Report of Business Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting Information [Line Items]

Report of Business Segments

Report of Business Segments

OGE Energy reports its operations in two business segments: (i) the electric utility segment, which is engaged in the generation, transmission, distribution and sale of electric energy and (ii) natural gas midstream operations segment. Prior to the Enable and Energy Transfer merger closing on December 2, 2021, OGE Energy's natural gas midstream operations segment included its equity method investment in Enable. Subsequent to December 2, 2021, OGE Energy's natural gas midstream operations segment includes its investment in Energy Transfer's equity securities and legacy Enable seconded employee pension and postretirement costs. Other operations primarily includes the operations of the holding company. Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. The following tables present the results of OGE Energy's business segments for the years ended December 31, 2021, 2020 and 2019.

2021	Electric Utility		Natural Gas Midstream Operations		Other Operations		Eliminations		Total
(In millions)
Operating revenues	$	3,653.7	$	—	$	—	$	—	$	3,653.7
Fuel, purchased power and direct transmission expense	2,127.6		—		—		—		2,127.6
Other operation and maintenance	464.7		1.6		(3.2)		—		463.1
Depreciation and amortization	416.0		—		—		—		416.0
Taxes other than income	99.3		0.2		3.3		—		102.8
Operating income (loss)	546.1		(1.8)		(0.1)		—		544.2
Equity in earnings of unconsolidated affiliates	—		169.8		—		—		169.8
Gain on Enable/Energy Transfer transaction, net	—		344.4		—		—		344.4
Other income (expense)	7.7		(26.4)		(2.0)		(0.9)		(21.6)
Interest expense	152.0		—		7.2		(0.9)		158.3
Income tax expense (benefit)	41.8		101.0		(1.6)		—		141.2
Net income (loss)	$	360.0	$	385.0	$	(7.7)	$	—	$	737.3
Total assets	$	11,688.0	$	786.6	$	350.3	$	(218.5)	$	12,606.4
Capital expenditures	$	778.5	$	—	$	—	$	—	$	778.5

2020	Electric Utility		Natural Gas Midstream Operations		Other Operations		Eliminations		Total
(In millions)
Operating revenues	$	2,122.3	$	—	$	—	$	—	$	2,122.3
Fuel, purchased power and direct transmission expense	644.6		—		—		—		644.6
Other operation and maintenance	464.4		1.7		(3.3)		—		462.8
Depreciation and amortization	391.3		—		—		—		391.3
Taxes other than income	97.2		0.4		3.8		—		101.4
Operating income (loss)	524.8		(2.1)		(0.5)		—		522.2
Equity in losses of unconsolidated affiliates (A)	—		(668.0)		—		—		(668.0)
Other income (expense)	4.1		(2.9)		3.6		(1.6)		3.2
Interest expense	154.8		—		5.3		(1.6)		158.5
Income tax expense (benefit)	34.7		(158.0)		(4.1)		—		(127.4)
Net income (loss)	$	339.4	$	(515.0)	$	1.9	$	—	$	(173.7)
Investment in unconsolidated affiliates	$	—	$	374.3	$	—	$	—	$	374.3
Total assets	$	10,489.0	$	378.1	$	116.4	$	(264.7)	$	10,718.8
Capital expenditures	$	650.5	$	—	$	—	$	—	$	650.5

(A)In March 2020, OGE Energy recorded a $780.0 million impairment on its investment in Enable, as further discussed in Notes 5 and 7.

2019	Electric Utility		Natural Gas Midstream Operations		Other Operations		Eliminations		Total
(In millions)
Operating revenues	$	2,231.6	$	—	$	—	$	—	$	2,231.6
Fuel, purchased power and direct transmission expense	786.9		—		—		—		786.9
Other operation and maintenance	492.5		2.8		(3.5)		—		491.8
Depreciation and amortization	355.0		—		—		—		355.0
Taxes other than income	89.5		0.4		3.7		—		93.6
Operating income (loss)	507.7		(3.2)		(0.2)		—		504.3
Equity in earnings of unconsolidated affiliates	—		113.9		—		—		113.9
Other income (expense)	3.1		(8.6)		2.2		(3.6)		(6.9)
Interest expense	140.5		—		11.0		(3.6)		147.9
Income tax expense (benefit)	20.1		20.7		(11.0)		—		29.8
Net income	$	350.2	$	81.4	$	2.0	$	—	$	433.6
Investment in unconsolidated affiliates	$	—	$	1,132.9	$	—	$	—	$	1,132.9
Total assets	$	10,076.6	$	1,135.4	$	107.0	$	(294.7)	$	11,024.3
Capital expenditures	$	635.5	$	—	$	—	$	—	$	635.5