OGE Energy Corp., parent company of Oklahoma Gas and Electric Co. and Enogex Inc., reported a substantial first quarter loss on Monday, blaming the reduction on unfavorable price margins and “strong downward pressure on fractionation spreads.” OGE posted a loss of $15 million, or 19 cents a share, compared with a profit last year of $1.06 billion or one cent a share.

Because of the loss, the company lowered its 2001 earnings forecast to between $1.70 and $1.80 a share, down from its estimate of $2.00 to $2.10 a share. Thomson Financial/First Call had expected the company to turn a profit of $2.07 a share.

“We are disappointed with our first quarter results, but we are actively addressing the issues involved,” said CEO Steve E. Moore. “Meanwhile, our electric utility is making pre-season preparations to meet the growing demand for power during the summer cooling season, when OG&E accounts for the majority of our annual earnings.”

The company said the results were “not unusual for the first quarter,” stating that Enogex’s loss was “primarily due to the depressed operating environment for the processing and sale of natural gas liquids.” It said that the “fractionation spread — the value of liquids after they are processed out of natural gas, compared to the price of the gas itself — was, on average, negative in the first quarter.”

OG&E, the regulated electric subsidiary, serves 700,000 customers in a service territory spanning 30,000 square miles in Oklahoma and western Arkansas. Enogex, a natural gas pipeline and energy marketer, operates one of the largest U.S. pipeline systems, mostly in Oklahoma, Arkansas and Texas.

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