Question-and-Answer Session
[Operator Instructions]. And your first question comes from the line David Frank with Catapult [ph].
Unidentified Analyst
Hello.
Peter B. Delaney - Chairman, President and Chief Executive Officer, OGE Energy Corp., OG&E Electric Services; CEO, Enogex Inc.
Hi, David.
Unidentified Analyst
Hi. Guys, I noticed that you reiterated your guidance for this year. But it appears now you're including this charge related to the mis-capitalization of prior expenses related to your employees?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
That's correct.
Unidentified Analyst
So the thought is to include... that off is offsetting higher projected Enogex results is that it?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
Yes, somewhat. If you look the only thing we've historically excluded from guidance has been discontinued operations, gain and loss of sale of assets, sort of one-time items has typically been in the guidance. While we see Enogex higher, utility is slightly lower, but still within a range for that the high side to mid point at this point.
Unidentified Analyst
Right. Well, if
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
It's about $0.06, is the impact of that prior... adjustment for prior period.
Unidentified Analyst
So would a better operating number for the quarter be $0.20?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
Yes, that will be correct.
Unidentified Analyst
And how much was the overhaul on this generating unit, what did that impact the quarter by?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
It was about $3 million in the first quarter of 2008.
Unidentified Analyst
Pre-tax?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
Yes.
Unidentified Analyst
So, I am going to guess that's a couple of pennies?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
Yes.
Unidentified Analyst
Okay. And do you have any update on the frac spreads, where they are at currently versus last year?
James R. Hatfield - Senior Vice President and Chief Financial Officer, OGE Energy Corp., OG&E Electric Services
Well, we had a little over $7 for the quarter. We are about $6.66 or so for sort of a current frac spread. If you just took a snapshot in time as of earlier this week.
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