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Black Hills Corporation (NYSE: BKH) is a growth-oriented, vertically integrated energy company headquartered in Rapid City, South Dakota. With a mission of improving life with energy and a vision to be the energy partner of choice, Black Hills Corp. serves approximately 1.34 million natural gas and electric utility customers in eight states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.
The company operates through various segments: Electric Utilities, Gas Utilities, and Corporate and Other. A significant portion of its revenue is generated from its utility business group, mainly from electric utilities. Black Hills Corp. caters to a wide array of customers, including residential, commercial, industrial, and municipal consumers.
Black Hills Corp. has made significant strides in renewable energy. A noteworthy development is the acquisition of the production facility at the Dubuque Metropolitan Area Solid Waste Agency, which includes onsite infrastructure and long-term rights to renewable natural gas (RNG) production. This investment aligns with the company’s emissions reduction strategy and marks its entry into the RNG production as a nonregulated business.
In 2023, Black Hills Corp. reported strong financial results, with earnings per share reaching $3.91, driven by new rates and customer growth. The company demonstrated robust capital and expense management, offsetting inflationary impacts. Furthermore, the company has set a 2024 earnings guidance range of $3.80 to $4.00 per share and plans to increase its capital plan by $800 million to $4.3 billion from 2024 through 2028.
Among its strategic growth initiatives, Black Hills Corp. is advancing several key projects. In Wyoming, it has initiated the Ready Wyoming 260-mile electric transmission project. In South Dakota, the company is finalizing plans to add 100 megawatts of utility-owned renewable wind generation by mid-2026. Additionally, in Colorado, Black Hills Energy is recommending 400 megawatts of new renewable energy resources to meet its greenhouse gas emissions reduction goals by 2030, including 200 megawatts of utility-scale solar, 150 megawatts of wind, and 50 megawatts of battery storage.
Black Hills Energy Renewable Resources LLC (BHERR), a nonregulated subsidiary established in 2022, focuses on developing RNG production and interconnections. This subsidiary aims to align with Black Hills Corp.'s sustainability strategy and drive profitable growth in renewable energy projects.
For more detailed information, visit their website at www.blackhillscorp.com.
Black Hills Corp. (BKH) announced a quarterly dividend of $0.625 per share for common shareholders of record as of February 14, 2023, payable on March 1, 2023. This marks the company's 81st consecutive year of dividend payments since its incorporation in 1942. Additionally, Black Hills is set to release its 2022 fourth-quarter and full-year earnings on February 7, 2023, with a conference call scheduled for February 8, 2023, at 11 a.m. EST to discuss the financial results. This information underscores the company’s commitment to returning value to shareholders while maintaining transparency in financial reporting.
Black Hills Corp. (NYSE: BKH) will announce its 2022 fourth quarter and full year earnings on Feb. 7, 2023, after market close. A live conference call and webcast will take place on Feb. 8, 2023, at 11 a.m. EST to discuss the financial results. Investors can access the webcast via their website under the Investor Relations section. The company, serving 1.3 million customers across eight states, focuses on being a growth-oriented utility provider, with the vision to be the energy partner of choice.
Black Hills Corp. (NYSE: BKH) announced a four-year fuel supply contract through its subsidiary, Wyodak Resources Development Corp., for the 402-megawatt Wyodak Power Plant. The contract, effective from January 1, 2023, maintains similar pricing terms to the previous agreement, allowing for monthly and quarterly adjustments. Wyodak Resources will remain the sole coal supplier for the plant, which is majority-owned by PacifiCorp. This partnership aims to ensure a secure and competitive fuel supply for the facility, which serves critical baseload capacity for their customers.
Black Hills Corp. (NYSE: BKH) will engage with investors at the Bank of America Gas Utility Conference on Dec. 5, 2022, and the Wells Fargo Midstream and Utilities Symposium on Dec. 7, 2022. The company's senior leadership team will discuss the 2022 and 2023 earnings guidance, long-term growth targets, and regulatory updates. These materials will be accessible on their website prior to the events. Serving over 1.3 million customers across eight states, Black Hills is focused on being the energy partner of choice.
Black Hills Corp. (NYSE: BKH) has appointed Courtney Hebert as vice president-corporate controller and chief risk officer, effective immediately. Hebert, who has over 20 years of financial experience, previously served as assistant controller and chief risk officer and has a strong background in utility roles and compliance. This appointment follows Kimberly Nooney's promotion to chief financial officer, reinforcing the company's succession strategy within its finance team. Both leaders aim to drive the company's long-term growth strategy.
Black Hills Corp. (NYSE: BKH) reported solid financial results for Q3 2022, with net income of $35 million and EPS of $0.54. Year-to-date EPS increased by 9% to $2.86. The company reaffirmed 2022 EPS guidance ($3.95-$4.15) and initiated 2023 guidance ($4.00-$4.20). Capital investments forecasted rose to $3.5 billion. A 5% dividend increase was announced, marking 52 years of consecutive raises. Key projects like the Ready Wyoming transmission expansion are set to enhance service and growth. The company aims for Net Zero emissions by 2035, doubling its prior target.
Black Hills Corp. (NYSE: BKH) announces CFO Richard Kinzley's retirement in mid-2023 after 23 years with the company. Vice President Kimberly Nooney will succeed him as CFO and Treasurer, effective April 1, 2023. Kinzley has played an essential role in the company's growth and capital allocation since becoming CFO in 2015. Nooney, a 26-year veteran at Black Hills, brings extensive experience in finance and accounting. The smooth transition is expected to support the company's future growth as it navigates to a new energy landscape.
Black Hills Corp. (NYSE: BKH) has announced a quarterly dividend increase of $0.625 per share, up 5.0% from the previous quarter. Shareholders of record as of Nov. 17, 2022, will receive the payment on Dec. 1, 2022. This marks 52 consecutive years of dividend increases, affirming the company's commitment to delivering long-term value to its customers and shareholders. Additionally, it represents 80 years of annual dividends since its inception in February 1942.
Black Hills Corp. (NYSE: BKH) announced a significant step forward with the Wyoming Public Service Commission's approval for its $260 million transmission expansion project, known as Ready Wyoming. This 260-mile project aims to meet the growing energy demands of Wyoming customers, enhance electric system resiliency, and stabilize long-term pricing. Construction is set to begin in 2023, with completion expected in phases through 2025, providing over $100 million in economic benefits and up to 1,400 jobs in the region.
On October 11, 2022, Black Hills Corp. (NYSE: BKH) submitted a rate review application to the Colorado Public Utility Commission, seeking $12.3 million in new annual revenue. This request follows over $120 million invested in safety and system integrity for its natural gas pipeline infrastructure since 2017. The application proposes a capital structure of 52% equity and a 12.25% return on equity, with new rates aimed for implementation by July 16, 2023. This move underscores the company's commitment to delivering safe and reliable natural gas service to customers.
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