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 3, 2016 |
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) | ||
(d) | Exhibits |
Exhibit No. | Description | ||
99 | Press release dated | May 3, 2016 |
▪ | SourceGas acquisition closed Feb. 12 |
▪ | Adjusted EPS of $1.23, a 14 percent increase compared to prior-year period |
▪ | Partial interest in Colorado IPP sold April 14 for $215 million |
▪ | Earnings guidance for 2016 and 2017 reaffirmed |
Three Months Ended March 31, | ||||||
(in millions, except per share amounts) | 2016 | 2015 | ||||
Non-GAAP: | ||||||
Net income, as adjusted (non-GAAP) | $ | 63.8 | $ | 48.3 | ||
Earnings per share, as adjusted, diluted (non-GAAP) | $ | 1.23 | $ | 1.08 | ||
GAAP: | ||||||
Net income (loss) | $ | 40.0 | $ | 33.9 | ||
Earnings (loss) per share, diluted | $ | 0.77 | $ | 0.76 |
• | On Feb. 12, 2016, Black Hills Corp. acquired SourceGas for approximately $1.89 billion, which included the assumption of $760 million in long-term debt at closing. Black Hills acquired four regulated natural gas utilities serving approximately 429,000 customers in Arkansas, Colorado, Nebraska and Wyoming, and a 512-mile regulated intrastate natural gas transmission pipeline in Colorado. The transaction was primarily funded by the following financings: |
◦ | On Jan. 13, 2016, Black Hills completed a public debt offering consisting of $300 million of 3.95%, 10-year senior notes due 2026, and $250 million of 2.50%, 3-year senior notes due 2019. Net proceeds were approximately $546 million; and |
◦ | On Nov. 23, 2015, Black Hills completed common stock and equity unit offerings. The company issued 6.325 million shares of common stock for net proceeds of $246 million and 5.98 million equity units for net proceeds of $290 million. |
• | During the quarter, SourceGas utilities, Black Hills Power and Cheyenne Light were rebranded to Black Hills Energy. All electric and natural gas utilities now operate under the Black Hills Energy name. A table at the end of this earnings release provides each utility’s legal name and the name used for reporting purposes. |
• | During the quarter, South Dakota Electric commenced construction of a $54 million, 144 mile-long transmission line from northeast Wyoming to Rapid City, South Dakota. The project is expected to be placed in service in the third quarter of 2016. |
• | Colorado Electric continued construction on a $65 million, 40-megawatt natural gas-fired turbine at the Pueblo Airport Generating Station. The project is on schedule to be completed and placed in service in the fourth quarter of 2016. On May 3, Colorado Electric filed a request with the Colorado Public Utilities Commission to increase its annual net revenue by $8.9 million to recover investments in the new turbine. |
• | On Feb. 3, Colorado Electric announced that construction commenced on the $109 million, 60-megawatt Peak View Wind Project. Colorado Electric will purchase the project upon completion, which is on schedule to be completed and placed in service by year-end 2016. |
• | In late 2015, Black Hills Corp.’s utility subsidiaries submitted applications with respective state utility regulators seeking approval for a cost of service gas program in Colorado, Iowa, Kansas, Nebraska, South Dakota and Wyoming. Hearings are underway in Nebraska and set for Iowa in the second quarter of 2016, and for Kansas, South Dakota and Wyoming in the third quarter of 2016. On April 27, the Colorado commission dismissed the cost of service gas filing, but will allow the company to refile the application to include additional information regarding customer impacts. The company will evaluate alternatives upon receipt of the written order. |
• | On April 14, Black Hills Electric Generation sold a 49.9 percent, non-controlling interest in Black Hills Colorado IPP, a 200-megawatt power plant in Pueblo, Colorado, for $215 million. Colorado IPP will continue to be the majority owner and operator of the facility, which is contracted to provide capacity and energy through 2031 to Colorado Electric. |
• | Financial results for oil and gas were negatively impacted by lower average prices received for crude oil and natural gas, which decreased 28 percent and 41 percent, respectively, compared to the first quarter of 2015. Results benefited by $5.8 million related to income taxes from additional percentage depletion deductions being claimed with respect to a change in estimate for tax purposes. Due to continued low commodity prices, the oil and gas segment recorded an $8.8 million after-tax noncash impairment of crude oil and natural gas properties for the quarter. |
• | During the first quarter of 2016, an agreement in principle was reached with IRS Appeals with respect to disputed items for prior tax years, resulting in $5.1 million of tax benefits. |
• | On April 25, Black Hills’ board of directors declared a quarterly dividend on the common stock. Shareholders of record at the close of business on May 18, 2016, will receive $0.42 per share, equivalent to an annual dividend rate of $1.68 per share, payable on June 1, 2016. |
• | On March 18, Black Hills implemented an At-the-Market equity offering program to sell shares of its common stock with an aggregate value of up to $200 million. During March, Black Hills sold 261,000 shares of common stock for net proceeds of $15.4 million. |
• | On Feb. 12, three credit rating agencies affirmed Black Hills’ ratings following closing of the acquisition of SourceGas. |
• | On Jan. 20, Black Hills entered into $150 million of interest rate swaps to mitigate interest rate risk associated with anticipated debt refinancings. |
Three Months Ended March 31, | ||||||
2016 | 2015 | |||||
(in millions) | ||||||
Net income (loss): | ||||||
Electric Utilities | $ | 19.2 | $ | 17.6 | ||
Gas Utilities | 32.0 | 23.6 | ||||
Power generation | 8.6 | 8.1 | ||||
Mining | 2.9 | 3.0 | ||||
Oil and gas (a) (b) | (7.0 | ) | (19.1 | ) | ||
55.7 | 33.2 | |||||
Corporate and Eliminations (c) (d) (e) | (15.7 | ) | 0.7 | |||
Net income (loss) | $ | 40.0 | $ | 33.9 |
(a) | Net income (loss) for the three months ended March 31, 2016 and March 31, 2015 include noncash after-tax ceiling test impairments of $8.8 million and $14 million, respectively. |
(b) | Net income (loss) for the three months ended March 31, 2016 includes an after-tax benefit of approximately $5.8 million recognized from additional percentage depletion deductions that are being claimed with respect to our oil and gas properties involving prior tax years. |
(c) | Net income (loss) for the three months ended March 31, 2016 included incremental, non-recurring acquisition and transition costs, after-tax of $15 million and after-tax internal labor costs attributable to the acquisition of $3.8 million. |
(d) | Net income (loss) for the three months ended March 31, 2016 includes tax benefits of approximately $4.4 million as a result of the re-measurement of the liability for uncertain tax positions predicated on an agreement reached with IRS Appeals in early 2016. |
(e) | Includes net income attributable to non-controlling interest of $0.1 million. |
Three Months Ended March 31, | ||||||
2016 | 2015 | |||||
Weighted average common shares outstanding (in thousands): | ||||||
Basic | 51,044 | 44,541 | ||||
Diluted | 51,858 | 44,660 | ||||
Earnings per share: | ||||||
Basic - | ||||||
Total Basic Earnings Per Share | $ | 0.78 | $ | 0.76 | ||
Diluted - | ||||||
Total Diluted Earnings Per Share | $ | 0.77 | $ | 0.76 |
2016 Earnings Guidance as Adjusted | |||||||
LOW | HIGH | ||||||
(after-tax) | |||||||
Earnings (loss) per share (GAAP) | $2.44 | $2.64 | |||||
Adjustments, after-tax * : | |||||||
Ceiling test impairment | 0.17 | 0.17 | |||||
Acquisition costs | 0.29 | 0.29 | |||||
Total adjustments | 0.46 | 0.46 | |||||
Earnings (loss) per share, as adjusted (non-GAAP) | $2.90 | $3.10 |
* | Additional adjustments may occur in the second, third and fourth quarters. Adjustments shown reflect the actual adjustments made for the first three months of the year. |
* | The company is not able to provide forward-looking quantitative GAAP to non-GAAP reconciliation for the 2017 earnings guidance, as adjusted, because unplanned or unique events that may occur are unknown at this time. |
Three Months Ended March 31, | |||||||||||||||
(In millions, except per share amounts) | 2016 | 2015 | |||||||||||||
(after-tax) | Income | EPS | Income | EPS | |||||||||||
Net income (loss) (GAAP) | $ | 40.0 | $ | 0.77 | $ | 33.9 | $ | 0.76 | |||||||
Adjustments, after-tax: | |||||||||||||||
Ceiling test impairment | 8.8 | 0.17 | 14.4 | 0.32 | |||||||||||
Acquisition costs | 14.9 | 0.29 | — | — | |||||||||||
Rounding | 0.1 | — | — | — | |||||||||||
Total adjustments | 23.8 | 0.46 | 14.4 | 0.32 | |||||||||||
Net income (loss), as adjusted (non-GAAP) | $ | 63.8 | $ | 1.23 | $ | 48.3 | $ | 1.08 |
Three Months Ended March 31, | Variance | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Gross margin | $ | 101.2 | $ | 102.2 | $ | (1.0 | ) | ||
Operations and maintenance | 39.3 | 41.2 | (1.9 | ) | |||||
Depreciation and amortization | 21.3 | 20.3 | 1.0 | ||||||
Operating income | 40.6 | 40.7 | (0.1 | ) | |||||
Interest expense, net | (12.5 | ) | (13.3 | ) | 0.8 | ||||
Other income (expense), net | 0.7 | 0.1 | 0.6 | ||||||
Income tax benefit (expense) | (9.5 | ) | (10.0 | ) | 0.5 | ||||
Net income (loss) (a) | $ | 19.2 | $ | 17.6 | $ | 1.6 |
(a) | Excludes Cheyenne Light's natural gas utility operations. Effective January 1, 2016, Cheyenne Light’s natural gas utility results are reported in our Gas Utility segment. Cheyenne Light’s gas utility results for the three months ended March 31, 2015, have been reclassified from the Electric Utility segment to the Gas Utility segment. Gross margin and Net income of $6.4 million and $1.4 million, respectively, previously reported in the Electric Utility segment in 2015, are now included in the Gas Utility segment. |
Three Months Ended March 31, | ||||
2016 | 2015 | |||
Operating Statistics: | ||||
Retail sales - MWh | 1,242,329 | 1,242,363 | ||
Contracted wholesale sales - MWh | 63,452 | 84,271 | ||
Off-system sales - MWh | 238,328 | 296,979 | ||
Total electric sales - MWh | 1,544,110 | 1,623,613 | ||
Regulated power plant availability: | ||||
Coal-fired plants | 93.9 | % | 91.3 | % |
Other plants | 95.0 | % | 95.7 | % |
Total availability | 94.6 | % | 94.1 | % |
Three Months Ended March 31, | Variance | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Gross margin | $ | 132.5 | $ | 87.8 | $ | 44.7 | |||
Operations and maintenance | 52.7 | 38.2 | 14.5 | ||||||
Depreciation and amortization | 16.0 | 7.8 | 8.2 | ||||||
Operating income | 63.9 | 41.8 | 22.1 | ||||||
Interest expense, net | (13.5 | ) | (4.4 | ) | (9.1 | ) | |||
Other income (expense), net | 0.7 | — | 0.7 | ||||||
Income tax benefit (expense) | (19.0 | ) | (13.8 | ) | (5.2 | ) | |||
Net income (loss) (a) | $ | 32.0 | $ | 23.6 | $ | 8.4 |
(a) | Includes Cheyenne Light's natural gas utility operations. Effective January 1, 2016, Cheyenne Light’s natural gas utility results are reported in our Gas Utility segment. Cheyenne Light’s gas utility results for the three months ended March 31, 2015, have been reclassified from the Electric Utility segment to the Gas Utility segment. Gross margin and Net income of $6.4 million and $1.4 million, respectively, previously reported in the Electric Utility segment in 2015, are now included in the Gas Utility segment. |
Three Months Ended March 31, | ||||
2016 | 2015 | |||
Operating Statistics: | ||||
Total gas sales - Dth | 33,466,998 | 27,379,233 | ||
Total transport volumes - Dth | 27,582,486 | 19,815,225 |
Three Months Ended March 31, | Variance | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Revenue | $ | 23.3 | $ | 22.7 | $ | 0.6 | |||
Operations and maintenance | 8.0 | 7.8 | 0.2 | ||||||
Depreciation and amortization | 1.0 | 1.1 | (0.1 | ) | |||||
Operating income | 14.2 | 13.7 | 0.5 | ||||||
Interest expense, net | (0.8 | ) | (0.9 | ) | 0.1 | ||||
Other (income) expense, net | — | — | — | ||||||
Income tax benefit (expense) | (4.9 | ) | (4.7 | ) | (0.2 | ) | |||
Net income (loss) | $ | 8.6 | $ | 8.1 | $ | 0.5 |
Three Months Ended March 31, | ||||
2016 | 2015 | |||
Operating Statistics: | ||||
Contracted fleet power plant availability - | ||||
Coal-fired plants | 97.8 | % | 98.2 | % |
Gas-fired plants | 99.3 | % | 98.9 | % |
Total availability | 98.9 | % | 98.7 | % |
Three Months Ended March 31, | Variance | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Revenue | $ | 16.3 | $ | 15.9 | $ | 0.4 | |||
Operations and maintenance | 10.4 | 9.9 | 0.5 | ||||||
Depreciation, depletion and amortization | 2.5 | 2.5 | — | ||||||
Operating income (loss) | 3.4 | 3.5 | (0.1 | ) | |||||
Interest (expense) income, net | (0.1 | ) | (0.1 | ) | — | ||||
Other income (expense), net | 0.5 | 0.6 | (0.1 | ) | |||||
Income tax benefit (expense) | (0.9 | ) | (1.0 | ) | 0.1 | ||||
Net income (loss) | $ | 2.9 | $ | 3.0 | $ | (0.1 | ) |
Three Months Ended March 31, | ||||||
2016 | 2015 | |||||
Operating Statistics: | (in thousands) | |||||
Tons of coal sold | 1,002 | 1,019 | ||||
Cubic yards of overburden moved | 1,765 | 1,413 | ||||
Revenue per ton | $ | 16.25 | $ | 15.64 |
Three Months Ended March 31, | Variance | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Revenue | $ | 8.4 | $ | 11.3 | $ | (2.9 | ) | ||
Operations and maintenance | 9.0 | 10.9 | (1.9 | ) | |||||
Depreciation, depletion and amortization | 4.1 | 7.5 | (3.4 | ) | |||||
Impairment of long-lived assets | 14.5 | 22.0 | (7.5 | ) | |||||
Operating income (loss) | (19.3 | ) | (29.2 | ) | 9.9 | ||||
Interest income (expense), net | (1.1 | ) | (0.4 | ) | (0.7 | ) | |||
Other (income) expense, net | — | (0.2 | ) | 0.2 | |||||
Income tax benefit (expense) | 13.3 | 10.7 | 2.6 | ||||||
Net income (loss) | $ | (7.0 | ) | $ | (19.1 | ) | $ | 12.1 |
Three Months Ended March 31, | Percentage Increase | |||||||
2016 | 2015 | (Decrease) | ||||||
Operating Statistics: | ||||||||
Bbls of crude oil sold | 98,067 | 80,730 | 21 | % | ||||
Mcf of natural gas sold | 2,286,606 | 2,254,042 | 1 | % | ||||
Bbls of NGL sold | 37,003 | 28,770 | 29 | % | ||||
Mcf equivalent sales | 3,097,026 | 2,911,043 | 6 | % | ||||
Depletion expense/Mcfe | $ | 0.93 | $ | 2.20 | (58 | )% | ||
Average hedged price received including hedges (a)(b) | ||||||||
Crude Oil (Bbl) | $ | 47.83 | $ | 66.86 | (28 | )% | ||
Natural Gas (MMcf) | $ | 1.30 | $ | 2.20 | (41 | )% | ||
Natural Gas Liquids (Bbl) | $ | 10.36 | $ | 13.74 | (25 | )% | ||
Average well-head price | ||||||||
Crude Oil (Bbl) | $ | 39.80 | $ | 74.13 | (46 | )% | ||
Natural Gas (MMcf) | $ | 1.13 | $ | 2.69 | (58 | )% | ||
Natural Gas Liquids (Bbl) | $ | 17.07 | $ | 30.39 | (44 | )% |
(a) | Net of hedge settlement gains and losses. |
(b) | Ceiling test impairments of $14 million and $22 million were recorded for the three months ended March 31, 2016 and March 31, 2015, respectively. |
• | The accuracy of our assumptions on which our earnings guidance is based, including the successful integration of the SourceGas acquisition; |
• | Our ability to obtain regulatory approval to implement a cost of service gas program; |
• | 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 complete our capital program in a cost-effective and timely manner; |
• | Our ability to maintain a solid investment grade credit rating; |
• | Our ability to provide accurate estimates of proved crude oil and gas reserves and future production and associated costs; |
• | The impact of the volatility and extent of changes in commodity prices on our earnings and the underlying value of our oil and gas assets, including the possibility that we may be required to take additional impairment charges under the SEC's full cost ceiling test for natural gas and oil reserves; and |
• | Other factors discussed from time to time in our filings with the SEC. |
Consolidating Income Statement | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2016 | Electric Utilities (a) | Gas Utilities | Power Generation (a) | 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 | $ | 163.5 | $ | 268.7 | $ | 1.9 | $ | 7.5 | $ | 8.4 | $ | — | $ | — | $ | — | $ | — | $ | 450.0 | ||||||||||
Intercompany revenue | 3.7 | 1.8 | 21.5 | 8.7 | — | 80.7 | — | 0.6 | (117.1 | ) | — | |||||||||||||||||||
Fuel, purchased power and cost of gas sold | 66.1 | 138.0 | — | — | — | 0.6 | 1.3 | — | (34.1 | ) | 171.9 | |||||||||||||||||||
Gross margin | 101.2 | 132.5 | 23.3 | 16.3 | 8.4 | 80.1 | (1.3 | ) | 0.6 | (83.0 | ) | 278.1 | ||||||||||||||||||
Operations and maintenance | 39.3 | 52.7 | 8.0 | 10.4 | 9.0 | 104.3 | — | — | (78.3 | ) | 145.6 | |||||||||||||||||||
Depreciation, depletion and amortization | 21.3 | 16.0 | 1.0 | 2.5 | 4.1 | 4.9 | (3.3 | ) | 2.8 | (4.9 | ) | 44.4 | ||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | 14.5 | — | — | — | — | 14.5 | ||||||||||||||||||||
Operating income (loss) | 40.6 | 63.9 | 14.2 | 3.4 | (19.3 | ) | (29.2 | ) | 2.0 | (2.2 | ) | 0.2 | 73.6 | |||||||||||||||||
Interest expense, net | (14.5 | ) | (14.0 | ) | (1.2 | ) | (0.1 | ) | (1.1 | ) | (22.5 | ) | — | — | 22.1 | (31.3 | ) | |||||||||||||
Interest income | 2.1 | 0.5 | 0.4 | — | — | 19.2 | — | — | (21.5 | ) | 0.7 | |||||||||||||||||||
Other income (expense) | 0.7 | 0.7 | — | 0.5 | — | 103.6 | — | — | (104.1 | ) | 1.4 | |||||||||||||||||||
Income tax benefit (expense) | (9.5 | ) | (19.0 | ) | (4.9 | ) | (0.9 | ) | 13.3 | 16.7 | (0.7 | ) | 0.8 | — | (4.3 | ) | ||||||||||||||
Net income (loss) | $ | 19.2 | $ | 32.0 | $ | 8.6 | $ | 2.9 | $ | (7.0 | ) | $ | 87.7 | $ | 1.3 | $ | (1.4 | ) | $ | (103.3 | ) | $ | 40.1 |
(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, 2015 | Electric Utilities (a) | Gas Utilities | Power Generation (a) | 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 | $ | 166.5 | $ | 254.1 | $ | 2.0 | $ | 8.1 | $ | 11.3 | $ | — | $ | — | $ | — | $ | — | $ | 442.0 | ||||||||||
Intercompany revenue | 3.4 | — | 20.7 | 7.8 | — | 57.3 | — | 0.6 | (89.8 | ) | — | |||||||||||||||||||
Fuel, purchased power and cost of gas sold | 67.7 | 166.3 | — | — | — | — | 1.1 | — | (29.8 | ) | 205.3 | |||||||||||||||||||
Gross margin | 102.2 | 87.8 | 22.7 | 15.9 | 11.3 | 57.3 | (1.1 | ) | 0.6 | (60.0 | ) | 236.7 | ||||||||||||||||||
Operations and maintenance | 41.2 | 38.2 | 7.8 | 9.9 | 10.9 | 54.8 | — | — | (57.7 | ) | 105.1 | |||||||||||||||||||
Depreciation, depletion and amortization | 20.3 | 7.8 | 1.1 | 2.5 | 7.5 | 2.2 | (3.3 | ) | 3.0 | (2.2 | ) | 39.0 | ||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | 22.0 | — | — | — | — | 22.0 | ||||||||||||||||||||
Operating income (loss) | 40.7 | 41.8 | 13.7 | 3.5 | (29.2 | ) | 0.4 | 2.2 | (2.5 | ) | (0.2 | ) | 70.5 | |||||||||||||||||
Interest expense, net | (14.4 | ) | (4.5 | ) | (1.1 | ) | (0.1 | ) | (0.5 | ) | (12.4 | ) | — | — | 13.4 | (19.5 | ) | |||||||||||||
Interest income | 1.1 | 0.1 | 0.2 | — | 0.1 | 11.8 | — | — | (13.0 | ) | 0.4 | |||||||||||||||||||
Other income (expense) | 0.1 | — | — | 0.6 | (0.2 | ) | 30.2 | — | — | (30.5 | ) | 0.1 | ||||||||||||||||||
Income tax benefit (expense) | (10.0 | ) | (13.8 | ) | (4.7 | ) | (1.0 | ) | 10.7 | 1.0 | (0.8 | ) | 0.9 | — | (17.7 | ) | ||||||||||||||
Net income (loss) | $ | 17.6 | $ | 23.6 | $ | 8.1 | $ | 3.0 | $ | (19.1 | ) | $ | 31.0 | $ | 1.4 | $ | (1.6 | ) | $ | (30.2 | ) | $ | 33.8 |
(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. |
Black Hills Utility Naming Conventions | |||
(All Utilities Operate as Black Hills Energy) | |||
State | Former Name | Common Name | Legal Name |
Arkansas | SourceGas | Arkansas Gas | Black Hills Energy Arkansas, Inc. |
Colorado | Colorado Gas | Black Hills/Colorado Gas Utility Co. LP | |
Colorado | SourceGas | Colorado Gas Distribution | Black Hills Gas Distribution, LLC |
Colorado | Colorado Electric | Black Hills/Colorado Electric Utility Co., LP | |
Colorado | Colorado Gas Transmission | Rocky Mountain Natural Gas LLC | |
Iowa | Iowa Gas | Black Hills/Iowa Gas Utility Co., LLC | |
Kansas | Kansas Gas | Black Hills/Kansas Gas Utility Co., LLC | |
Nebraska | Nebraska Gas | Black Hills/Nebraska Gas Utility Co., LLC | |
Nebraska | SourceGas | Nebraska Gas Distribution | Black Hills Gas Distribution, LLC |
South Dakota, Montana and Wyoming | Black Hills Power | South Dakota Electric | Black Hills Power, Inc. |
Wyoming | Cheyenne Light | Wyoming Gas and Electric | Cheyenne Light, Fuel and Power Company |
Wyoming | Cheyenne Light | Wyoming Gas | Cheyenne Light, Fuel and Power Company |
Wyoming | Cheyenne Light | Wyoming Electric | Cheyenne Light, Fuel and Power Company |
Wyoming | Energy West | Wyoming Gas NW | Black Hills Northwest Wyoming Gas Utility Company, LLC |
Wyoming | MGTC | Wyoming Gas NE | Cheyenne Light, Fuel and Power Company |
Wyoming | SourceGas | Wyoming Gas Distribution | Black Hills Gas Distribution, LLC |
Montana and Wyoming | Energy West | Shoshone | Black Hills Shoshone Pipeline, LLC |
Investor Relations: | |
Jerome E. Nichols | |
Phone | 605-721-1171 |
Email | investorrelations@blackhillscorp.com |
Media Contact: | |
24-hour Media Assistance | 866-243-9002 |
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