Oklahoma Gas and Electric’s parent company OGE Energy showed decent progress in its quarterly report today and teased of its upcoming pipeline IPO.
The company announced its earnings per diluted share were up for the year, averaging $1.94. The company reported a $293 million net income, with approximately $100 million equity income from its stake in natural gas midstream operations.
It also reported a $0.03 per share loss coming from its partnership with CenterPoint Energy known as Enable Midstream Partners.
This partnership creates an 8,000 mile pipeline network in the U.S. heartland that serves Alabama, Arkansas, Illinois, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, and Texas. Its total transport capacity is about 9 million cubic feet per day, and is expected to go public early in 2014.
“The utility continues to be on plan, nearing completion of the transmission build-out, managing costs, improving safety performance and driving customer engagement. OGE Energy Corp. Chairman, President and CEO Pete Delaney said in a statement on Tuesday. “Enable Midstream, under the leadership of Lynn Bourdon, continues to move forward with an IPO anticipated at the end of the first quarter in 2014.”
Saudis Cry Foul
With the promise of lightened sanctions on Iran’s petroleum trade, and increased competition in the U.S. Gulf Coast region, there is a lot of pressure on the Saudi oil industry. And then, of course, there’s the whole Fracking thing…