Black Hills Corporation A diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice Based in Rapid City, SD, with corporate offices in Denver, CO, and Papillion, NE Regulated…
Diversified Earnings Current business portfolio includes primarily regulated electric and gas utilities versus 2007 mix of mostly non-regulated energy segments Operating Income Assets 57% 28% 16% 50% 27% 34% 2% 1% Trailing…
Electric and Natural Gas Utilities Seven mid-western utilities serving over 762,000 customers Cheyenne Light, Nebraska Gas Fuel & Power Black Hills Power Iowa Gas Colorado Gas Kansas Gas Cheyenne Light, Fuel & Power…
Power Generation and Coal Mining Power Generation Coal Mining Ownership in three power generation facilities Includes approximately 262 million tons of low-sulfur Powder River Basin coal reserves for low-cost, mine-mouth Wygen I -…
Oil & Gas and Energy Marketing Oil and Gas Energy Marketing Operated wells in San Juan, Powder River, and Diversified energy commodity strategies include natural Piceance Basins gas, crude oil, coal, power and environmental…
Investment Highlights Diversified Energy Company with a Tradition of Exemplary Service Defined long-term investment program Identified organic growth plus significant upside opportunities Poised for economic recovery Utility…
Operations Update 10
Recent Highlights Ongoing Utility and IPP generation construction projects for estimated 487 million nearly complete and on schedule to begin serving Colorado Electric customers on Jan. 1, 2012 Applicable Colorado Electric rate case…
Colorado Generation Projects 2012 Earnings Growth Driven By New Natural Gas-Fired Generation Projects Overview: Electric Utility and IPP Generation projects ready to serve Black Hills Energy Colorado Electric utility customers starting…
Colorado Electric - Wind Energy Project New Wind Project Helps Meet Colorado Renewable Energy Standards Overview: Project consists of sixteen 1.8 MW Vestas turbines for total 29 MW; ready to serve utility customers in Q4 2012; site is…
Oil & Gas - Mancos Shale Update Held By Production legacy assets San Juan Basin - 19,400 net acres (average royalty 20%) Jicarilla 464-30 724 initial test well drilled Initial potential established Sept. 28 - flowed 6.2 MMCF and…
Financial Update 15
Q3 2011 Summary Net Income, as adjusted, 14.4 million or 0.37 per share compared to 14.8 million or 0.38 per share in Q3 2010 Utilities Non-Regulated Energy Net income, as adjusted, was 16.4 million compared Net income, as adjusted,…
EPS Analysis Earnings Per Share (EPS) Q3 Q4 Q1 Q2 Q3 2010 2010 2011 2011 2011 Wtd Avg Shares Outstanding (in thousands) 39,133 39,437 39,761 39,823 39,145 Net Income (loss) 0.32 0.85 0.68 0.19 ( 0.27) Adjust for special loss/(gain)…
Q3 2011 Revenue/Operating Income Roll-Up Revenue Operating In millions Income (Loss) 2011 2010 2011 2010 Comments Utilities Electric Utilities 153.7 141.6 32.5 27.5 Rate case settlements Gas Utilities 72.7 72.3 5.1 6.1 Higher O&M…
Capital Structure Current Capitalization Ratio* Capitalization Ratio Objective Debt less than 55% * Reflects completion of equity forward agreements on Nov. 1, 2011 which issued 4.4 million shares of BHC common stock for…
Strategic Overview 20
Defined Investment Program Drives Earnings Growth Historical and Forecasted Capital Expenditures including Transmission (in millions) 497 525 6 441 428 6 7 17 4 5 123 348 13 19 148 336 96 3 12 55 25 21 97 41 5 21 79 205 43…
Long-term Growth Opportunities 2012-2015 Capital Expenditures Expected In- Announced Future Total Excludes routine capital expenditures for maintenance of assets (in millions) Service Date Utility Colorado Electric 50% share of 42MW…
Oil & Gas Strategy Review Review Commenced in May 2010 Mancos shale has potential to be extremely valuable asset Encouraged by early results of drilling and testing Leasehold acreage held by production Oil & Gas segment to pursue…
2011 Scorecard Strategy 2011 Progress & Future Initiatives UTILITIES R File CPCN for another utility owned natural gas-fired turbine to replace retirement of coal + Acquire regulated utility properties in our geographic focus fired…
Creating Shareholder Value 41 consecutive years of annual dividend increases Fully defined long-term growth plan with track record of execution Diversified portfolio with utility assets and non-regulated upside potential…
Appendix Supplemental appendix slides available at the Investor Relations link at www.blackhillscorp.com 26
Vision: Be the energy partner of choice. Mission: Improving life with energy.
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