Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 33

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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)Net income— — — 62 62 Balances as of June 30, 2025109,561,888 $2,127 $(4)$1,729 $3,852 Balances as of December 31, 2023101,159,609 $1,750 $(5)$1,574 $3,319 Issuances of shares pursuant to equity-based plans148,926 — — — — Issuances of shares pursuant to equity agreements1,714,972 78 — — 78 Other comprehensive income— — 1 — 1 Dividends declared ($0.475 per share)— — — (48)(48)Net income— — — 109 109 Balances as of March 31, 2024103,023,507 1,828 (4)1,635 3,459 Issuances of shares pursuant to equity-based plans43,176 1 — — 1 Stock-based compensation— 4 — — 4 Dividends declared ($0.500 per share)— — — (52)(52)Net income— — — 72 72 Balances as of June 30, 2024103,066,683 $1,833 $(4)$1,655 $3,484 

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Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

At-the-Market Offering Program—In July 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. In the fourth quarter of 2024 the Company entered into forward sale agreements for 1,420,049 shares. In December 2024, the Company issued 1,066,549 shares pursuant to the forward sale agreements and received net proceeds of $50 million. The Company entered into forward sale agreements for 1,996,890 shares and 1,707 shares in the first quarter and the second quarter of 2025, respectively. The Company could have physically settled the remaining amount by delivering 2,352,097 shares in exchange for cash of $104 million as of June 30, 2025. Any proceeds from the