OGE Energy 1Q profit falls on widened loss at utility unit

OKLAHOMA CITY—OGE Energy Corp. said Wednesday its first-quarter earnings fell 24 percent as a bigger loss at its utility unit Oklahoma Gas & Electric Co. offset growth at its natural gas pipeline business Enogex LLC.

The company earned $13 million, or 14 cents per share, compared with $17.2 million, or 19 cents per share, in the year-ago quarter.

The company said Oklahoma Gas & Electric posted a loss of 12 cents per share, compared with a year-ago profit of 2 cents per share. The shortfall was mostly due to higher operation and maintenance expenses, which increased to $94 million from $74 million a year earlier, OGE said.

Enogex's profit rose to 24 cents per share from 17 cents per share a year earlier, helped by higher margins and natural gas volumes.

Revenue rose to 13 percent to $994.7 million, from $881.5 million in the prior-year period.

OGE Energy also reaffirmed its outlook for the year.

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