DOCSLIB.ORG

BLACK HILLS CORPORATION Busch Ranch II Wind Energy Project, Southern Colorado 2020 BKH ANNUAL REPORT | 2 Dear Fellow Shareholders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
BLACK HILLS CORPORATION Busch Ranch II Wind Energy Project, Southern Colorado 2020 BKH ANNUAL REPORT | 2 Dear Fellow Shareholders Ready to serve 2020 Annual Report | Proxy Statement | Form 10-K once placed. once xt te marks and and marks Electric Utilities hide hide to box Use bounding bounding Use height of graphic. of height denote minumum minumum denote BKH marks marks ve Abo Natural Gas Utilities Above marks denote minumum Electric and height of graphic. Use bounding box to hide marks and text Natural Gas Utilities once placed. Black Hills Mine Power Generation Wind Generation Corporation Company Headquarters We are a customer focused, growth- utility customers in 823 communities oriented utility company with a tradition in Arkansas, Colorado, Iowa, Kansas, of exemplary service and a vision to be Montana, Nebraska, South Dakota and the energy partner of choice. Based in Wyoming. Employees partner to produce Rapid City, South Dakota, the company results that Improve Life with Energy. once placed. once te and marks xt serves 1.3 million electric and natural gas to box hide hide Use bounding bounding Use height of graphic. of height denote minumum minumum denote Abo ve marks marks Above marks denote minumum Arkansas Kansas South Dakota height of graphic. Use bounding 178,300 utility customers 117,000 utility customers 71,000 utility customers box to hide marks and text once placed. 100 communities served 65 communities served 29 communities served 130 megawatts of owned power Colorado Montana generation capacity 296,600 utility customers 47 utility customers 119 communities served 2 communities served 597 megawatts of Wyoming owned power 178,600 utility customers generation capacity Nebraska 56 communities served 296,800 utility customers 189 million tons of 319 communities served coal reserves Iowa 608 megawatts of 161,000 utility customers owned power 133 communities served generation capacity 80 megawatts of owned power generation capacity 1 | BLACK HILLS CORPORATION Busch Ranch II Wind Energy Project, Southern Colorado 2020 BKH ANNUAL REPORT | 2 Dear fellow shareholders, Ready to Serve. Words that define and affirm the unwavering commitment of the 3,000 team members of Black Hills Corporation to provide essential, life-saving energy to our customers. We are humbled by this responsibility and consider it a privilege to serve as an integral partner to our customers and communities, delivering safe and reliable electricity and natural gas to nearly 1.3 million businesses, households and families across our 8-state service territory. We chose Ready to Serve as the theme of this year’s report because it speaks to our deeply held values and to our preparation and resilience as an organization to respond quickly and confidently to whatever comes our way. In a year upended by the global coronavirus pandemic (COVID-19) and subdued by its devastating impact, our work has never been more important, nor more urgent. We couldn’t be prouder of our Black Hills Energy team, as they worked together during these challenging times — distanced and working remotely — ready to serve those who depend on us. Our team adapted quickly to the ever-changing environment, staying on the forefront of processes and safeguards, resolved to do their part to help reduce the spread of the virus. 2020 was a difficult year for our customers and communities, and we’re working hard to support them. Our hearts go out to all those impacted by COVID-19, as we witness the toll taken on individuals, families, and businesses. In April, during the early weeks of the pandemic, our Black Hills Corporation Foundation worked quickly to provide assistance to our communities through gifts totaling more than $375,000 to support food insecurity programs and critical services provided by local charities including United Way chapters and Salvation Army corps across each of our states. We also proactively established moratoriums on utility disconnections and kept them in place weeks, and in some cases, months, after state-issued moratoriums had been lifted. In 2020, our community support totaled $5.6 million, including over $628,000 in employee giving to United Way chapters and affiliates across our service territory and more than $812,000 in expanded energy assistance funding through our Black Hills Cares program, which matches customers’ and employees’ charitable contributions dollar-for-dollar. We have been by our customers’ sides throughout many challenges over our 137-year history and will continue to do so through this challenge, too. Our care for our customers runs deep and is reflected in the confidence and commitment of our Black Hills Energy team members, working each day in service to our customers, guided by our values and united in our mission of Improving Life with Energy. We are Ready to Serve. 3 | BLACK HILLS CORPORATION 2020 BKH ANNUAL REPORT | 4 Total assets Capital expenditures 1 EBITDA, as adjusted 2 $7,500 $900 $600 $8,089 $650 $800 $609 $7,558 $500 $592 $611 Delivering strong $6,500 $850 $700 $560 $6,963 $755 $400 $6,659 $600 $6,542 $5,500 $433 $500 $300 $400 $4,500 $502 in millions in millions in millions financial Results $460 $300 $200 $4,627 $3,500 $200 $338 To safely and reliably serve our customers the 50th consecutive year of dividend $290 $100 and support our communities, we increases after we increased our dividend $100 took bold actions in 2020 to ensure a by $0.12, or 5.9%, to $2.17 per share. This $2,500 $0 $0 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 sustainable path forward for our company. is the second longest track record in the With the activation of our business gas and electric utility sector and speaks continuity plans, and a determined and to the leadership, vision and perseverance 5-year total shareholder return Dividend per share Earnings per share, as adjusted 2 dedicated team, we successfully delivered of our company. We are equally proud that Data from S&P Global Market Intelligence on our long-term strategy to serve our the company has paid dividends to our 120% $2.05 $2.17 $3.50 $3.00 customers’ energy needs today and well shareholders every year since 1942, or 78 $3.73 100% $1.95 $2.05 into the future. years, another illustration of our resiliency $2.50 $1.85 $1.93 $3.00 80% $3.54 and commitment to creating sustainable 103.0% $3.53 Rising above the challenges of the year, we value for our shareholders. $1.75 $3.00 60% $1.81 reported strong financial results in 2020, $3.00 $3.36 72.3% $1.65 70.8% $3.27 increased our dividend and delivered on Our long-term planning and financing 40% $1.68 $3.00 $1.55 54.0% our customer-centered capital investment strategy prepared us with ample access to $1.62 $3.00 $3.13 20% plans. Financial results were solid with short-term and long-term funding during $1.45 $2.90 34.4% earnings, as adjusted, of $3.73* per share, the pandemic. We maintained a $750 0% $1.35 $2.80 up 5.7% compared to $3.53 in 2019. million credit line during the year, providing BKH S&P 500 EEI SNL Gas S&P 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Results were driven by strong operational strong access to liquidity to fund our Utilities Peers Utilities 500 execution, disciplined cost management operations and capital program. We also and fair returns on invested capital. completed equity and bond offerings during (In millions except per share amounts) the year to strengthen our balance sheet. 2020 2019 2018 After an excellent start to 2020, and an We executed a $100 million equity offering Stock Stock price per share $61.45 $78.54 $62.78 outstanding stock price performance in with a single investor in February at a stock 2019, our stock declined sharply in March price of $81.77 per share and completed a Information Common shares outstanding 62.8 61.5 60.0 (year-end) as uncertainty surrounding the pandemic $400 million, 10-year bond offering in June Market capitalization $3,859 $4,828 $3,767 rattled investors. As the economy started priced at an attractive rate of 2.5%. to recover in the third quarter, investors rotated into higher growth opportunities, In a year of heightened stakeholder concerns Company Total capital expenditures $755 $850 $502 leaving the utility sector lagging for the stemming from the pandemic, as well as Key Indicators Total assets $8,089 $7,558 $6,963 remainder of the year. Our stock price had climate change, carbon emissions and Total debt $3,771 $3,495 $3,142 a strong run to finish the year, up nearly Environmental, Social and Governance (ESG) 15% in the fourth quarter. For the full year, considerations in general, we expanded Net income available for common stock $228 $199 $258 our stock price performance was down our disclosures to better showcase how 21.8%. Meanwhile, our 5-year stock price Black Hills Corp. is transitioning to a cleaner Per share Earnings per share: GAAP $3.65 $3.28 $4.66 performance was up 32.4%, delivering a energy future while continuing our tradition 2 total shareholder return of 54.2%, including of good governance. With a thoughtful and information Earnings per share, as adjusted $3.73 $3.53 $3.54 dividends, over that period. confident investment plan, and excitement Dividend per share $2.17 $2.05 $1.93 around new business opportunities, we are Dividend yield at year-end 3.5% 2.6% 3.1% We celebrated a major milestone with our Ready to Serve and committed to delivering shareholders in 2020 when we completed long-term value to you, our shareholders.
Load more

Recommended publications
  • Black Hills Corporation 10/5/2017 - 2:00 PM EDT Speaker ID Page 1
    Black Hills Corporation 10/5/2017 - 2:00 PM EDT Speaker ID Page 1 Black Hills Corporation October 5, 2017 2:00 PM EDT Jerome Nichols: Good afternoon. Welcome to Black Hills Corporation's 2017 Analyst Day, being held at the Hotel Warwick New York in New York City. My name is Jerome Nichols, and I am the Director of Investor Relations for Black Hills. On behalf of our leadership team, I want to thank all of you – those participating by webcast and, particularly, those of you at the hotel – for taking time out of your busy schedules to spend the afternoon with us. We hope that you find our sessions today informative and helpful. Our presentation today includes forward-looking information and the use of non-GAAP financial measures. You should refer to Slide 2 of the presentation as well as our filings with the Securities and Exchange Commission for some of the risk factors that could cause future results to differ from our forward-looking statements. Our reconciliation of non-GAAP measures is available in the appendix of our presentation materials. Slide 3 of our Analyst Day presentation has the meeting agenda. Our format today includes an introduction and strategical review, business and regulatory presentations, and a financial update. We will hold a question-and-answer session at the end of our presentation. Again, as a reminder, if there is something that needs clarification, please ask the question during the presentation. The webcast participants can ask questions through the "chat" feature of their web player. As a reminder, today's webcast is being recorded, and a transcript and an audio recording will be available after the event at our website, at www.blackhillscorp.com, under the "Investor Relations" tab.
    [Show full text]
  • Black Hills Corporation Annual Report 2020
    Black Hills Corporation Annual Report 2020 Form 10-K (NYSE:BKH) Published: February 14th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to __________________ Commission File Number 001-31303 BLACK HILLS CORPORATION Incorporated in South Dakota IRS Identification Number 46-0458824 7001 Mount Rushmore Road Rapid City South Dakota 57702 Registrant’s telephone number, including area code (605) 721-1700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock of $1.00 par value BKH New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Black Hills Corporation Annual Report 2021
    Black Hills Corporation Annual Report 2021 Form 10-K (NYSE:BKH) Published: February 26th, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-31303 BLACK HILLS CORPORATION Incorporated in South Dakota IRS Identification Number 46-0458824 7001 Mount Rushmore Road Rapid City, South Dakota 57702 Registrant’s telephone number (605) 721-1700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common stock of $1.00 par value BKH New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Black Hills Corp
    SECURITIES AND EXCHANGE COMMISSION FORM 10-K Annual report pursuant to section 13 and 15(d) Filing Date: 2017-02-27 | Period of Report: 2016-12-31 SEC Accession No. 0001130464-17-000010 (HTML Version on secdatabase.com) FILER BLACK HILLS CORP /SD/ Mailing Address Business Address 625 9TH STREET 625 9TH STREET CIK:1130464| IRS No.: 460458824 | State of Incorp.:SD | Fiscal Year End: 0128 PO BOX 1400 PO BOX 1400 Type: 10-K | Act: 34 | File No.: 001-31303 | Film No.: 17639452 RAPID SD 57709 RAPID CITY SD 57709 SIC: 4911 Electric services 6057212343 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to __________________ Commission File Number 001-31303 BLACK HILLS CORPORATION Incorporated in South Dakota 625 Ninth Street IRS Identification Number Rapid City, South Dakota 57701 46-0458824 Registrant’s telephone number, including area code (605) 721-1700 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common stock of $1.00 par value New York Stock Exchange Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Appendix a Retention of Black Hills Corporation's
    APPENDIX A RETENTION OF BLACK HILLS CORPORATION’S NONUTILITY BUSINESSES The following is a description of the nonutility businesses in which Black Hills Corporation (“Black Hills”) and its subsidiaries are engaged and the legal bases that support the Securities and Exchange Commission’s (“Commission’s”) authorization of Black Hills to retain these businesses following its registration as a public-utility holding company under the Public Utility Holding Company Act of 1935, as amended (“Act”). A. Nonutility Business of Black Hills Power, Inc. Black Hills Power, Inc. (“Black Hills Power”), is a direct wholly owned subsidiary of Black Hills and a South Dakota corporation headquartered in Rapid City, South Dakota. Black Hills Power is a public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 60,000 customers in eleven counties in Western South Dakota, Eastern Wyoming, and Southwestern Montana. Black Hills Power is currently Black Hills’ only regulated public-utility subsidiary. Black Hills Power engages in various “energy-related” activities which are permissible under rule 58, including the sale of products and services providing for protection from electrical surges resulting from lightning strikes and other surge anomalies and the sale and servicing of home appliances and home heating and cooling devices. Black Hills Power earned revenues of approximately $357,000 in these “energy- related” activities in 2003, representing approximately 0.21% of Black Hills Power’s revenues in 2003.1 B. Black Hills Energy, Inc. Black Hills Energy, Inc. (“Black Hills Energy”), is a direct wholly owned subsidiary of Black Hills and a South Dakota corporation headquartered in Golden, Colorado.
    [Show full text]
  • Black Hills Corp. Reports 2018 Fourth Quarter and Full Year Results
    Black Hills Corp. Reports 2018 Fourth Quarter and Full Year Results • 2018 EPS from continuing operations of $4.78 includes tax benefits of $1.24 per share • 2018 EPS from continuing operations, as adjusted, of $3.54 is $0.04 above guidance range • Weather benefit of $0.09 per share for full year and $0.06 per share in fourth quarter • 2019 and 2020 earnings guidance reaffirmed RAPID CITY, S.D. — Feb. 7, 2019 — Black Hills Corp. (NYSE: BKH) today announced 2018 fourth quarter and full year financial results. Net income from continuing operations available for common stock for the fourth quarter and full year 2018 was $88 million and $265 million, or $1.51 and $4.78 per diluted share, respectively, compared to $64 million and $194 million, or $1.17 and $3.52 per diluted share, respectively, for the same periods in the prior year. The three and 12 months ending Dec. 31, 2018 included net tax benefits of $27 million and $69 million, or $0.46 and $1.24 per diluted share, respectively, primarily related to legal entity restructuring at our gas utilities that resulted in the recognition of deferred tax benefits associated with amortizable goodwill for tax purposes. The same periods in 2017 included a benefit from tax reform and other tax items of $12 million or $0.21 per diluted share. Net income from continuing operations available for common stock, as adjusted, for the three and 12 months ending Dec. 31, 2018 increased over the same periods in 2017 by 13 percent and 6 percent, respectively.
    [Show full text]
  • OCA Hearing Exhibit 105 Page 1 of 43 SPU-2015-0028
    OCA Hearing Exhibit 105 Black Hills Corp Page 1 of 43 10/6/2014 - 4:00 PM ET SPU-2015-0028 Speaker ID 1 Page 1 Black Hills Corp October 6, 2014 4:00 PM ET Jerome Nichols: Good afternoon, and welcome to Black Hills Corporation’s 2014 Analyst Day being held here at the Little America Hotel and Resort in Cheyenne, Wyoming. My name is Jerome Nichols, and I’m the Director of Investor Relations at Black Hills. On behalf of our leadership team, I want to thank all of you, those participating by webcast today, and particularly those here at the hotel, for taking time out of your busy schedules to spend the afternoon with us. We hope you’ll find today’s sessions informative and helpful. Slide two of our Analyst Day presentation has today’s agenda. I want to note one change to our schedule. David Emery, our Chairman, President and Chief Executive Officer, will not be attending today’s event. He is tending to his mother’s medical situation this afternoon. Linn Evans, our Chief Operating Officer and President of Utilities, will cover Dave’s sections today. Our format today includes presentations by each of our business segment leaders. We will hold a question and answer session after each presenter. We will also have time at the end of the meeting for final questions. The webcast participants can ask questions through the chat feature of their Web player. Our presentation today includes forward-looking information and the use of non-GAAP financial measures. You should refer to slide three of the presentation, as well as our filings with the Securities Exchange Commission, for some of the risk factors that could cause future results to differ from our forward-looking statements.
    [Show full text]
  • Black Hills Corporation Annual Report
    BLACKHILLSCORPORATION annual report 2006 BLACK HILLS CORPORATION COUNTS annual report CUSTOMER THE Black Hills Corporation P.O. Box 1400, 625 Ninth Street Rapid City, South Dakota 57709 605.721.1700 | www.blackhillscorp.com 2006 INVESTOR INFORMATION THECUSTOMERCOUNTS 2006 COMMON STOCK FIRST MORTGAGE BONDS – INDUSTRIAL DEVELOPMENT BLACKHILLSCORPORATION annual report Transfer Agent, Registrar CHEYENNE LIGHT, FUEL & POWER REVENUE BONDS – & Dividend Disbursing Agent Trustee & Paying Agent CHEYENNE LIGHT, FUEL & POWER Wells Fargo Shareowner Services Wells Fargo Bank, N.A. Trustee & Paying Agent P.O. Box 64856 MAC C7300-107 US Bank St. Paul, Minnesota 55164-0856 1740 Broadway 950 17th Street, Suite 300 800-468-9716 Denver, Colorado 80274 Denver, Colorado 80203 www.wellsfargo.com/shareownerservices POLLUTION CONTROL REFUNDING CORPORATE OFFICES We deliver exceptional value to customers, SENIOR UNSECURED NOTES – REVENUE BONDS – Black Hills Corporation BLACK HILLS CORPORATION BLACK HILLS POWER, INC. P.O. Box 1400 achieve solid returns for investors, and grow through Trustee & Paying Agent Trustee & Paying Agent 625 Ninth Street LaSalle Bank N.A. Wells Fargo Bank, N.A. Rapid City, South Dakota 57709 135 S. LaSalle Street, Suite 1960 Sixth Street and Marquette Avenue 605-721-1700 responsible energy development for the West. Chicago, Illinois 60603 Minneapolis, Minnesota 55479 www.blackhillscorp.com FIRST MORTGAGE BONDS – ENVIRONMENTAL IMPROVEMENT BLACK HILLS POWER, INC. REVENUE BONDS – The Bank of New York BLACK HILLS POWER, INC. Trust Company, N.A. Trustee & Paying Agent 227 W. Monroe, 26th Floor The Bank of New York Trust Company, N.A. Chicago, Illinois 60606 227 W. Monroe, 26th Floor Chicago, Illinois 60606 2007 ANNUAL MEETING DIVIDEND REINVESTMENT AND The Annual Meeting of Shareholders will be held at The Journey Museum, DIRECT STOCK PURCHASE PLAN 222 New York Street, Rapid City, South Dakota, at 9:30 a.m.
    [Show full text]
  • 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.
    [Show full text]
  • Direct Testimony of Linden R. Evans on Behalf
    APSC FILED Time: 8/10/2015 1:31:31 PM: Recvd 8/10/2015 1:29:34 PM: Docket 15-078-U-Doc. 5 BEFORE THE ARKANSAS PUBLIC SERVICE COMMISSION IN THE MATTER OF THE JOINT ) APPLICATION OF SOURCEGAS ) ARKANSAS INC., SOURCEGAS INC., ) SOURCEGAS LLC, SOURCEGAS ) DOCKET NO. 15-078-U HOLDINGS LLC, AND BLACK HILLS ) UTILITY HOLDINGS, INC. FOR ALL ) NECESSARY AUTHORIZATIONS AND ) APPROVALS FOR BLACK HILLS UTILITY ) HOLDINGS, INC. TO ACQUIRE ) SOURCEGAS HOLDINGS LLC ________________________________________ DIRECT TESTIMONY OF LINDEN R. EVANS ON BEHALF OF BLACK HILLS UTILITY HOLDINGS, INC. August 10, 2015 APSC FILED Time: 8/10/2015 1:31:31 PM: Recvd 8/10/2015 1:29:34 PM: Docket 15-078-U-Doc. 5 Table of Contents I. Introduction and Background .................................................................................... 1 II. Statement of Qualifications ....................................................................................... 1 III. Purpose and Summary of Testimony ........................................................................ 2 IV. Black Hills Corporation and Its Operating Subsidiaries ........................................... 3 V. The Transaction ......................................................................................................... 9 VI. Black Hills’ Experience in Acquiring and Integrating New Utility Operations ........ 11 VII. Benefits of the Transaction ........................................................................................ 14 VIII. Required Approvals ..................................................................................................
    [Show full text]
  • Black Hills Corporation Announces Agreement to Acquire Cheyenne Light, Fuel & Power
    NEWS RELEASE Black Hills Corporation Announces Agreement to Acquire Cheyenne Light, Fuel & Power 1/13/2004 RAPID CITY, S.D., Jan. 13 /PRNewswire-FirstCall/ -- Black Hills Corporation (NYSE: BKH) today announced a denitive agreement to acquire Cheyenne Light, Fuel & Power from Xcel Energy Inc. (NYSE: XEL), pending regulatory approval. Cheyenne Light, Fuel & Power is a utility serving residential, commercial and industrial energy consumers in Cheyenne, Wyoming. Currently, the utility has approximately 38,000 electric customers and 30,000 gas customers. Its peak electric load is 156 megawatts (MW), and power is provided under an all- requirements contract with Public Service Company of Colorado, which extends through 2007. Annual natural gas distribution and transportation is approximately 4.8 million million British thermal units (MMBtu). The purchase price is expected to approximate Xcel Energy's book value. Daniel P. Landguth, Chairman and Chief Executive Ocer of Black Hills Corporation, said, "The proposed acquisition of Cheyenne Light, Fuel & Power is an excellent expansion of our regulated utility operations. Adding signicantly to our retail presence in Wyoming augments our diversied energy activities in the state. We currently mine coal in the Powder River Basin, and produce oil and natural gas. We also generate electric power at two Wyoming sites for wholesale customers in Wyoming, South Dakota, Montana, Nebraska and Colorado, and for utility customers in Wyoming, South Dakota and Montana. "We are committed to delivering reliable and value-priced energy to Wyoming consumers while providing reasonable returns for our investors," said Landguth. "At the heart of our successful Company's mission, our employees make the dierence between good and excellent performance.
    [Show full text]
  • Books Are the Products of Many Hands, and This Work Certainly Benefited from the Contributions of Many People. Nearly Two Dozen
    ACKNOWLEDGEMENTS Books are the products of many hands, and this Two corporate histories, one published in 1966 Lynn Porter sent manuscripts to reviewers and work certainly benefited from the contributions and the other, A Century of Light, written by R.E. hounded them for comments. Dale Jahr provided of many people. “Dint” Furois in 1989, provided considerable perspective on the investment community. From background on the company’s early years. Jane airports, Kyle White checked in with answers to Nearly two dozen current and former employees Mobley’s fine bookPower: the Story of Missouri historical questions and words of encouragement. and board members agreed to be interviewed for Public Service was also helpful. the project, including: Roxann Basham, Dale Vantage Point consultant, Johanna Blume, Clement, Don Dubej, David Emery, Jim Emery, Staff at various repositories provided images and processed records stored in various locations. She Linn Evans, John Howard, Everett Hoyt, Dale information including: Arlette Hansen at the was helped considerably in her work by Jennifer Jahr, Kay Jorgensen, Charlie & Irene Klueber, Dan Adams Museum, Carolyn Weber at the Homestake Romero-Douglas and Marie Johnson on Alexa Landguth, Larry Likewise, George Locke, Mark Adams Research Center, Reid Riner at the Stulken’s team in Records Compliance. Lux, Jim Mattern, Tom Ohlmacher, Joe and Vicki Minnilusa Pioneer Museum ( Journey Museum), Rovere, John Schunneman, Mark Thies, Kyle Steven Wilson at Ellsworth Air Force Base, Patti At Vantage Point, Craig Chapman conscientiously White, and Jim Williams. Many of these folks also Anderson at the Devereaux Library (SDSM&T) transcribed the interviews. Jan Tippett copyedited read and commented on drafts of the manuscript.
    [Show full text]