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2013 Black Hills Corporation BKH | 2013 Black Hills Corporation Hills Black | Annual Report | Proxy Statement | Form 10K Growth 2013 Black Hills Corporation Annual Report Proxy Statement Form 10K www.blackhillscorp.com Align above mark with bottom edge of document. Align mark to the right with right edge of document. Use bounding box to hide marks and text once placed. MONTANA SOUTH DAKOTA Investor Information 39 utility customers 2 communities served 66,389 utility customers 2013 Annual Report 558 employees 23 communities served 155 megawatts of operated WYOMING power generation capacity Common Stock 2014 Annual Meeting 78,639 utility customers IOWA 291 employees Transfer Agent, Registrar & Dividend Disbursing Agent The Annual Meeting of Shareholders will be held at The Dahl 7 communities served 153,458 utility customers Wells Fargo Shareowner Services Arts Center, 713 Seventh Street, Rapid City, South Dakota, 301 operated oil & gas wells 183 employees P.O. Box 64854 at 9:30 a.m. local time on April 29, 2014. Prior to the meeting, 29 bcfe reserves 132 communities served St. Paul, Minnesota 55164-0854 formal notice, proxy statement and proxy will be mailed 213 million tons of 800-468-9716 to shareholders. coal reserves www.wellsfargo.com/shareownerservices 520 megawatts of operated NEBRASKA Market for Equity Securities power generation capacity Senior Unsecured Notes – Black Hills Corporation The Company’s Common Stock ($1 par value) is traded 198,504 utility customers Trustee & Paying Agent on the New York Stock Exchange (NYSE). Quotations for 435 employees Wells Fargo Bank, N.A. the Common Stock are reported under the symbol BKH. COLORADO 106 communities served 750 N. St. Paul Place, Suite 1750 The continued interest and support of equity owners are Dallas, Texas 75201 appreciated. The Company has declared Common Stock 168,351 utility customers dividends payable in each year since its incorporation in 313 employees First Mortgage Bonds – Black Hills Power, Inc. 1941. Regular quarterly dividends when declared are normally 52 communities served KANSAS The Bank of New York Mellon payable on March 1, June 1, September 1 and December 1. 69 operated oil & gas wells 111,683 utility customers 101 Barclay Street, 8W 25 bcfe reserves 146 employees New York, New York 10286 Internet Account Access 425 megawatts of operated 62 communities served power generation capacity Registered shareholders can access their accounts First Mortgage Bonds – Cheyenne Light, Fuel & Power electronically at www.shareowneronline.com. Shareowner Trustee & Paying Agent Online allows shareholders to view their account balance, Wells Fargo Bank, N.A. dividend information, reinvestment details and much more. NEW MEXICO 750 N. St. Paul Place, Suite 1750 The transfer agent maintains stockholder account access. Dallas, Texas 75201 14 employees Direct Deposit of Dividends 135 operated oil & gas wells We encourage you to consider the direct deposit of your 24 bcfe reserves Pollution Control Refunding Revenue Bonds – Black Hills Power, Inc. dividends. With direct deposit, your quarterly dividend Trustee & Paying Agent payment can be automatically transferred on the dividend Wells Fargo Bank, N.A. payment date to the bank, savings and loan, or credit union 625 Marquette Ave., 11th floor of your choice. Direct deposit assures payments are credited Minneapolis, Minnesota 55479 to shareholders’ accounts without delay. A form is attached to Electric Utilities your dividend check where you can request information about Environmental Improvement Revenue Bonds this method of payment. Questions regarding direct deposit Natural Gas Utilities – Black Hills Power, Inc. should be directed to Wells Fargo Shareowner Services. Trustee & Paying Agent Power Generation The Bank of New York Mellon Dividend Reinvestment and Direct Stock Purchase Plan 1775 Sherman Street, Suite 2775 A Dividend Reinvestment and Direct Stock Purchase Plan Coal Mine Denver, Colorado 80203 provides interested investors the opportunity to purchase shares of the Company’s Common Stock and to reinvest Oil and Gas Industrial Development Revenue Bonds all or a percentage of their dividends. For complete details, 43 Consecutive Years of Dividend Increases – Cheyenne Light, Fuel & Power including enrollment, contact the transfer agent, Wells Fargo Corporate Office Trustee & Paying Agent Shareowner Services. Plan information is also available at US Bank National Association www.wellsfargo.com/shareownerservices. Company Headquarters 950 17th Street, Suite 1200 $1.52 $1.48 $1.46 $1.44 $1.42 Denver, Colorado 80202 Website Access to Reports $1.40 $1.37 $1.28 The reports we file with the SEC are available free of charge Corporate Offices at our website www.blackhillscorp.com as soon as reasonably $1.08 Black Hills Corporation practicable after they are filed. In addition, the charters of our $0.89 P.O. Box 1400 Audit, Governance and Compensation Committees are located $0.73 625 Ninth Street on our web site along with our Code of Business Conduct, $0.21 Rapid City, South Dakota 57701 Code of Ethics for our Chief Executive Officer and Senior $0.13 $0.11 $0.43 605-721-1700 Finance Officer, Corporate Governance Guidelines of our 1970 1975 1980 1985 1990 1995 2000 2005 2007 2008 2009 2010 2011 2012 2013 www.blackhillscorp.com Board of Directors and Policy for Independent Directors. Some of the sections in this annual report contain forward-looking statements. For a discussion about factors that could affect operating results, please see the Risk Factors beginning on page 51 of the Form 10-K. Cheyenne Prairie Generating Station construction underway. Align mark to the right with right edge of document. Use bounding box to hide marks and text once placed. You might have As you can see from our 2013 results, expenses. The compound annual our strategy is definitely working. growth rate of adjusted earnings per heard us say more share from 2009 through 2013 was Last year, we achieved our third best 15 percent.* We achieved solid than once that our annual stock price performance financial results for shareholders — company has the since we were listed on the New all while maintaining operational York Stock Exchange in 1980. Our excellence and implementing most clearly defined stock price climbed higher every continuous improvement projects growth strategy in quarter, finishing the year up 44.5 that held down customer costs. percent. We also posted our highest our history. closing price in more than 10 years. In December, we increased our 2014 What’s more, our stock has recorded adjusted earnings guidance range to an 18.5 percent compound annual $2.50 to $2.70 per share, based on the growth rate since 2009. projected benefits from recent 44.5% { Year-End Stock Price & Growth BKH $52.51 12.7% 11.9% 8.2% +44.5% -1.2% in 2013 $36.34 PEER GROUP $33.58 $30.00 % $26.63 + 22.1 2009 2010 2011 2012 2013 S&P UTILITY INDEX 8.8% Year end stock price + Annual change in stock price S&P 500 BKH outperformed its peer group financing activities, which we’ll + 29.6% and the utility indexes — becoming detail later in this letter. DJIA the best performing stock in the utility sector. It also outpaced the Our earnings growth and positive + 26.5% S&P 500 Index and the Dow Jones outlook gave us confidence to Industrial Average amidst a banner maintain our dividend increase year for both markets. These results record. We declared our 43rd year aren’t unique to 2013; we’ve reported of consecutive dividend increases, strong results for the past four years. with a quarterly dividend of $0.38 per share — an annual increase Our rising stock price reflected of $0.04 per share and a dividend our improving performance. Our rate of $1.52 per share in 2013. In adjusted earnings per share of $2.45 early 2014, we also announced our were up 17 percent compared to the 44th consecutive year of increasing previous year’s adjusted earnings of dividends, one of the longest records $2.09 per share.* EPS benefited from in the utility industry. investments in our utility businesses, favorable weather and lower interest *A Non-GAAP measure, reconciled to GAAP in the Proxy Statement, Appendix A, page 46. BKH | 2013 Black Hills Corporation | 1 Align mark to the right with right edge of document. Use bounding box to hide marks and text once placed. Building momentum A number of favorable factors strengthened our balance sheet and gave us momentum as we moved into 2014, including: Invested We invested $1.2 billion on capital In fact, we invested more than projects during the past three years, 60 percent of that $1.2 billion on our 1.2 billion on with much of that investment spent utilities, and we plan to continue that capital projects on our regulated utility businesses. trend in the future. We drilled and completed two We earned about 20,000 net acres of Continued to horizontal wells in the Mancos Shale additional Mancos leasehold from a prove up formation in the southern Piceance third party in exchange for drilling Basin. Both wells are producing, and and completing the wells. Mancos properties we’re excited about their results. We took advantage of low interest for 10 years. We used the proceeds Completed our rates and completed our largest debt to retire higher cost debt and settle offering ever, closing a 4.25 percent, interest rate swaps. This financing largest $525 million senior notes offering helped position our balance sheet to debt offering that locked in favorable interest rates support and grow our businesses. Saw our The top three credit rating agencies and raised our credit rating. One recognized our improved financial agency already upgraded our credit credit rating performance and business risk profile rating again in early 2014. upgraded More to come As encouraging as these 2013 results are, we believe they’re just the beginning.
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