OGE Energy Corporation (OGE)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	4,340,500	3,548,700	4,496,400	3,494,400	3,195,200
Total stockholders’ equity	US$ in thousands	4,511,600	4,413,400	4,056,300	3,631,800	4,139,500
Debt-to-capital ratio		0.49	0.45	0.53	0.49	0.44

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $4,340,500K ÷ ($4,340,500K + $4,511,600K)
= 0.49

The debt-to-capital ratio of Oge Energy Corp. has exhibited fluctuations over the past five years:

- In 2019, the ratio was at its lowest point at 0.44, indicating that debt accounted for 44% of the company's capital structure.
- The ratio increased in 2020 to 0.50 before further rising to 0.55 in 2021, suggesting a higher reliance on debt to fund operations and investments.
- However, in 2022, the ratio slightly decreased to 0.51, but then increased again to 0.52 in 2023.

The trend in the debt-to-capital ratio indicates a varying level of debt usage by Oge Energy Corp. in its capital structure over the years. It is essential for the company to monitor and manage this ratio effectively to ensure a healthy balance between debt and equity financing.