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Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation

Black Hills Corporation · Feb 3, 2015 · 75 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 1
    2014 Fourth Quarter and Full Year Review Feb. 3, 2015
  2. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 2
    Discussion Agenda Fourth Quarter and David Emery Full Year Review Chairman, President and Chief Executive Officer Financial Update Richard Kinzley Senior Vice President and Chief Financial Officer Strategic Overview David…
  3. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 3
    Q4 and 2014 Review Cheyenne Prairie Generating Station Cheyenne, WY 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 4
  4. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 4
    Q4 2014 Highlights Business Environment Warmer weather in utility service territories compared to same period last year tempered natural gas and electric utilities results Utilities Closed 6 million transaction on Jan. 1 to acquire…
  5. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 5
    Q4 2014 Highlights Utilities continued New rates for Black Hills Power and Cheyenne Light customers in Wyoming and interim rates for Black Hills Power customers in South Dakota effective Oct. 1 Black Hills Power filed rate request on…
  6. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 6
    Q4 2014 Highlights Utilities continued Colorado Electric - received approval on Dec. 19 from Colorado Public Utilities Commission to increase annual revenue by approximately 3.1 million; commission also approved implementation of a…
  7. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 7
    Q4 2014 Highlights Corporate Activities Declared quarterly dividend of 0.405 per share, equivalent to an annual dividend rate of 1.62 per share; dividend increase showed our commitment to share our earnings growth with shareholders,…
  8. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 8
    Q4 2014 Financial Highlights 9% Growth in EPS, as adjusted Earnings from Continuing Operations, as adjusted* Key Earnings Drivers (in millions) (per share) New and interim rates for Cheyenne Prairie Generating Station 0.76 0.70…
  9. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 9
    2014 Financial Highlights 18% Growth in EPS, as adjusted Earnings from Continuing Operations, as adjusted* Key Earnings Drivers (in millions) (per share) New and interim rates and riders for Cheyenne Prairie Generating Station…
  10. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 10
    Q4 2014 Financial Highlights Change in Earnings from Continuing Operations, as adjusted*, from Prior Year Q4 2014 34.0 1.2 Electric Utilities 1.1 Gas Utilities (0.1) Power Generation 2.2 Coal Mining (3.3) Oil & Gas 1.9…
  11. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 11
    2014 Financial Highlights Change in Earnings from Continuing Operations, as adjusted*, from Prior Year 2014 128.8 7.1 Electric Utilities 9.2 Gas Utilities 5.2 Power Generation 4.1 Coal Mining (6.4) Oil & Gas 0.9…
  12. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 12
    Financial Update Elmo Bailey & Ebi Kazemi prepare for pole line installation in the mountains near Victor, CO 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 13
  13. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 13
    Earnings Per Share Analysis Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 2014 2013 Net Income (loss) (GAAP) 0.76 0.60 0.44 1.08 0.41 2.89 2.59 Loss (income) from discontinued operations (GAAP) - - - - 0.02 - 0.02 Income (loss) from…
  14. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 14
    Q4 Revenue/Op Income Total Revenue, as adjusted* (in millions) Total Operating Income, as adjusted* (in millions) 378 355 70.0 71.1 Q4 2014 Q4 2013 Q4 2014 Q4 2013 179 39.0 Electric Util Electric Util 173 35.8 177 24.3…
  15. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 15
    2014 Revenue/Op Income Total Revenue, as adjusted* (in millions) Total Operating Income, as adjusted* (in millions) 1,394 1,276 260.5 255.6 2014 2013 2014 2013 697 146.6 Electric Util Electric Util 665 143.0 618 77.8…
  16. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 16
    Income Statement (in millions, except earnings per share) 4th Qtr Full Year 2014 2013 2014 2013 Revenue 378.1 355.4 1,393.6 1,275.9 Gross Margin 212.8 202.2 811.8 783.8 Operating Expenses (105.0) (96.0) (403.2) (387.0) DD&A (37.8)…
  17. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 17
    Electric Utilities - Revenue/Op Income Q4 Electric Utilities (in millions) 2014 Electric Utilities (in millions) 178.7 173.2 697.3 665.3 Q4 2014 2014 Q4 2013 2013 39.0 35.8 146.6 143.0 Revenue Operating Income, as Revenue…
  18. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 18
    Gas Utilities - Revenue/Op Income Q4 Gas Utilities (in millions) 2014 Gas Utilities (in millions) 177.2 166.2 617.8 Q4 2014 539.7 2014 Q4 2013 2013 24.3 26.9 77.8 76.9 Revenue Operating Income, as Revenue Operating Income, as…
  19. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 19
    Power Generation - Revenue/Op Income Q4 Power Generation (in millions) 2014 Power Generation (in millions) 21.7 21.1 89.7 84.8 Q4 2014 2014 Q4 2013 2013 39.1 37.7 8.0 8.8 Revenue* Operating Income, as Revenue* Operating…
  20. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 20
    Coal Mining - Revenue/Op Income Q4 Coal Mining (in millions) 2014 Coal Mining (in millions) 17.6 Q4 2014 63.4 56.6 2014 Q4 2013 2013 13.4 4.0 11.9 0.7 5.6 Revenue Operating Income, as Revenue Operating Income, as adjusted*…
  21. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 21
    Oil & Gas - Revenue/Op Income Q4 Oil & Gas (in millions) 2014 Oil & Gas (in millions) 13.3 11.6 Q4 2014 55.1 54.9 2014 Q4 2013 2013 (5.3) (1.2) (15.1) (7.3) Revenue Operating Income, as Revenue Operating Income, as…
  22. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 22
    Capital Structure (In millions, except for ratios) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2014 2014 2014 2014 2013 Capitalization Short-term Debt 350 459 408 100 83 Long-term Debt 1,268 1,108 1,122 1,397 1,397 Total Debt…
  23. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 23
    Earnings Guidance Black Hills now expects its 2015 earnings, as adjusted, to be in the range of 2.80 to 3.00 per share versus the 2.90 to 3.10 per share range most recently issued on Nov. 3, 2014. The revised guidance range reflects…
  24. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 24
    Operating Income and EPS, as Adjusted 400 3.20 2009 2015 EPS CAGR = 13.2% 2.89 2.90** 350 2.80 2.45 300 2.40 2.09 250 2.00 (in millions) 35.9 (per share) 36.1 1.67 1.69 36.2 200 1.60 1.38 5.2 19.0 150 1.20…
  25. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 25
    Strategic Overview Busch Ranch Wind Farm near Pueblo, CO 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 26
  26. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 26
    Strategic Objectives Utility-centered energy company well positioned to build upon a track record of successful utility growth EARNINGS: Lead industry peers in CUSTOMER: Provide quality OPERATIONAL PERFORMANCE: ENGAGEMENT: Achieve…
  27. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 27
    Capital Expenditures Historical and Forecasted Capital Expenditures 490 (in millions) 439 451 416 384 205 369 372 131 340 138 199 84 118 129 127 285 285 301 320 217 213 254 255 2010 2011 2012 2013 2014 2015F 2016F 2017F *…
  28. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 28
    Capital Investment by Segment (in millions) 2010 2011 2012 2013 2014A 2015F 2016F 2017F Generation 146 85 72 130 75 62 72 32 Transmission 28 20 38 32 31 68 41 33 Other 59 68 57 60 86 98 111 69 Subtotal Electric Utilities 233 173…
  29. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 29
    Select Major Utility Projects Forecasted Capital Expenditures * Projected Excludes routine capital expenditures for maintenance of assets In-service 2014A 2015F 2016F - 2019F Total ** (in millions) Date Utilities Black Hills…
  30. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 30
    Utility Growth Opportunity Cost of service gas program - potential for direct investment in natural gas reserves provides longer-term price stability for customers, while providing opportunities for increased earnings Continuing…
  31. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 31
    Oil and Gas Strategy Prove up and capture value of existing oil and gas properties Prove up probable and possible reserves Capture value through optionality Pursue disciplined oil exploration, appraisal and development program…
  32. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 32
    Oil and Gas Strategy Complete 2014 and 2015 Mancos Shale program Drill and complete approximately 12 horizontal wells in southern Piceance Basin Drilled and completed three horizontal wells; expect to place on production in…
  33. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 33
    Dividend Growth Dividend Increased for 45 Consecutive Years Dividend yield 3.2% on Jan. 28, 2015 1.65 1.62 1.60 1.56 1.55 Annual Dividend 1.52 Per Share 1.50 1.48 1.46 1.45 1.44 1.42 1.40 1.35 1.30 2009 2010…
  34. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 34
    Credit Rating During 2014, Moodys Investors Service and Fitch Ratings raised their corporate credit ratings of Black Hills Corp. to BBB+ equivalent; all three credit ratings agencies have their credit ratings issued with stable…
  35. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 35
    Utilities Regulatory Update Filing Utility & Filing Description* 2013 2014 2015 Status Date CPGS - 2.8MM Approved 8-20-14; 2.2MM, BHP request, 53%/47%, Q1 2014 53.32%/46.68%, 9.9% ROE Rate case WY 10.25% ROE Effective 10-1-14…
  36. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 36
    Operating Performance Power Plant Fleet Availability Natural Gas Turbine Starting Reliability by Fuel Type 100% 100% BHC Industry BHC Industry 96% 96% 92% 92% 88% 88% 84% 84% 80% 80% Coal Gas Diesel Wind Starting…
  37. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 37
    Operating Performance 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 38
  38. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 38
    Operating Performance 2013 IEEE Reliability Benchmarking Study* 1st Quartile < 85 minutes Total Annual Outage in Minutes BHC 2014 SAIDI = 74 minutes BHC Utility * Represents average outage in minutes per…
  39. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 39
    Operating Performance Recognition Safety Performance Oct. 7, 2014 - The Colorado Department of Public Health and Environment awarded Black Hills Energy with Gold Leader status recognizing the company for implementing…
  40. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 40
    2014 Scorecard Strategy Construct cost effective rate-base Construct additional utility Achieve top-tier operational Be the safest company in the energy generation and transmission to serve infrastructure that supports growing…
  41. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 41
    2015 Scorecard Strategy Construct cost effective rate-base Construct additional utility Achieve top-tier operational Be the safest company in the energy generation and transmission to serve infrastructure that supports growing…
  42. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 42
    Questions Pueblo Airport Generating Station near Pueblo, CO 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 43
  43. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 43
    Appendix Dory Batka and Jerry Likewise monitor the energy supply at our Neil Simpson Complex in Gillette, WY 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 44
  44. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 44
    Black Hills Corporation Overview A growth-oriented, vertically-integrated energy company with a tradition of exemplary service and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 777,000…
  45. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 45
    Guidance Assumptions Black Hills now expects its 2015 earnings, as adjusted, to be in the range of 2.80 to 3.00 per share versus the 2.90 to 3.10 per share range most recently issued on Nov. 3, 2014. The revised guidance range reflects…
  46. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 46
    Electric and Gas Utilities Black Hills Power Cheyenne Nebraska Light Gas Iowa Cheyenne Black Hills Gas Light Power Colorado Gas Kansas Colorado Gas Electric Electric Utilities* Natural Gas Utilities* Generates, transmits…
  47. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 47
    Electric Utility Generation Availability(%) * Excludes KS HDD data since state has weather normalization 93.0 Q4 2014 98.1 2,343 Q4 2014 95.6 Q3 2014 (Total for all gas service* areas weighted by 97.0 137 Q3 2014 Gas…
  48. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 48
    Estimated Utility Rate Base Estimated Rate Base* by Utility Segment 2010 2011 2012 2013 (in millions) Electric Utilities 901 1,007 1,272 1,248 Gas Utilities 425 443 450 454 Total 1,326 1,450 1,722 1,702 * Estimated rate base…
  49. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 49
    Mitigating Regulatory Recovery Risk Mechanisms reduce regulatory lag and the risk of non-recovery Cost Recovery Mechanisms Electric Utility Environmental DSM/ Trans- Fuel Cost Trans- Purchased Fixed Cost Financing Jurisdiction Cost…
  50. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 50
    Non-Regulated Energy Power Generation* Owns interests in two power generation facilities totaling 269 MW Wygen I - 69 MW of a 90 MW coal-fired facility in Gillette, WY Pueblo Airport - 200 MW natural gas-fired facility in Pueblo, CO…
  51. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 51
    Q4 2014 Non-Regulated Update IPP Generation Contract Availability (%) Coal Production Revenue and Expense per Ton Sold (Coal in millions of tons and overburden in millions (Units = tons sold plus cubic yards of overburden Coal-fired…
  52. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 52
    Gillette Energy Complex Value proposition through integrated approach Coal production, generation, transmission utility and non-regulated assets Shared staff, facilities, land and infrastructure Wyodak Mine Interstate 90…
  53. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 53
    Coal Contracts Summary Approximately 50% of coal production sold under contracts that include price adjustments based on actual mining costs plus a return on mine capital investments Most of the remaining 50% of coal production sold…
  54. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 54
    Oil & Gas Exploration & Development Program Note: approximate areas of geologic basins does not reflect BHEP acreage 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 55
  55. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 55
    Reserve Data and Net Present Value Reserve calculation at Dec. 31, 2013 Average Average Net Oil Net Gas Net Equiv PV10 Price Oil Price Nat Gas (MMBO)** (BCF)** (BCFE)** (MM) Per BBL per MCF PDP* 3.7 55.1 77.1 163.5 89.88 3.26 PNP*…
  56. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 56
    Oil and Gas Mancos Shale Strategy Three successful test wells drilled in 2011 (4,000 5,000 foot horizontal laterals) affirmed potential in San Juan and southern Piceance Basins Two successful wells drilled in southern Piceance Basin…
  57. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 57
    Southern Piceance Basin Western Colorado 2014 Fourth Quarter and Full Year Review - Feb. 3, 2015 58
  58. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 58
    Southern Piceance Basin Mancos Drilling Program 2013-2015 Questar White River Hub 1800 MMCF/day capacity 51 miles to the north 9-11 9-41 Questar White River Hub 21-41H 10-31-99 D-17 WT 12-16 19D 20D 4-28…
  59. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 59
    Southern Piceance Basin Mancos Production Piceance Basin Type Curve 10,000 10,000' Lateral Type Curve 9.5 BCFE Gross Gas, Mcf/D 5,000' Lateral Type Curve 5.4 BCFE 1,000 100 1 11 21 31 MONTHS 41 51 61 Type 10,000'…
  60. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 60
    San Juan Basin Mancos Shale WPX Rosa Unit Wells Rosa 634B (upper target) Produced 2.36 BCF Rosa 634A (lower target) Produced 2.07 BCF 16 miles BHGR Jicarilla Horizontal Well Jicarilla 434-30 724 (lower target) Produced 2.28…
  61. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 61
    San Juan Basin Mancos Production Production Rates in Mcf/D 100,000 10,000 Gross Gas, Mcf/D EUR 6.9 BCFE 1,000 100 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37…
  62. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 62
    In Millions 0 100 200 300 400 500 600 2015 275MM Term Loan 2016 2017 2018 2019 75MM 2020 200MM 5.88% Note 2021 CLFP IR Bond 2022 Debt Maturities 2023 525MM 4.25% Note 2014 Fourth Quarter and Full Year Review…
  63. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 63
    Use of Non-GAAP Financial Measures Segment Revenue, Operating Income, Income from Continuing Operations and EPS, as adjusted We have provided non-GAAP earnings data reflecting adjustments for special items as specified in the GAAP to…
  64. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 64
    Use of Non-GAAP Financial Measures Revenue, as adjusted (in thousands) Utilities Non-Regulated Energy Electric Power QTD Dec 31, 2014 Utilities Gas Utilities Generation Coal Mining Oil and Gas Corporate Total Revenue 174,970 177,197…
  65. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 65
    Use of Non-GAAP Financial Measures Revenue, as adjusted (in thousands) Utilities Non-Regulated Energy Electric Power YTD Dec 31, 2014 Utilities Gas Utilities Generation Coal Mining Oil and Gas Corporate Total Revenue 683,201 617,768…
  66. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 66
    Use of Non-GAAP Financial Measures Operating Income, as adjusted (in thousands, pre-tax) Utilities Non-Regulated Energy Electric Power QTD Dec 31, 2014 Utilities Gas Utilities Generation Coal Mining Oil and Gas Corporate Total…
  67. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 67
    Use of Non-GAAP Financial Measures Operating Income, as adjusted (in thousands, pre-tax) Utilities Non-Regulated Energy Power YTD Dec. 31, 2014 Electric Utilities Gas Utilities Generation Coal Mining Oil and Gas Corporate Total…
  68. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 68
    Use of Non-GAAP Financial Measures Operating Income, as adjusted (in thousands, pre-tax) Utilities Non-Regulated Energy Electric Power YTD Dec. 31, 2011 Utilities Gas Utilities Generation Coal Mining Oil and Gas Corporate Total…
  69. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 69
    Use of Non-GAAP Financial Measures Income from Continuing Operations, as adjusted (in thousands, after-tax) Utilities Non-Regulated Energy Electric Power QTD Dec 31, 2014 Utilities Gas Utilities Generation Coal Mining Oil and Gas…
  70. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 70
    Use of Non-GAAP Financial Measures Income from Continuing Operations, as adjusted (in thousands, after-tax) Utilities Non-Regulated Energy Electric Power YTD Dec 31, 2014 Utilities Gas Utilities Generation Coal Mining Oil and Gas…
  71. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 71
    Use of Non-GAAP Financial Measures Depreciation, Depletion & Amortization, adjusted for Intercompany Capital Lease* (in thousands, pre-tax) Electric Gas Total Power Total Non- YTD Dec. 31, 2014 Utilities Utilities Utilities Generation…
  72. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 72
    Use of Non-GAAP Financial Measures EBITDA For the Three Months Ended Dec 31, For the Twelve Months Ended Dec 31, (in thousands) 2014 2013 2014 2013 Income from continuing operations 34,007 19,007 128,781 115,846 Depreciation,…
  73. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 73
    Use of Non-GAAP Financial Measures EPS, as adjusted 2009 2010 2011 2012 2013 2014 Net income (GAAP) 2.11 1.76 1.24 1.85 2.59 2.89 Discontinued Operations (0.11) (0.14) (0.23) 0.16 0.02 - Income (loss) from continuing operations (GAAP)…
  74. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 74
  75. Q4 2014 AND FULL YEAR REVIEW – Black Hills Corporation – slide 75
    To see more ways we are improving life with energy visit us at www.blackhillscorp.com.

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