Black Hills Corporation filings document the formal disclosures of a South Dakota-based electric and natural gas utility with common stock listed on the New York Stock Exchange under BKH. Its SEC reports include Form 8-K updates on operating and financial results, rate-related regulatory matters, material agreements, debt obligations and other capital-structure events.
Proxy and shareholder-vote filings describe director elections, auditor ratification, executive compensation votes and governance matters. The filing record also covers registered common stock and exhibits such as earnings releases, investor presentations and financing documents.
Black Hills Corporation filed an update to give investors detailed financial information about its pending all-stock merger with NorthWestern Energy Group. The filing adds NorthWestern’s latest quarterly financial statements and unaudited pro forma results showing how the two utilities would look as a combined company.
The Merger Agreement calls for each NorthWestern share to be exchanged for 0.98 Black Hills shares, with Black Hills treated as the accounting acquirer. Based on a recent Black Hills share price, the estimated merger consideration is about $4.55 billion, with a large portion recorded as goodwill under purchase accounting.
The pro forma combined income statements illustrate how revenue, earnings and earnings per share would have appeared if the merger had been completed earlier, but the company emphasizes these figures are preliminary, rely on assumptions and do not predict future performance. Completion of the merger still depends on multiple regulatory approvals and satisfaction of other closing conditions.
Black Hills Corp ownership reported by State Street Corporation. State Street Corporation states it beneficially owns 3,622,356 shares of Black Hills Corp common stock, representing 4.8% of the class. The filing lists shared voting power of 3,444,666 and shared dispositive power of 3,620,556.
The filing names SSGA Funds Management and several State Street Global Advisors entities in Item 7 as subsidiaries or investment-advisor holders. The form is signed by Elizabeth Schaefer, Senior Vice President and Chief Accounting Officer, dated 05/12/2026.
Black Hills Corporation reported first-quarter 2026 revenue of $780.7 million and diluted earnings per share of $1.73, compared with $805.2 million and $1.87 a year earlier. Net income available for common stock was $131.0 million versus $134.3 million.
Electric Utilities operating income rose to $59.9 million on new rates and rider recovery, while Gas Utilities operating income eased to $146.5 million on milder weather despite recent rate approvals. Operating cash flow was $176.2 million, funding $259.8 million of capital expenditures, largely at Electric Utilities.
The company advanced its all-stock merger with NorthWestern, with shareholder approvals obtained, key regulatory applications filed, and antitrust clearance under the HSR Act completed. It also signed a 1.8 GW data center generation reservation agreement in Wyoming and a 200 MW solar PPA in Colorado to support its Clean Energy Plan.
Black Hills Corp. reported first-quarter 2026 net income available for common stock of $131.0 million and diluted EPS of $1.73, down from $1.87 a year earlier, mainly reflecting mild winter weather and higher financing and depreciation costs. Adjusted EPS was $1.79 versus $1.87, excluding $0.05 per share of merger-related costs. Revenue was $780.7 million compared with $805.2 million in 2025, with weather reducing results by $0.18 per share but partially offset by new rates, riders, and lower operations and maintenance expenses.
The company reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, based on normal weather, constructive regulatory outcomes, equity issuance of $50–$70 million, and an effective tax rate of about 14%. Black Hills highlighted progress on its tax-free, all-stock merger with NorthWestern Energy, including shareholder approvals, settlements with intervenors in multiple states, completion of the Hart-Scott-Rodino waiting period, and an expected closing in the second half of 2026, subject to remaining conditions. It also emphasized a growing data center pipeline of more than 3 GW, including a prospective 1.8 GW project in Wyoming backed by $201 million in refundable customer contributions to reserve generation equipment.
Operationally, Wyoming Electric served a new all-time peak load of 393 MW, marking 20 consecutive years of demand growth in the Cheyenne region. Construction continued on key projects, including the 99-MW, $280 million Lange II gas-fired generation facility in South Dakota and a 50-MW battery storage project in Colorado, along with a new power purchase agreement for up to 200 MW of solar energy. Multiple electric and gas utilities pursued rate reviews seeking new annual revenue in several states. The board declared a quarterly dividend of $0.703 per share, extending the company’s record to 56 consecutive years of dividend increases, and the company issued 0.6 million new common shares for net proceeds of $41 million under its at-the-market program.
Waleski Anne G reported acquisition or exercise transactions in this Form 4 filing.
BLACK HILLS CORP director Anne G. Waleski received an equity award of 1,921 shares of common stock as a non-employee director restricted stock unit grant. This compensation-related grant was priced at $0.00 per share in the table and increased her direct holdings to 4,237.1172 shares.
BLACK HILLS CORP director Teresa Taylor reported a stock award and updated equity holdings. She received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit grant, recorded at a price of $0.00 per share as compensation rather than an open-market purchase.
After this award, she directly holds 13,645.6562 shares of Common Stock. Separately, a trust associated with her indirectly holds Phantom Stock Units tied to 10,385.6725 underlying shares of Common Stock, with a 1-for-1 conversion ratio. These derivative units are exercisable and expire upon retirement under the agreement’s terms.
Prochazka Scott M reported acquisition or exercise transactions in this Form 4 filing.
Black Hills Corp. director Scott M. Prochazka received an equity grant of 1,921 shares of Common Stock as a restricted stock unit award. The grant was made at a price of $0.00 per share as a non-employee director Restricted Stock Unit grant.
Following this award, Prochazka directly holds 11,715.8442 Common Stock shares. He is also associated with 2,335.0121 Phantom Stock Units held indirectly by a trust, which reference an equivalent number of Common Stock shares on a 1-for-1 basis and become exercisable and expire upon retirement under the agreement’s terms.
Black Hills Corp director Robert P. Otto received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit award at a price of $0.0000 per share. After this grant, his directly held common stock position is 14,994.9672 shares.
He also has an indirect position in Phantom Stock Units held by a trust, representing 9,764.9995 underlying shares of Common Stock on a 1-for-1 conversion ratio. These derivative securities are exercisable upon retirement and expire upon retirement under the terms of the agreement, indicating a long-term, retirement-linked compensation structure rather than an open-market trade.
BLACK HILLS CORP (BKH) director Steven Richard Mills reported a stock-based compensation grant and his existing phantom stock holdings. He received an award of 1,921 shares of common stock as a non-employee director restricted stock unit grant, increasing his direct common stock holdings to 29,622.2309 shares.
Mills is also indirectly associated with 22,105.2207 phantom stock units held by a trust, each with a 1-for-1 conversion ratio into common stock. The derivative security becomes exercisable upon retirement and expires upon retirement under the terms of the agreement.
McAllister Kathleen S reported acquisition or exercise transactions in this Form 4 filing.
Black Hills Corp. director Kathleen S. McAllister received a grant of 1,921 shares of common stock as a non-employee director restricted stock unit award. After this grant, she holds 16,529.1219 common shares directly. She also has phantom stock units indirectly via a trust, tied to 4,250.9788 underlying common shares on a 1-for-1 basis, which become exercisable and expire upon retirement under the agreement.