... 5,797 6,925
------------- --------------
Total current assets........................................ 238,586 259,682
------------- --------------
DEFERRED CHARGES:
Advance payments for gas...................................... 10,500 10,500
Income taxes recoverable through future rates................. 42,095 42,549
Other......................................................... 59,690 61,385
------------- --------------
Total deferred charges...................................... 112,285 114,434
------------- --------------
TOTAL ASSETS.................................................... $ 2,778,635 $ 2,765,865
============= ==============
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock and retained earnings............................ $ 957,033 $ 984,960
Cumulative preferred stock.................................... --- 49,266
Long-term debt................................................ 835,114 841,924
------------- --------------
Total capitalization........................................ 1,792,147 1,876,150
------------- --------------
CURRENT LIABILITIES:
Short-term debt............................................... 143,100 1,000
Accounts payable.............................................. 70,785 77,733
Dividends payable............................................. 26,857 27,428
Customers' deposits........................................... 23,852 23,847
Accrued taxes................................................. 3,599 21,677
Accrued interest.............................................. 15,494 20,041
Long-term debt due within one year............................ 12,500 25,000
Other......................................................... 36,414 38,518
------------- --------------
Total current liabilities................................... 332,601 235,244
------------- --------------
DEFERRED CREDITS AND OTHER LIABILITIES:
Accrued pension and benefit obligation........................ 64,710 62,023
Accumulated deferred income taxes............................. 502,960 503,952
Accumulated deferred investment tax credits................... 71,590 72,878
Other......................................................... 14,627 15,618
------------- --------------
Total deferred credits and other liabilities................ 653,887 654,471
------------- --------------
TOTAL CAPITALIZATION AND LIABILITIES............................ $ 2,778,635 $ 2,765,865
============= ==============
THE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ARE AN INTEGRAL PART HEREOF.
2
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
3 MONTHS ENDED
MARCH 31
1998 1997
-------------- --------------
(DOLLARS IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss........................................................... $ (340) $ (260)
Adjustments to Reconcile Net Loss to Net
Cash Provided From Operating Activities:
Depreciation and amortization.................................... 37,050 35,320
Deferred income taxes and investment tax credits, net............ (379) (1,506)
Change in Certain Current Assets and Liabilities:
Accounts receivable - customers................................ 20,111 29,216
Accrued unbilled revenues...................................... 7,700 10,000
Fuel, materials and supplies inventories....................... (12) 1,758
Accumulated deferred tax assets................................ 1,128 3,853
Other current assets........................................... 247 3,028
Accounts payable............................................... (6,948) (5,752)
Accrued taxes.................................................. (18,078) (14,314)
Accrued interest............................................... (4,547) (3,024)
Other current liabilities...................................... (2,670) (2,495)
Other operating activities....................................... 3,262 (8,461)
-------------- --------------
Net cash provided from operating activities.................. 36,524 47,363
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures............................................... (28,132) (25,005)
Other investment activities........................................ (58,343) ---
-------------- --------------
Net cash used in investing activities........................ (86,475) (25,005)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of long-term debt....................................... (25,000) (15,000)
Proceeds from long-term debt....................................... 5,690 ---
Short-term debt, net............................................... 142,100 24,500
Redemption of preferred stock...................................... (49,266) (50)
Cash dividends declared on preferred stock......................... (733) (571)
Cash dividends declared on common stock............................ (26,857) (26,849)
-------------- --------------
Net cash provided (used) in financing activities............. 45,934 (17,970)
-------------- --------------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS................. (4,017) 4,388
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD..................... 4,257 2,523
-------------- --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD........................... $ 240 $ 6,911
============== ==============
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Period for:
Interest (net of amount capitalized)............................. $ 18,721 $ 18,213
Income taxes..................................................... $ 7,180 $ 5,175
- --------------------------------------------------------------------------------------------------------------
DISCLOSURE OF ACCOUNTING POLICY:
For purposes of these statements, the Company considers all highly liquid debt
instruments purchased with a maturity of three months or less to be cash
equivalents. These investments are carried at cost which approximates market.
THE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ARE AN INTEGRAL PART HEREOF.
3
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. The condensed consolidated financial statements included herein have
been prepared by OGE Energy Corp. (the "Company"), without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations; however, the Company believes that the
disclosures are adequate to make the information presented not
misleading.
In the opinion of management, all adjustments necessary to present
fairly the financial position of the Company and its subsidiaries as of
March 31, 1998, and December 31, 1997, and the results of operations and
the changes in cash flows for the periods ended March 31, 1998, and
March 31, 1997, have been included and are of a normal recurring nature
(excluding amortization of a regulatory asset relating to a Voluntary
Early Retirement Package ("VERP") and severance package - See Item 2
"Management's Discussion and Analysis of Financial Condition and Results
of Operations" for related discussion).
The results of operations for such interim periods are not necessarily
indicative of the results for the full year. It is suggested that these
condensed consolidated financial statements be read in conjunction with
the consolidated financial statements and the notes thereto included in
the Company's Form 10-K for the year ended December 31, 1997.
2. In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive
Income." Adoption of SFAS No. 130 is required for both interim and
annual periods beginning after December 15, 1997. The Company adopted
this new standard effective March 31, 1998. Comprehensive income as
defined in SFAS No. 130 equals the Company's net income as shown in the
Consolidated Statements of Income.
3. In June 1997, the FASB issued SFAS No. 131, "Disclosures About Segments
of an Enterprise and Related Information." Adoption of SFAS No. 131 is
required for fiscal years beginning after December 15, 1997. The Company
will adopt this new standard effective December 31, 1998. Adoption of
this new standard will change the presentation of certain financial
information of the Company, but will not affect reported earnings.
4. In February 1998, the FASB issued SFAS No.132, "Employers' Disclosures
about Pensions and Other Postretirement Benefits." Adoption of SFAS No.
132 is required for financial statements for periods beginning after
December 15, 1997. The Company will adopt this new standard effective
December 31, 1998. Adoption of this new standard will change the
presentation of certain disclosure information of the Company, but will
not affect reported earnings.
4
5. In April 1998, Statement of Position (SOP) 98-5, "Reporting on the Cost
of Start-Up Activities" was issued. Adoption of SOP 98-5 is required in
fiscal years beginning after December 15, 1998. The Company will adopt
this new standard effective March 31, 1999, and management believes the
adoption of this new standard will not have a material impact on its
consolidated financial position or results of operation.
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
OVERVIEW
The following discussion and analysis presents factors which affected the
results of operations for the three months ended March 31, 1998 (the "current
period"), and the financial position as of March 31, 1998, of the Company and
its subsidiaries: Oklahoma Gas and Electric Company ("OG&E"), Enogex Inc. and
its subsidiaries ("Enogex") and Origen and its subsidiaries ("Origen"). For the
three months ended March 31, 1998, approximately 77 percent of the Company's
revenues consisted of regulated sales of electricity by OG&E, a public utility,
while the remaining 23 percent was provided by the non-utility operations of
Enogex. Origen recently was formed and its operations to date have been de
minimis. Revenues from sales of electricity are somewhat seasonal, with a large
portion of OG&E's annual electric revenues occurring during the summer months
when the electricity needs of its customers increase. Actions of the regulatory
commissions that set OG&E's electric rates will continue to affect the Company's
financial results. Unless indicated otherwise, all comparisons are with the
corresponding period of the prior year.
Some of the matters discussed in this Form 10-Q may contain forward-looking
statements that are subject to certain risks, uncertainties and assumptions.
Actual results may vary materially. Factors that could cause actual results to
differ materially include, but are not limited to: general economic conditions,
including their impact on capital expenditures; business conditions in the
energy industry; competitive factors; unusual weather; regulatory decisions and
other risk factors listed in the Company's Form 10-K for the year ended December
31, 1997 including Exhibit 99.01 thereto and other factors described from time
to time in the Company's reports to the Securities and Exchange Commission.
In 1994, OG&E restructured and redesigned its operations to reduce costs
and to more favorably position itself for the competitive electric utility
environment. As part of this process, OG&E implemented a Voluntary Early
Retirement Package ("VERP") and a severance package in 1994. These two packages
reduced OG&E's workforce by approximately 900 employees.
5
In response to an application filed by OG&E, the Oklahoma Corporation
Commission ("OCC") issued an order on October 26, 1994, that permitted OG&E to:
(i) establish a regulatory asset in connection with the costs associated with
the workforce reduction; (ii) amortize the December 31, 1994, balance of the
regulatory asset over 26 months; and (iii) reduce OG&E's electric rates by
approximately $15 million annually, effective January 1995. In 1996, the labor
savings substantially offset the amortization of the regulatory asset and the
annual rate reduction of $15 million. The regulatory asset was fully amortized
at February 28, 1997 and again the labor savings substantially offset the
regulatory asset amortization in 1997 and therefore, did not significantly
impact operating results.
REVENUES
Total operating revenues increased $14.7 million or 5.0 percent. The
increase was attributable to increased electric sales by OG&E and increase
Enogex revenues. Increased electric sales were primarily attributable to
continued electric customer growth, favorable weather conditions and the impact
of the Generation Efficiency Performance Rider ("GEP Rider") that was authorized
by the OCC in OG&E's most recent rate order. The GEP Rider increased revenue by
approximately $6.4 million. These increases offset the effects of the $50
million annual rate reduction that became effective March 5, 1997.
Customer growth and the favorable weather conditions in the electric
service area resulted in a 3.3 percent increase in kilowatt-hour sales to OG&E
customers ("system sales"). Sales to other utilities increased 1.6 percent;
however, sales to other utilities are at much lower prices per kilowatt-hour and
have less impact on operating revenues and earnings than system sales.
Enogex revenues increased $5.2 million or 7.0 percent primarily due to
higher volumes of natural gas sold through its gas marketing activities. This
increase was partially offset by lower average prices for natural gas liquids
and lower gas prices in the development and production segment.
EXPENSES
Total operating expenses increased $16.4 million or 5.9 percent primarily
due to increased fuel cost and other operation and expenses at OG&E, increased
volumes and prices paid by Enogex for natural gas purchased for resale to third
parties and increased costs at Enogex associated with expansion activities.
Fuel expense increased $3.0 million or 5.3 percent primarily due to
increased generation as a result of favorable weather conditions. Variances in
the actual cost of fuel used in electric generation and certain purchased power
costs, as compared to that component in cost-of-service for ratemaking, are
passed through to OG&E's electric customers through automatic fuel adjustment
clauses. The automatic fuel adjustment clauses are subject to periodic review by
the
6
OCC, the Arkansas Public Service Commission ("APSC") and the Federal Energy
Regulatory Commission ("FERC"). Enogex Inc. owns and operates a pipeline
business that delivers natural gas to the generating stations of OG&E. The OCC,
the APSC and the FERC have authority to examine the appropriateness of any gas
transportation charges or other fees OG&E pays Enogex, which OG&E seeks to
recover through the fuel adjustment clause or other tariffs.
Enogex's gas purchased for resale pursuant to its gas marketing operations
increased $5.3 million or 12.3 percent, due to higher volumes purchased and
higher gas costs.
Other operation and maintenance increased $7.8 million or 10.9 percent
primarily due to increased costs associated with scheduled overhauls at three
OG&E power generating stations and costs at Enogex associated with expansion
activities.
Depreciation and amortization increased $1.7 million or 4.9 percent due to
an increase in depreciable property and higher oil and gas production volumes
(based on units of production depreciation method).
Interest income increased $0.9 million primarily due to a $50 million loan
to the NOARK partnership from Enogex in January 1998 as part of Enogex's entry
into the NOARK partnership.
Interest charges decreased $0.8 million or 4.6 percent primarily due to the
redemption on August 21, 1997 of OG&E's $250 million of long-term debt,
refinanced at lower interest cost, OG&E refinancing $56 million of 7 percent
Pollution Control Revenue Bonds in July 1997 and OG&E retiring $25 million of
6.375 percent First-Mortgage Bonds in January 1998. These interest savings were
partially offset by costs associated with increased short-term debt.
EARNINGS
The current period net loss of $340,000 represents a decrease of $80,000.
Loss per average common share increased from two cents to three cents in the
current period. These changes reflect the above items and the seasonal nature of
the Company's regulated electric business.
LIQUIDITY AND CAPITAL REQUIREMENTS
The Company meets its cash needs through internally generated funds,
permanent financing and short-term borrowings. Internally generated funds,
short-term borrowings and medium-term notes of Enogex described below are
expected to meet virtually all of the Company's capital requirements through the
remainder of 1998. Short-term borrowings will continue to be used to meet
temporary cash requirements.
The Company's primary needs for capital are related to construction of new
facilities to meet anticipated demand for OG&E's utility service, to replace or
expand existing facilities in OG&E's electric utility business and to acquire
new facilities or replace or expand existing
7
facilities in its non-utility businesses, and to some extent, for satisfying
maturing debt and sinking fund obligations. The Company's capital expenditures
for the current period of $28 million were financed with internally generated
funds and short-term borrowings.
The Company's capital structure and cash flow remained strong throughout
the current period. The Company's combined cash and cash equivalents decreased
approximately $4 million during the three months ended March 31, 1998. The
decrease reflects the Company's cash flow from operations plus an increase in
short-term borrowings, net of retirement of long-term debt, construction
expenditures, Enogex acquisition, redemption of preferred stock and dividend
payments.
In January 1998, Enogex, through a newly-formed subsidiary, Enogex Arkansas
Pipeline Corp. ("EAPC") agreed to acquire interests in two natural gas
pipelines, NOARK Pipeline System, L.P. ("NOARK") and Ozark Pipeline ("Ozark"),
for approximately $30 million and $55 million, respectively. The NOARK line is a
302-mile intra-state pipeline system that extends from near Fort Chafee,
Arkansas to near Paragould, Arkansas. Current throughput capacity on the NOARK
line is approximately 130 million cubic feet per day. The Ozark line is a
437-mile interstate pipeline system that begins near McAlester, Oklahoma and
terminates near Searcy, Arkansas. Current throughput capacity on the Ozark line
is approximately 170 million cubic feet per day. The transactions are subject to
certain regulatory approvals, including that of the FERC.
Following regulatory approvals, EAPC will contribute Ozark to the NOARK
partnership and the two pipelines will be integrated into a single, interstate
transmission system at an estimated additional cost of $15 million. After the
integration, which is to be funded by EAPC, EAPC will own a 75 percent interest
in the NOARK partnership and Southwestern Energy Pipeline Co. will retain its 25
percent interest in the partnership. If the necessary regulatory approvals are
obtained, Enogex expects to fund these acquisitions through the issuance of
medium-term notes.
In January 1998, OG&E filed an application with the OCC seeking approval to
revise an existing cogeneration contract with Mid-Continent Power Company
("MCPC"), a cogeneration plant near Pryor, Oklahoma. Under the Public Utility
Regulatory Policies Act of 1978 ("PURPA"), OG&E was obligated to enter into the
original contract, which was approved by the OCC in 1987, and which required
OG&E to purchase 110 megawatts of peaking capacity from the plant for 10 years
beginning in 1998 - whether the capacity was needed or not. As part of this
transaction, the Company agreed to purchase the stock of Oklahoma Loan
Acquisition Corporation, the company that owns the MCPC plant, for approximately
$25 million. On March 13, 1998, the OCC issued its order granting the relief
requested by OG&E. Completion of the transaction is subject to receipt of
numerous regulatory approvals in addition to the OCC, including the FERC and the
APSC. Assuming the transaction is approved by the necessary regulatory agencies
and the transaction is completed, the term of the existing cogeneration contract
will be reduced by four and one-half years, which should reduce the amounts to
be paid by OG&E, and should provide savings for its Oklahoma customers, of
approximately $46 million as compared to the existing cogeneration contract.
Funding for the $25 million purchase price is expected to be provided by
internally generated funds and short-term borrowings.
8
Like any business, the Company is subject to numerous contingencies, many
of which are beyond its control. For discussion of significant contingencies
that could affect the Company, reference is made to Part II, Item 1 - "Legal
Proceedings" and Item 5 - "Other Information" of this Form 10-Q and to
"Management's Discussion and Analysis" and Notes 9 and 10 of Notes to the
Consolidated Financial Statements in the Company's 1997 Form 10-K.
PART II. OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
Reference is made to Item 3 of the Company's 1997 Form 10-K for a
description of certain legal proceedings presently pending. Except as described
below, there are no new significant cases to report against the Company or its
subsidiaries and there have been no significant changes in the previously
reported proceedings.
1. As previously reported, in the State of Oklahoma, ex rel., Teresa Harvey
(Carroll); Margaret B. Fent and Jerry R. Fent v. Oklahoma Gas and Electric
Company, et al., District Court, Oklahoma County, Case No. CJ-97-1242-63, on
February 24, 1997, the taxpayers instituted litigation against OG&E and
Co-Defendants Oklahoma Corporation Commission, Oklahoma Tax Commission and
individual commissioners seeking judgment in the amount of $970,184.14 and
treble penalties of $2,910,552.42, plus interest and costs, for overcharges
refunded by OG&E to its ratepayers in compliance with an Order of the OCC which
Plaintiffs allege was illegal. Plaintiffs allege the refunds should have been
paid into the state Unclaimed Property Fund. In June 1997, OG&E's Motion for
Summary Judgment was granted. Plaintiffs appealed. On April 10, 1998, the Court
of Civil Appeals affirmed the order of the trial court granting OG&E Summary
Judgment. On April 29, 1998, Plaintiffs petitioned the Court of Civil Appeals
for rehearing. Plaintiffs' petition is pending. Management believes that the
lawsuit is without merit and will not have a material adverse effect on the
Company's consolidated financial position or its results of operations.
2. On February 18, 1998, Enogex was sued in the District Court of Oklahoma
County, State of Oklahoma, for alleged breach of contract, fraud, breach of
fiduciary duty, misappropriation and unjust enrichment arising from
communications that allegedly created agreements regarding oil and gas
exploration activities. Plaintiffs seek damages in excess of $25 million. While
Enogex believes all the aforementioned claims are without merit and has filed a
motion to dismiss, or an answer denying, plaintiffs' claims, Enogex cannot
predict the ultimate outcome of this litigation. Enogex expects the court to
schedule a hearing on its motion to dismiss the claims in June 1998.
9
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.01 - Financial Data Schedule.
(b) Reports on Form 8-K
A Form 8-K Current Report under Item 5, Other Events, dated January 6,
1998, announcing that it will file an application with the OCC seeking approval
of a revised cogeneration contract.
10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OGE Energy Corp.
(Registrant)
By /s/ James R. Hatfield
-------------------------------------
James R. Hatfield
Vice President and Treasurer
(On behalf of the registrant and in his capacity
as Principal Financial and Accounting Officer)
May 14, 1998
11
EXHIBIT INDEX
EXHIBIT INDEX DESCRIPTION
- ------------- -----------
27.01 Financial Data Schedule
UT
1,000
3-MOS
MAR-31-1998
MAR-31-1998
PER-BOOK
2,345,263
82,501
238,586
112,285
0
2,778,635
404
512,495
444,134
957,033
0
0
835,114
0
0
143,100
12,500
0
4,073
2,697
824,118
2,778,635
305,884
(2,375)
293,962
291,587
14,297
1,303
15,600
15,940
(340)
733
(1,073)
26,857
13,790
36,542
(0.03)
(0.03)
