CURRENT REPORT | ||
PURSUANT TO SECTION 13 OR 15(d) OF THE | ||
SECURITIES EXCHANGE ACT OF 1934 | ||
Date of Report (Date of earliest event reported) | May 1, 2014 |
Black Hills Corporation | |
(Exact name of registrant as specified in its charter) | |
South Dakota | |
(State or other jurisdiction of incorporation) | |
001-31303 | 46-0458824 | |
(Commission File Number) | (IRS Employer Identification No.) | |
625 Ninth Street | ||
Rapid City, South Dakota | 57709-1400 | |
(Address of principal executive offices) | (Zip Code) | |
605.721-1700 | ||
(Registrants telephone number, indicating area code) | ||
Not Applicable | ||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(d)) | ||
Pre-commencement communications pursuant to Rule 13e-e(c) under the Exchange Act (17 CFR 240.13e-4(c) | ||
Exhibit No. | Description | ||
99 | Press release dated | May 1, 2014 |
Three Months Ended March 31, | ||||||
(in millions, except per share amounts) | 2014 | 2013 | ||||
Non-GAAP *: | ||||||
Net income, as adjusted (non-GAAP) | $ | 48.1 | $ | 38.4 | ||
Earnings per share, as adjusted, diluted (non-GAAP) | $ | 1.08 | $ | 0.87 | ||
GAAP: | ||||||
Net income | $ | 48.1 | $ | 43.2 | ||
Earnings per share, diluted | $ | 1.08 | $ | 0.97 |
• | On April 30, Colorado Electric filed a rate request with the Colorado Public Utilities Commission to increase its annual revenue by $8.0 million to recover increased operating expenses and infrastructure investments, including those for the Busch Ranch Wind Farm. The filing also seeks to implement a rider to recover a return on the construction costs of building a new natural gas-fired generating turbine that will replace the retired W.N. Clark power plant. |
• | On April 29, Kansas Gas filed a rate request with the Kansas Corporation Commission to increase its annual revenue by $7.3 million, primarily to recover infrastructure investments made since its last rate filing in late 2006. |
• | Construction for the 132 megawatt, natural gas-fired Cheyenne Prairie Generating Station in Cheyenne, Wyo., is on schedule and within budget. The new power plant is expected to begin commercial operation in October 2014. The plant will serve customers of Cheyenne Light and Black Hills Power in Wyoming and South Dakota. |
• | On March 31, Black Hills Power filed a rate request with the South Dakota Public Utilities Commission to increase its annual revenue by $14.6 million to recover increased operating expenses and infrastructure investments, primarily for the Cheyenne Prairie Generating Station. |
• | On March 21, Black Hills Power retired the Ben French, Neil Simpson I and Osage coal-fired power plants. These three plants, totaling 81 megawatts, were closed because of federal environmental regulations. These plants will largely be replaced by Black Hills Power's share of the Cheyenne Prairie Generating Station. |
• | On Feb. 25, Colorado Electric received the final written order from the Colorado Public Utilities Commission approving a settlement agreement for the Electric Resource Plan filed by Colorado Electric on May 1, 2013. The settlement approved the construction of a 40 megawatt, natural gas-fired combustion turbine to replace W.N. Clark. The plan also included retirement of Pueblo 5 and 6 units. |
• | On Jan. 17, Black Hills Power filed a request with the Wyoming Public Service Commission to increase its annual revenue by $2.8 million to recover increased operating expenses and investments made in electric infrastructure, including the Cheyenne Prairie Generating Station. |
• | Our utilities continued to acquire small natural gas distribution systems adjacent to their existing service territories. A small natural gas system was purchased during the first quarter, adding approximately 70 new customers in Kansas. An acquisition was announced in January that will add 400 customers in northeastern Wyoming. |
• | On Dec. 2, 2013, Cheyenne Light, Fuel & Power filed requests with the Wyoming Public Service Commission to increase its annual revenue by $14.1 million to recover increased operating expenses and investments in electric and natural gas infrastructure, including the Cheyenne Prairie Generating Station. |
• | Two southern Piceance Basin horizontal wells, drilled and completed in the Mancos Shale formation in 2013, were placed on production during the first quarter. |
• | On April 28, Black Hills’ board of directors declared a quarterly dividend on the common stock. Shareholders of record at the close of business on May 16 will receive $0.39 per share, equivalent to an annual dividend rate of $1.56 per share, payable on June 1, 2014. |
• | On Jan. 30, Moody's Investors Service upgraded the company's corporate credit rating to Baa1 from Baa2, with a stable outlook. |
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
(in millions) | ||||||
Net income (loss): | ||||||
Utilities: | ||||||
Electric | $ | 14.6 | $ | 12.4 | ||
Gas | 24.7 | 18.5 | ||||
Total Utilities Group | 39.3 | 30.9 | ||||
Non-regulated Energy: | ||||||
Power generation | 8.1 | 5.6 | ||||
Coal mining | 2.4 | 1.1 | ||||
Oil and gas | (2.0 | ) | (0.1 | ) | ||
Total Non-regulated Energy Group | 8.5 | 6.6 | ||||
Corporate and Eliminations (a) | 0.3 | 5.7 | ||||
Net income (loss) | $ | 48.1 | $ | 43.2 |
(a) | Financial results for the three months ended March 31, 2013 included a $4.8 million net after-tax non-cash mark-to-market gain on certain interest rate swaps. These same interest rate swaps were settled in November 2013. |
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
Weighted average common shares outstanding (in thousands): | ||||||
Basic | 44,330 | 44,053 | ||||
Diluted | 44,554 | 44,312 | ||||
Earnings per share: | ||||||
Basic - | ||||||
Total Basic Earnings Per Share | $ | 1.09 | $ | 0.98 | ||
Diluted - | ||||||
Total Diluted Earnings Per Share | $ | 1.08 | $ | 0.97 |
• | Capital spending of $449 million; |
• | Normal operations and weather conditions for the remainder of the year within our utility service territories that impact customer usage, and planned construction, maintenance and/or capital investment projects; |
• | Successful completion of rate cases for electric and gas utilities; |
• | No significant unplanned outages at any of our power generation facilities; |
• | Oil and natural gas production in the range of 11.0 to 12.0 Bcf equivalent; |
• | Oil and natural gas annual average NYMEX prices of $4.57 per MMBtu for natural gas and $98.63 per Bbl for oil; production-weighted average well-head prices of $3.18 per MMBtu for natural gas and $86.83 per Bbl for oil, and average hedged prices received of $2.81 per MMBtu for natural gas and $83.67 per Bbl for oil; |
• | Oil and natural gas depletion expense in the range of $2.15 to $2.35 per Mcfe; |
• | No equity financing in 2014 except for approximately $3 million from the dividend reinvestment program; |
• | No significant acquisitions or divestitures; and |
• | No special items. |
Three Months Ended March 31, | |||||||||||||||
(In millions, except per share amounts) | 2014 | 2013 | |||||||||||||
(after-tax) | Income | EPS | Income | EPS | |||||||||||
Net Income (loss) (GAAP) | $ | 48.1 | $ | 1.08 | $ | 43.2 | $ | 0.97 | |||||||
Adjustments, after-tax: | |||||||||||||||
Unrealized (gain) loss on certain interest rate swaps | — | — | (4.8 | ) | (0.11 | ) | |||||||||
Rounding | — | — | — | 0.01 | |||||||||||
Total adjustments | — | — | (4.8 | ) | (0.10 | ) | |||||||||
Net income (loss), as adjusted (non-GAAP) | $ | 48.1 | $ | 1.08 | $ | 38.4 | $ | 0.87 |
Three Months Ended March 31, | Variance | ||||||||
2014 | 2013 | 2014 vs. 2013 | |||||||
(in millions) | |||||||||
Gross margin | $ | 95.4 | $ | 90.5 | $ | 4.9 | |||
Operations and maintenance | 42.6 | 38.8 | 3.8 | ||||||
Depreciation and amortization | 19.1 | 19.2 | (0.1 | ) | |||||
Operating income | 33.7 | 32.5 | 1.2 | ||||||
Interest expense, net | (12.0 | ) | (14.4 | ) | 2.4 | ||||
Other (income) expense, net | 0.3 | 0.3 | — | ||||||
Income tax benefit (expense) | (7.4 | ) | (6.0 | ) | (1.4 | ) | |||
Net Income (loss) | $ | 14.6 | $ | 12.4 | $ | 2.2 |
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Operating Statistics: | ||||
Retail sales - MWh | 1,183,195 | 1,136,170 | ||
Contracted wholesale sales - MWh | 95,228 | 103,784 | ||
Off-system sales - MWh | 337,898 | 340,532 | ||
Total electric sales - MWh | 1,616,321 | 1,580,486 | ||
Total gas sales - Cheyenne Light - Dth | 1,855,498 | 1,945,884 | ||
Regulated power plant availability: | ||||
Coal-fired plants | 95.5 | % | 96.9 | % |
Other plants (a) | 78.1 | % | 98.6 | % |
Total availability | 86.6 | % | 97.8 | % |
(a) | Three months ended March 31, 2014, reflects an unplanned outage due to a turbine bearing replacement and combustor upgrade at Pueblo Airport Generation Station. |
Three Months Ended March 31, | Variance | ||||||||
2014 | 2013 | 2014 vs. 2013 | |||||||
(in millions) | |||||||||
Gross margin | $ | 84.8 | $ | 75.7 | $ | 9.1 | |||
Operations and maintenance | 35.4 | 33.2 | 2.2 | ||||||
Depreciation and amortization | 6.5 | 6.5 | — | ||||||
Operating income | 42.9 | 36.0 | 6.9 | ||||||
Interest expense, net | (3.9 | ) | (6.3 | ) | 2.4 | ||||
Other expense (income), net | — | — | — | ||||||
Income tax benefit (expense) | (14.4 | ) | (11.2 | ) | (3.2 | ) | |||
Net income (loss) | $ | 24.7 | $ | 18.5 | $ | 6.2 |
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Operating Statistics: | ||||
Total gas sales - Dth | 29,150,704 | 24,450,133 | ||
Total transport volumes - Dth | 21,278,066 | 18,826,199 |
Three Months Ended March 31, | Variance | ||||||||
2014 | 2013 | 2014 vs. 2013 | |||||||
(in millions) | |||||||||
Revenue | $ | 22.3 | $ | 20.4 | $ | 1.9 | |||
Operations and maintenance | 7.7 | 7.8 | (0.1 | ) | |||||
Depreciation and amortization | 1.2 | 1.2 | — | ||||||
Operating income | 13.5 | 11.3 | 2.2 | ||||||
Interest expense, net | (0.9 | ) | (2.7 | ) | 1.8 | ||||
Other (income) expense, net | — | — | — | ||||||
Income tax benefit (expense) | (4.5 | ) | (3.0 | ) | (1.5 | ) | |||
Net income (loss) | $ | 8.1 | $ | 5.6 | $ | 2.5 |
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Operating Statistics: | ||||
Contracted fleet power plant availability - | ||||
Coal-fired plants | 99.3 | % | 100.0 | % |
Gas-fired plants | 97.9 | % | 98.6 | % |
Total availability | 98.2 | % | 98.9 | % |
Three Months Ended March 31, | Variance | ||||||||
2014 | 2013 | 2014 vs. 2013 | |||||||
(in millions) | |||||||||
Revenue | $ | 15.5 | $ | 13.6 | $ | 1.9 | |||
Operations and maintenance | 10.1 | 10.2 | (0.1 | ) | |||||
Depreciation, depletion and amortization | 2.7 | 2.9 | (0.2 | ) | |||||
Operating income (loss) | 2.7 | 0.6 | 2.1 | ||||||
Interest (expense) income, net | (0.1 | ) | (0.1 | ) | — | ||||
Other income (expense), net | 0.6 | 0.6 | — | ||||||
Income tax benefit (expense) | (0.7 | ) | — | (0.7 | ) | ||||
Net income (loss) | $ | 2.5 | $ | 1.1 | $ | 1.4 |
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Operating Statistics: | (in thousands) | |||
Tons of coal sold | 1,087 | 1,053 | ||
Cubic yards of overburden moved | 910 | 1,059 |
Three Months Ended March 31, | Variance | ||||||||
2014 | 2013 | 2014 vs. 2013 | |||||||
(in millions) | |||||||||
Revenue | $ | 14.9 | $ | 15.3 | $ | (0.4 | ) | ||
Operations and maintenance | 11.1 | 10.3 | 0.8 | ||||||
Depreciation, depletion and amortization | 6.6 | 5.4 | 1.2 | ||||||
Operating income | (2.9 | ) | (0.3 | ) | (2.6 | ) | |||
Interest income (expense), net | (0.5 | ) | 0.1 | (0.5 | ) | ||||
Other (income) expense, net | — | (0.1 | ) | 0.1 | |||||
Income tax benefit (expense), net | 1.3 | 0.2 | 1.1 | ||||||
Net income (loss) | $ | (2.0 | ) | $ | (0.1 | ) | $ | (1.9 | ) |
Three Months Ended March 31, | Increase | |||||||
2014 | 2013 | (Decrease) | ||||||
Operating Statistics: | ||||||||
Bbls of crude oil sold | 74,262 | 96,803 | (23 | )% | ||||
Mcf of natural gas sold | 1,759,964 | 1,732,950 | 2 | % | ||||
Gallons of NGL sold | 1,135,721 | 945,814 | 20 | % | ||||
Mcf equivalent sales | 2,367,782 | 2,448,884 | (3 | )% | ||||
Depletion expense/Mcfe | $ | 2.25 | $ | 1.78 | 26 | % |
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas Liquids | Crude Oil | Natural Gas | Natural Gas Liquids | ||||||||||||||
Average Prices | (Bbl) | (MMcf) | (gallons) | (Bbl) | (MMcf) | (gallons) | |||||||||||||
Average hedged price received | $ | 90.75 | $ | 3.35 | $ | 1.17 | $ | 89.73 | $ | 2.96 | $ | 0.94 | |||||||
Average well-head price | $ | 90.75 | $ | 3.22 | $ | 87.78 | $ | 1.87 |
• | The settlement of the de-designated interest rate swaps in the fourth quarter of 2013 resulted in no mark-to-market activity for the three months ended March 31, 2014, compared to a mark-to-market gain of $7.5 million recorded for the three months ended March 31, 2013. |
• | The income for the three months ended March 31, 2014, included lower interest expense as compared to the three months ended March 31, 2013, as a result of lower interest rate debt from refinancing activities in fourth quarter 2013, and the avoided settlement cost on the de-designated interest rate swaps, which were terminated in fourth quarter 2013. |
• | The accuracy of our assumptions on which our earnings guidance is based; |
• | Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings in periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect; |
• | Our ability to gain regulatory approval and favorable regulatory treatment for putting generation into rate base; |
• | Our ability to complete our capital program in a cost-effective and timely manner, including our ability to successfully develop our Mancos Shale reserves located in the San Juan and southern Piceance Basins; |
• | Our ability to provide accurate estimates of proved crude oil and gas reserves and future production and associated costs; and |
• | Other factors discussed from time to time in our filings with the SEC. |
Consolidating Income Statement | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | Electric Utilities (a) | Gas Utilities | Power Generation (a) | Coal Mining | Oil and Gas | Corporate | Electric Utility Inter-Co Lease Elim (a) | Power Generation Inter-Co Lease Elim (a) | Other Inter-Co Eliminations | Total | |||||||||||||
(in millions) | |||||||||||||||||||||||
Revenue | $178.1 | $259.3 | $1.3 | $6.6 | $14.8 | $0.0 | $0.0 | $0.0 | $0.0 | $460.1 | |||||||||||||
Intercompany revenue | 4.0 | — | 21.0 | 8.8 | — | 56.7 | — | (0.5 | ) | (90.0 | ) | — | |||||||||||
Fuel, purchased power and cost of gas sold | 86.7 | 174.5 | — | — | — | — | (1.0 | ) | — | (29.8 | ) | 230.4 | |||||||||||
Gross Margin | 95.4 | 84.8 | 22.3 | 15.4 | 14.8 | 56.7 | 1.0 | (0.5 | ) | (60.2 | ) | 229.7 | |||||||||||
Operations and maintenance | 42.6 | 35.4 | 7.6 | 10.0 | 11.1 | 54.3 | — | — | (56.9 | ) | 104.1 | ||||||||||||
Depreciation, depletion and amortization | 19.1 | 6.5 | 1.2 | 2.7 | 6.6 | 1.7 | (1.8 | ) | — | — | 36.0 | ||||||||||||
Operating income | 33.7 | 42.9 | 13.5 | 2.7 | (2.9 | ) | 0.7 | 2.8 | (0.5 | ) | (3.3 | ) | 89.6 | ||||||||||
Interest expense, net | (13.5 | ) | (4.1 | ) | (1.2 | ) | (0.1 | ) | (0.7 | ) | (12.8 | ) | — | — | 14.9 | (17.5 | ) | ||||||
Interest rate swaps - unrealized (loss) gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest income | 1.3 | 0.2 | 0.1 | — | 0.3 | 12.5 | — | — | (14.0 | ) | 0.4 | ||||||||||||
Other income (expense) | 0.3 | — | — | 0.5 | — | 28.5 | — | — | (28.4 | ) | 0.9 | ||||||||||||
Income tax benefit (expense) | (7.2 | ) | (14.3 | ) | (4.3 | ) | (0.7 | ) | 1.3 | — | (0.1 | ) | — | — | (25.3 | ) | |||||||
Net income (loss) | $14.6 | $24.7 | $8.1 | $2.4 | $ | (2.0 | ) | $28.9 | $2.7 | $ | (0.5 | ) | $ | (30.8 | ) | $48.1 |
(a) | The generating facility owned by Black Hills Colorado IPP at our Pueblo Airport Generating Station which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation. |
Consolidating Income Statement | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Electric Utilities (a) | Gas Utilities | Power Generation (a) | Coal Mining | Oil and Gas | Corporate | Electric Utility Inter-Co Lease Elim (a) | Power Generation Inter-Co Lease Elim (a) | Other Inter-Co Eliminations | Total | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Revenue | $ | 158.5 | $ | 199.8 | $ | 1.0 | $ | 6.0 | $ | 15.3 | $ | — | $ | — | $ | — | $ | — | $ | 380.7 | ||||||||||
Intercompany revenue | 4.1 | — | 19.3 | 7.6 | — | 57.2 | — | 0.4 | (88.7 | ) | — | |||||||||||||||||||
Fuel, purchased power and cost of gas sold | 72.1 | 124.1 | — | — | — | — | 0.9 | — | (28.9 | ) | 168.2 | |||||||||||||||||||
Gross margin | 90.5 | 75.7 | 20.4 | 13.6 | 15.3 | 57.1 | (0.9 | ) | 0.4 | (59.7 | ) | 212.5 | ||||||||||||||||||
Operations and maintenance | 38.8 | 33.2 | 7.8 | 10.2 | 10.3 | 50.7 | — | — | (53.1 | ) | 97.9 | |||||||||||||||||||
Depreciation, depletion and amortization | 19.2 | 6.5 | 1.2 | 2.9 | 5.4 | 3.0 | (3.3 | ) | 2.9 | (3.0 | ) | 34.8 | ||||||||||||||||||
Operating income | 32.5 | 36.0 | 11.4 | 0.6 | (0.3 | ) | 3.5 | 2.4 | (2.5 | ) | (3.7 | ) | 79.8 | |||||||||||||||||
Interest expense, net | (15.5 | ) | (6.8 | ) | (2.9 | ) | (0.1 | ) | (0.4 | ) | (21.1 | ) | — | — | 23.4 | (23.4 | ) | |||||||||||||
Interest rate swaps - unrealized (loss) gain | — | — | — | — | — | 7.5 | — | — | — | 7.5 | ||||||||||||||||||||
Interest income | 1.1 | 0.5 | 0.2 | — | 0.4 | 17.5 | — | — | (19.4 | ) | 0.4 | |||||||||||||||||||
Other income (expense) | 0.3 | — | — | 0.6 | (0.1 | ) | 23.1 | — | — | (23.4 | ) | 0.5 | ||||||||||||||||||
Income tax benefit (expense) | (6.0 | ) | (11.2 | ) | (3.0 | ) | — | 0.2 | (1.6 | ) | (0.9 | ) | 0.9 | — | (21.6 | ) | ||||||||||||||
Net income (loss) | $ | 12.4 | $ | 18.5 | $ | 5.6 | $ | 1.1 | $ | (0.1 | ) | $ | 28.8 | $ | 1.5 | $ | (1.6 | ) | $ | (23.1 | ) | $ | 43.2 |
(a) | The generating facility owned by Black Hills Colorado IPP at our Pueblo Airport Generating Station which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation. |
Investor Relations: | |
Jerome Nichols | 605-721-1171 |
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