OGE Energy Corp (NYSE:OGE) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET

Corporate Participants

Jason Bailey - Director, Investor Relations

Robert Trauschke - Chairman, President and Chief Executive Officer

Bryan Buckler - Chief Financial Officer

Conference Call Participants

Constantine Lednev - Guggenheim Partners

Cody Kiechle - Bank of America

Insoo Kim - Goldman Sachs

Brandon Lee - Mizuho Group

Gregg Orrill - UBS

Operator

Good day and thank you for standing by. Welcome to the OGE Energy Corp's Second Quarter 2022 Earnings Call. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Jason Bailey, Director of Investor Relations. Please go ahead.

Jason Bailey

Thank you, Hope, and good morning, everyone, and welcome to OGE Energy Corp's Second Quarter 2022 Earnings Call. With me today, I have Sean Trauschke, our Chairman, President and CEO; and Bryan Buckler, our CFO. In terms of the call today, we will first hear from Sean, followed by an explanation from Bryan of financial results. And finally, as always, we will answer your questions.

I'd like to remind you that this conference is being webcast and you may follow along at oge.com. In addition, the conference call and accompanying slides will be archived following the call on that same website. Before we begin the presentation, I'd like to direct your attention to the Safe Harbor statement regarding forward-looking statements. This is an SEC requirement for financial statements and simply states that we cannot guarantee forward-looking financial results, but this is our best estimate to date.

I'll now turn the call over to Sean for his opening remarks. Sean?

Robert Trauschke

Thank you, Jason. Good morning, everyone. Thank you for joining us. Certainly great to be with you this morning.

Earlier this morning, we reported second quarter utility earnings of $0.50 per share, which represents an increase of $0.08 per share over the same period last year. Overall, we reported consolidated earnings of $0.36 per share, which includes $0.05 loss from the holding company and the $0.09 loss from natural gas midstream operations.

The second quarter was very productive and included the following. Through the end of July, we've exited 77% of our energy transfer investment at an average sales price of $11.09 per unit, which represents a 33% premium to where the units were when we closed the transaction last December. Interestingly, we've already received more net proceeds than the value of our investment on the transaction closed date and we haven't even completed the exit. We're pleased with the pace of our progress and the value that we've captured for our shareholders. Bryan will go into more details shortly.