OGE Energy Corp.

Consolidated net income was approximately $116 million, or $0.56 per diluted share, versus $108 million, or $0.53 per share, in the second quarter of 2025. The electric company posted net income of approximately $120 million, or $0.58 per diluted share, versus $108 million, or $0.53 per share a year ago, while the holding company reported a loss of approximately $4 million, or $0.02 per diluted share, compared with a loss of less than $1 million last year. Management said the increase was mainly due to warm second-quarter weather and lower depreciation and interest expense, partially offset by higher O&M expense. For 2026, the company reaffirmed consolidated earnings guidance of $2.38 to $2.48 per share, midpoint $2.43. It also said it has completed all planned 2026 financing, continues to target FFO to debt of approximately 17%, and remains on track to add 550 MW to the grid in 2026 and another 300 MW next year from Frontier Storage.

Sean Trauschke framed the quarter around reliability, customer protection, and preparation for a much larger investment cycle. He emphasized the Oklahoma large-load tariff, saying it is designed to support growth while protecting existing customers, including upfront connection funding, minimum commitments, collateral, and a consumer protection charge. He also pointed to multiple upcoming regulatory milestones, possible filings this quarter, and the need to add substantially more capacity as load grows.

Chuck Walworth walked through the quarter’s financial bridge, noting the electric utility’s earnings improvement came from weather and lower depreciation and interest expense, partially offset by higher O&M. He reaffirmed 2026 guidance at $2.38 to $2.48 per share and said nearly 70% of expected annual earnings still lie ahead. On balance sheet and capital planning, he said planned 2026 financing is complete, the company still targets about 17% FFO-to-debt over the planning horizon, and future capital/financing updates will be provided as projects advance.

Analysts focused on whether the upcoming Oklahoma rate case could include CWIP for Horseshoe Lake 13 and 14; management said it will be a normal distribution case and will not include generation, which remains in a separate approval process. Questions also probed the new large-load tariff and whether self-supply would alter its protections; management said the tariff goes beyond state legislation and is intended to ensure the regulated model protects all customers. On transmission, management said the Seminole-to-Shreveport NTC is expected in the fourth quarter if approved, but costs, routing, and timing will be clarified only after the NTC is received.