Black Hills Corp. Confirms it is Not Participating in CenterPoint Energy Sale Process

Rhea-AI Summary

Black Hills announced it will not participate in CenterPoint Energy's sale of gas distribution assets in Arkansas and Oklahoma, deeming them non-strategic.

The company emphasizes growth through its $2.9 billion capital investment program from 2020 to 2024, focusing on organic customer-oriented projects. President and CEO Linn Evans stated acquisitions will only be considered if they are highly strategic.

Positive

• Strong focus on organic growth with a $2.9 billion capital investment program from 2020 through 2024.
• Clear strategic direction to prioritize customer-oriented projects over acquisitions.

Negative

• None.

News Market Reaction

+3.03%

1 alert

+3.03% News Effect

On the day this news was published, BKH gained 3.03%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

RAPID CITY, S.D., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Black Hills today announced that it has no intent to participate in the CenterPoint Energy sale process for its gas distribution assets in Arkansas and Oklahoma. Black Hills performed a preliminary review of the assets offered for sale and concluded the assets would not be strategic additions.

“While growth through acquisition has been a strength of Black Hills historically, we are currently focused on driving growth through our organic customer-oriented capital investment program,” said President and CEO Linn Evans. “We have a strong $2.9 billion capital investment program from 2020 through 2024 and expect to add to that program given opportunities we are exploring. We would only consider an acquisition if it is highly strategic,” concluded Evans.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.28 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

Investor Relations
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com

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888-242-3969

FAQ

Why is Black Hills not participating in CenterPoint Energy's sale process?

Black Hills has determined that the gas distribution assets offered by CenterPoint Energy would not be strategic additions to its portfolio.

What is Black Hills' capital investment program for 2020-2024?

Black Hills has a strong $2.9 billion capital investment program aimed at organic growth and customer-focused projects.

Will Black Hills consider acquisitions in the future?

Black Hills will only consider acquisitions if they are deemed highly strategic.

What states does Black Hills serve?

Black Hills serves 1.28 million natural gas and electric utility customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.