OGE Energy Corporation (OGE)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	4,340,500	4,339,700	4,339,000	3,994,100	3,548,700	3,548,200	3,547,600	4,497,000	4,496,400	4,495,800	4,495,200	3,495,000	3,494,400	3,493,900	3,493,400	3,195,600	3,195,200	3,194,700	3,193,600	2,897,300
Total stockholders’ equity	US$ in thousands	4,511,600	4,540,700	4,379,100	4,370,000	4,413,400	4,440,700	4,256,900	4,262,700	4,056,300	3,814,900	3,640,800	3,605,500	3,631,800	3,660,700	3,564,200	3,552,700	4,139,500	4,186,200	4,007,200	3,976,200
Debt-to-capital ratio		0.49	0.49	0.50	0.48	0.45	0.44	0.45	0.51	0.53	0.54	0.55	0.49	0.49	0.49	0.49	0.47	0.44	0.43	0.44	0.42

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 been relatively stable over the past eight quarters, ranging from 0.51 to 0.55. This ratio indicates the proportion of the company's capital structure that is funded by debt, with values above 0.5 suggesting that more than half of the company's capital comes from debt financing. Oge Energy Corp.'s average debt-to-capital ratio over this period is 0.52, reflecting a moderate reliance on debt for funding its operations and investments. Maintaining a consistent debt-to-capital ratio may indicate a deliberate balance between leveraging debt for growth and managing financial risk within the company.