Investment in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2021

Reconciliation of Basis Difference [Line Items]

Reconciliation of Basis Difference [Table Text Block]

The following table presents a reconciliation of the difference between OGE Energy's investment in Enable and its underlying equity in the net assets of Enable (basis difference) from December 31, 2020 to September 30, 2021. The basis difference is amortized over approximately 30 years.

(In millions)
Basis difference at December 31, 2020	$	1,332.3
Amortization of basis difference (A)	(42.1)
Basis difference at September 30, 2021	$	1,290.2

(A) Includes proportional basis difference recognition due to dilution.

Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block]

The following table presents a reconciliation of OGE Energy's equity in earnings (losses) of unconsolidated affiliates for the three and nine months ended September 30, 2021 and 2020. For further discussion of Enable's net income (loss), see "Item 2. Management's Discussion and Analysis - Results of Operations - OGE Holdings (Natural Gas Midstream Operations)."

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2021			2020			2021			2020
Enable net income (loss)	$	107.0		$	(173.0)		$	341.0		$	(35.0)
OGE Energy's percent ownership at period end	25.5		%	25.5		%	25.5		%	25.5		%
OGE Energy's portion of Enable net income (loss)	$	27.5		$	(44.0)		$	87.0		$	(8.9)
Amortization of basis difference and dilution recognition (A)	13.7			59.8			40.9			85.1
Impairment of OGE Energy's equity method investment in Enable (B)	—			—			—			(780.0)
Equity in earnings (losses) of unconsolidated affiliates (C)	$	41.2		$	15.8		$	127.9		$	(703.8)

(A) Includes loss on dilution, net of proportional basis difference recognition.

(B) Effective March 31, 2020, OGE Energy estimated the fair value of its investment in Enable was below the book value and concluded the decline in value was not temporary due to the severity of the decline and recent rapid deterioration, as well as the near term future outlook, of the midstream oil and gas industry. Accordingly, OGE Energy recorded a $780.0 million impairment on its investment in Enable in 2020. Further discussion can be found in OGE Energy's 2020 Form 10-K.

(C) For the three and nine months ended September 30, 2020, Enable recorded a $225.0 million impairment on its SESH equity method investment, which is included in their net loss for each period. Enable estimated the fair value of this equity method investment was below the carrying value at September 30, 2020 and concluded the decline in value was other than temporary due to the expiration of a transportation contract and the current status of renewal negotiations. The impairment ran through OGE Energy's portion of Enable net income (loss) and was offset by basis differences that flow through the amortization of basis difference and dilution recognition line item above.

Schedule of Related Party Transactions [Table Text Block]

The following table presents summarized related party transactions between OG&E and Enable during the three and nine months ended September 30, 2021 and 2020.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2021		2020		2021		2020
Operating revenues:
Electricity to power electric compression assets	$	4.1	$	4.5	$	10.0	$	11.7
Fuel, purchased power and direct transmission expense:
Natural gas transportation services	$	9.4	$	9.3	$	23.4	$	23.4
Natural gas purchases (sales)	$	(7.7)	$	3.2	$	(28.3)	$	2.2

Summarized Balance Sheet Financial Information, Equity Method Investment [Table Text Block]

The following tables present summarized unaudited financial information for 100 percent of Enable as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020.

	September 30,		December 31,
Balance Sheet	2021		2020
(In millions)
Current assets	$	536	$	381
Non-current assets	$	11,244	$	11,348
Current liabilities	$	1,299	$	582
Non-current liabilities	$	3,248	$	4,052

Summarized Income Statement Financial Information, Equity Method Investment [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Income Statement	2021		2020		2021		2020
(In millions)
Total revenues	$	956	$	596	$	2,713	$	1,759
Cost of natural gas and NGLs (excluding depreciation and amortization)	$	565	$	250	$	1,510	$	653
Operating income	$	152	$	100	$	482	$	326
Net income (loss)	$	107	$	(173)	$	341	$	(35)