OGE Energy Corp. (NYSE:OGE) Q2 2017 Earnings Conference Call - Preliminary Transcript
Aug 03, 2017 • 09:00 am ET
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Oklahoma Gas and Electric Second Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's presentation, Mr. Todd Tidwell. Sir, please begin.
Thank you, Howard. Good morning everyone, and welcome to OGE Energy Corp's second quarter 2017 earnings call. I'm Todd Tidwell, Director of Investor Relations, and with me today I have Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp; and Steve Merrill, CFO of OGE Energy Corp. In terms of the call today, we will first hear from Sean, followed by an explanation from Steve of second quarter results, and finally as always, we will answer your questions.
I would like to remind you that this conference is being webcast, and you may follow along on our Web site at oge.com. In addition, the conference call and the accompanying slides will be archived following the call on that same Web site. Before we begin presentation, I would like to direct your attention to the Safe Harbor statement regarding forward-looking statements. This is an SEC requirement for financial statements. And it simply states that we cannot guarantee forward-looking financial results, but this is our best estimate to date. I would also like to remind you that there is a Regulation G reconciliation for gross margin in the appendix, along with projected capital expenditures.
I will now turn the call over to Sean for his opening comments. Sean?
Thank you, Todd, and good morning everyone, and thank you for joining us on today's call. Earlier this morning, we reported second quarter consolidated earnings of $0.52 per share, compared to $0.35 per share in 2016. The utility reported earnings of $0.43 per share, and our portion of Enable earnings were $0.09 per share. We have received approximately $70 million in distributions from Enable year to date, and earlier this week, Enable announced the second quarter distribution of $35 million, payable on August 29. The company is performing quite well, and we have accomplished a great deal this year.
Our team has provided superior response to the four significant storm restoration efforts we've had, the construction of our environmental compliance and Mustang modernization projects, we brought two rate cases to completion, announced a new 10-megawatt universal solar farm, our Redburd and McClain plants were ranked among the nation's top 20 performers. I know GE Energy was listed on Forbes top 100 most trustworthy companies. I continue to be impressed with our member's commitment to moving forward and remaining focused on the day-to-day operations of the company.
Our utility service territory remains strong, and we have added approximately 8,400 new customers to the system, going at our historical rate of 1%. The latest economic statistics put Oklahoma's unemployment rate