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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)  
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
  For the quarterly period ended June 30, 2003

OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
  For the transition period from         to       

Commission File Number: 1-12579

OGE ENERGY CORP.
(Exact name of registrant as specified in its charter)

Oklahoma
(State or other jurisdiction of
incorporation or organization) 		73-1481638
(I.R.S. Employer
Identification No.)

321 North Harvey
P.O. Box 321
Oklahoma City, Oklahoma 73101-0321
(Address of principal executive offices)
(Zip Code)

405-553-3000
        (Registrant’s telephone number, including area code)

        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X    No       

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes    X    No      

        As of July 31, 2003, 80,608,557 shares of common stock, par value $0.01 per share, were outstanding.

OGE ENERGY CORP.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2003

TABLE OF CONTENTS

                               Part I - FINANCIAL INFORMATION

 Page

Item 1. Financial Statements (Unaudited)
           Condensed Consolidated Balance Sheets 1 
           Condensed Consolidated Statements of Income 3 
           Condensed Consolidated Statements of Cash Flows 4 
           Notes to Condensed Consolidated Financial Statements

 5 

Item 2. Management's Discussion and Analysis of Financial Condition
            and Results of Operations

 34 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 67 

Item 4. Controls and Procedures

 69 

                                 Part II - OTHER INFORMATION

Item 1. Legal Proceedings

 70 

Item 4. Submission of Matters to a Vote of Security Holders

 72 

Item 6. Exhibits and Reports on Form 8-K

 73 

Signature

 74 

i

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

  June 30,
2003
 December 31,
2002
  (In millions)
ASSETS            
CURRENT ASSETS  
  Cash and cash equivalents     $ 22 .5 $ 44 .4
  Accounts receivable, net       307 .0   304 .6
  Accrued unbilled revenues       64 .8   28 .2
  Fuel inventories       120 .5   99 .7
  Materials and supplies, at average cost       40 .6   42 .6
  Price risk management       54 .7   17 .1
  Pipeline imbalance    36 .6  34 .3
  Accumulated deferred tax assets    10 .5  10 .9
  Fuel clause under recoveries    38 .3  14 .7
  Other    4 .9  10 .6
  Current assets of discontinued operations    0 .1  4 .7
         Total current assets    700 .5  611 .8
OTHER PROPERTY AND INVESTMENTS, at cost    28 .2  27 .2
PROPERTY, PLANT AND EQUIPMENT  
  In service       5,554 .9   5,469 .7
  Construction work in progress    51 .2  44 .8
  Other    29 .2  30 .5
         Total property, plant and equipment     5,635 .3   5,545 .0
              Less accumulated depreciation    2,298 .2  2,231 .4
         Net property, plant and equipment       3,337 .1   3,313 .6
  In service of discontinued operations       - --   54 .2
              Less accumulated depreciation       - --   11 .4
         Net property, plant and equipment of discontinued  
              operations     - --   42 .8
         Net property, plant and equipment       3,337 .1   3,356 .4
DEFERRED CHARGES AND OTHER ASSETS  
  Recoverable take or pay gas charges    32 .5  32 .5
  Income taxes recoverable from customers, net    32 .4  34 .8
  Intangible asset - unamortized prior service cost    42 .7  42 .7
  Prepaid benefit obligation    25 .3  44 .9
  Price risk management    28 .8  20 .1
  Other    60 .4  80 .8
  Deferred charges and other assets of discontinued operations       - --   0 .2
         Total deferred charges and other assets    222 .1  256 .0
TOTAL ASSETS   $ 4,287 .9 $ 4,251 .4

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part hereof.

1

OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Unaudited)

  June 30,
2003
 December 31,
2002
  (In millions)
LIABILITIES AND STOCKHOLDERS' EQUITY            
CURRENT LIABILITIES  
  Short-term debt   $ 257 .1 $ 275 .0
  Accounts payable    276 .8  269 .0
  Dividends payable    26 .6  26 .1
  Customers' deposits    34 .7  33 .0
  Accrued taxes    43 .4  23 .6
  Accrued interest    35 .2  35 .7
  Tax collections payable    9 .6  6 .7
  Accrued vacation    17 .4  16 .9
  Long-term debt due within one year    31 .0  21 .0
  Price risk management    45 .0  13 .9
  Pipeline imbalance    13 .6  9 .4
  Other    19 .5  19 .4
  Current liabilities of discontinued operations       - --   2 .0
           Total current liabilities    809 .9  751 .7
LONG-TERM DEBT    1,480 .0  1,501 .9
DEFERRED CREDITS AND OTHER LIABILITIES  
  Accrued pension and benefit obligations    189 .5  184 .2
  Accumulated deferred income taxes    617 .7  627 .0
  Accumulated deferred investment tax credits    44 .6  47 .1
  Accrued removal obligations, net    112 .7  109 .3
  Price risk management    3 .6  0 .6
  Provision for payments of take or pay gas    32 .5  32 .5
  Other    5 .7  4 .1
  Deferred credits and other liabilities of discontinued operations       - --   9 .1
           Total deferred credits and other liabilities       1,006 .3   1,013 .9
STOCKHOLDERS' EQUITY  
  Common stockholders' equity    482 .5  453 .5
  Retained earnings    583 .8  604 .7
  Accumulated other comprehensive loss, net of tax    (74 .6)  (74 .3)
           Total stockholders' equity    991 .7  983 .9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 4,287 .9 $ 4,251 .4

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part hereof.

2

OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

  Three Months Ended
June 30,
 Six Months Ended
June 30,
  2003
 2002
 2003
 2002
  (In millions, except per share data)
OPERATING REVENUES                    
      Electric Utility operating revenues   $ 357 .9 $ 352 .2 $ 690 .5 $ 614 .3
      Natural Gas Pipeline operating revenues    494 .7  378 .6  1,212 .2  692 .3
           Total operating revenues    852 .6  730 .8  1,902 .7  1,306 .6
COST OF GOODS SOLD  
      Electric Utility cost of goods sold    175 .8  169 .6  379 .7  309 .4
      Natural Gas Pipeline cost of goods sold    446 .2  338 .4  1,110 .6  612 .4
           Total cost of goods sold    622 .0  508 .0  1,490 .3  921 .8
      Gross margin on revenues    230 .6  222 .8  412 .4  384 .8
      Other operation and maintenance    93 .1  96 .4  183 .4  181 .5
      Depreciation    43 .0  46 .0  89 .6  91 .2
      Impairment of assets       1 .0   - --   1 .0   - --
      Taxes other than income    16 .9  16 .3  34 .1  33 .0
 OPERATING INCOME    76 .6  64 .1  104 .3  79 .1
 OTHER INCOME (EXPENSE)  
      Other income    0 .6  0 .5  6 .7  0 .9
      Other expense    (0 .6)  (0 .9)  (3 .6)  (1 .8)
           Net other income (expense)       - --   (0 .4)   3 .1   (0 .9)
 INTEREST INCOME (EXPENSE)  
      Interest income    0 .1  0 .5  0 .3  1 .0
      Interest on long-term debt    (19 .2)  (21 .7)  (38 .2)  (43 .8)
      Interest on trust preferred securities    (4 .3)  (4 .3)  (8 .6)  (8 .6)
      Allowance for borrowed funds used during construction    0 .1  0 .3  0 .4  0 .7
      Interest on short-term debt and other interest charges    (1 .7)  (1 .6)  (3 .5)  (4 .1)
           Net interest expense    (25 .0)  (26 .8)  (49 .6)  (54 .8)
 INCOME FROM CONTINUING OPERATIONS BEFORE  
  TAXES    51 .6  36 .9  57 .8  23 .4
 INCOME TAX EXPENSE    19 .4  11 .7  21 .3  6 .6
 INCOME FROM CONTINUING OPERATIONS BEFORE  
   CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING  
   PRINCIPLE    32 .2  25 .2  36 .5  16 .8
 DISCONTINUED OPERATIONS  
      Income from discontinued operations       - --   3 .2   2 .2   4 .9
      Income tax expense (benefit)       - --   - --   0 .9   (0 .4)
           Income from discontinued operations     - --   3 .2   1 .3   5 .3
INCOME BEFORE CUMULATIVE EFFECT OF   
  CHANGE IN ACCOUNTING PRINCIPLE      32 .2   28 .4   37 .8   22 .1
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING FOR  
  ENERGY TRADING CONTRACTS, NET OF TAX OF $3.7       - --   - --   (5 .9)   - --
 NET INCOME     $ 32 .2 $ 28 .4 $ 31 .9 $ 22 .1
BASIC AVERAGE COMMON SHARES OUTSTANDING      79 .2   78 .0   78 .9   78 .0
DILUTED AVERAGE COMMON SHARES OUTSTANDING       79 .4   78 .0   79 .2   78 .0
BASIC EARNINGS PER AVERAGE COMMON SHARE    
      Income from continuing operations     $ 0 .41 $ 0 .32 $ 0 .46 $ 0 .21
      Income from discontinued operations, net of tax     - --   0 .04   0 .01   0 .07
      Loss from cumulative effect of accounting change, net of tax       - --   - --   (0 .07)   - --
NET INCOME     $ 0 .41 $ 0 .36 $ 0 .40 $ 0 .28
 DILUTED EARNINGS PER AVERAGE COMMON SHARE  
      Income from continuing operations     $ 0 .41 $ 0 .32 $ 0 .46 $ 0 .21
      Income from discontinued operations, net of tax       - --   0 .04   0