Black Hills Corp. Reaffirms 2025 Earnings Guidance and Reports 2025 Second-Quarter Results
Black Hills Corp (NYSE:BKH) reported Q2 2025 earnings of $0.38 per share, up from $0.33 in Q2 2024, and reaffirmed its 2025 earnings guidance of $4.00 to $4.20 per share. The company achieved significant milestones including a new all-time peak load of 379 megawatts at Wyoming Electric and received approval for $10.8 million in new annual revenue for Kansas Gas.
Key projects include the $350-million Ready Wyoming transmission project set for completion by year-end 2025 and the $280-million Lange II generation project planned for 2026. The company continues executing its $1 billion capital plan while maintaining solid financial metrics, with expectations to deliver in the upper half of its long-term 4% to 6% growth target.
Black Hills Corp (NYSE:BKH) ha riportato utili per il secondo trimestre 2025 di 0,38 dollari per azione, in aumento rispetto a 0,33 dollari nel secondo trimestre 2024, e ha confermato la guidance sugli utili 2025 tra 4,00 e 4,20 dollari per azione. L'azienda ha raggiunto traguardi importanti, tra cui un nuovo picco storico di carico di 379 megawatt presso Wyoming Electric e ha ottenuto l'approvazione per 10,8 milioni di dollari di nuovi ricavi annui per Kansas Gas.
I progetti chiave includono il progetto di trasmissione Ready Wyoming da 350 milioni di dollari, previsto per il completamento entro la fine del 2025, e il progetto di generazione Lange II da 280 milioni di dollari, pianificato per il 2026. L'azienda continua a eseguire il suo piano di investimenti da 1 miliardo di dollari mantenendo solidi indicatori finanziari, con l'aspettativa di raggiungere la metà superiore del suo obiettivo di crescita a lungo termine del 4% - 6%.
Black Hills Corp (NYSE:BKH) reportó ganancias del segundo trimestre de 2025 de $0.38 por acción, frente a $0.33 en el segundo trimestre de 2024, y reafirmó su guía de ganancias para 2025 entre $4.00 y $4.20 por acción. La compañía alcanzó hitos significativos, incluyendo un nuevo pico histórico de carga de 379 megavatios en Wyoming Electric y recibió la aprobación de $10.8 millones en nuevos ingresos anuales para Kansas Gas.
Los proyectos clave incluyen el proyecto de transmisión Ready Wyoming de $350 millones programado para completarse a finales de 2025 y el proyecto de generación Lange II de $280 millones planeado para 2026. La empresa continúa ejecutando su plan de capital de $1 mil millones mientras mantiene sólidos indicadores financieros, con expectativas de entregar en la mitad superior de su objetivo de crecimiento a largo plazo del 4% al 6%.
Black Hills Corp (NYSE:BKH)는 2025년 2분기 주당 0.38달러의 수익을 보고했으며, 이는 2024년 2분기의 0.33달러에서 증가한 수치입니다. 또한 2025년 주당 수익 가이던스를 4.00달러에서 4.20달러 사이로 재확인했습니다. 회사는 Wyoming Electric에서 379메가와트의 새로운 최고 부하 기록을 달성했으며, Kansas Gas에 대해 연간 1080만 달러의 신규 수익 승인을 받았습니다.
주요 프로젝트로는 2025년 말 완공 예정인 3억 5천만 달러 규모의 Ready Wyoming 송전 프로젝트와 2026년 계획된 2억 8천만 달러 규모의 Lange II 발전 프로젝트가 있습니다. 회사는 10억 달러 규모의 자본 계획을 계속 실행하면서 견고한 재무 지표를 유지하고 있으며, 장기 4%에서 6% 성장 목표의 상위 절반 달성을 기대하고 있습니다.
Black Hills Corp (NYSE:BKH) a annoncé un bénéfice du deuxième trimestre 2025 de 0,38 $ par action, en hausse par rapport à 0,33 $ au deuxième trimestre 2024, et a réaffirmé ses prévisions de bénéfices pour 2025 entre 4,00 $ et 4,20 $ par action. La société a atteint des jalons importants, notamment un nouveau pic historique de charge de 379 mégawatts chez Wyoming Electric et a obtenu l'approbation pour 10,8 millions de dollars de nouveaux revenus annuels pour Kansas Gas.
Les projets clés incluent le projet de transmission Ready Wyoming de 350 millions de dollars, dont l'achèvement est prévu d'ici la fin 2025, ainsi que le projet de production Lange II de 280 millions de dollars, prévu pour 2026. La société poursuit l'exécution de son plan d'investissement d'un milliard de dollars tout en maintenant des indicateurs financiers solides, avec l'objectif d'atteindre la moitié supérieure de sa cible de croissance à long terme de 4 % à 6 %.
Black Hills Corp (NYSE:BKH) meldete für das zweite Quartal 2025 einen Gewinn von 0,38 US-Dollar pro Aktie, gegenüber 0,33 US-Dollar im zweiten Quartal 2024, und bestätigte seine Gewinnprognose für 2025 von 4,00 bis 4,20 US-Dollar pro Aktie. Das Unternehmen erreichte bedeutende Meilensteine, darunter eine neue Rekordlast von 379 Megawatt bei Wyoming Electric und erhielt die Genehmigung für 10,8 Millionen US-Dollar an neuen Jahreserlösen für Kansas Gas.
Zu den Schlüsselprojekten gehören das 350-Millionen-Dollar-Ready-Wyoming-Übertragungsprojekt, das bis Ende 2025 abgeschlossen sein soll, und das 280-Millionen-Dollar-Lange-II-Erzeugungsprojekt, das für 2026 geplant ist. Das Unternehmen setzt seinen 1-Milliarde-Dollar-Kapitalplan weiterhin um und hält solide Finanzkennzahlen, mit der Erwartung, das obere Ende seines langfristigen Wachstumsziels von 4 % bis 6 % zu erreichen.
- Q2 2025 earnings increased 15.2% to $0.38 per share from $0.33 in Q2 2024
- Kansas Gas received approval for $10.8 million in new annual revenue
- Wyoming Electric achieved 21% peak load growth compared to 2024
- $350-million Ready Wyoming transmission project on track for completion by 2025
- Maintained 55 consecutive years of dividend increases
- Forecasts over 10% of EPS from data centers by 2028
- Higher operating expenses impacting financial performance
- Increased interest expense of $6.3 million due to higher rates and borrowings
- Dilution from issuance of 1.1 million new common stock shares year-to-date
- Unplanned generation outages affecting performance in Electric Utilities segment
Insights
Black Hills delivered solid Q2 earnings with 15.2% EPS growth, reaffirmed 2025 guidance, and achieved key regulatory approvals supporting long-term expansion.
Black Hills Corp. reported
The Electric Utilities segment posted operating income of
Management has reaffirmed their 2025 EPS guidance range of $4.00-$4.20, representing approximately
The company is making substantial progress on its
Black Hills secured two significant regulatory wins: approval for the South Dakota Electric's 99-megawatt Lange II generation project and Kansas Gas rate approval providing
Demand growth remains robust, with Wyoming Electric recording four new all-time peak loads in H1 2025, including a record 379 megawatts on June 20 - a
The company maintained its impressive dividend history, approving its 55th consecutive annual increase - the second-longest streak in the utility industry. During Q2, Black Hills issued 0.3 million shares for net proceeds of
- Reaffirms 2025 earnings guidance range of
$4.00 t o$4.20 per share - Established Emergency Public Safety Power Shutoff (PSPS) program
- Received approval for new rates at Kansas Gas providing
$10.8 million of new annual revenues - Received CPCN for South Dakota Electric’s 99-megawatt generation project
- Served new all-time peak load of 379 megawatts at Wyoming Electric, reflecting an increase of
21% over the 2024 peak
RAPID CITY, S.C., July 30, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the second quarter ending June 30, 2025. Operating income, net income available for common stock and earnings per share for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, were:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| (in millions, except per share amounts) | |||||||||||||
| Operating Income | $ | 82.5 | $ | 70.6 | $ | 287.4 | $ | 264.0 | |||||
| Net income available for common stock | $ | 27.5 | $ | 22.8 | $ | 161.7 | $ | 150.6 | |||||
| Earnings per share, Diluted | $ | 0.38 | $ | 0.33 | $ | 2.24 | $ | 2.19 | |||||
Earnings of
“We delivered strong earnings and achieved key milestones for our regulatory and growth initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We are maintaining our solid financial credit metrics and executing on our
“We are successfully executing on our plan to deliver in the upper half of our long-term
SECOND-QUARTER 2025 HIGHLIGHTS AND RECENT UPDATES
Electric Utilities
- In the first half of 2025, Wyoming electric recorded four new all-time peak loads, including an all-time peak of 379 megawatts on June 20, 2025. The peaks represent 19 consecutive years of increasing electric demand in Wyoming and an increase of
21% over the all-time peak in 2024. - On June 30, the company established its Emergency Public Safety Power Shutoff program across all three of its electric utilities to promote customer safety and mitigate wildfire risk. In establishing the PSPS program, the company engaged with wildfire experts and key stakeholders including customers, community and local agencies, regulators and community leaders.
- During the second quarter, Wyoming Electric continued construction of its 260-mile,
$350 -million Ready Wyoming electric transmission expansion project. The project is on track to be completed and in service by year-end 2025. The project is expected to maintain long-term cost stability for customers, enhance system resiliency and access to power markets, support local economic growth and facilitate development of Wyoming’s strong wind and solar natural resources. - On June 10, South Dakota Electric received approval from the Wyoming Public Service Commission for a certificate of public convenience and necessity (CPCN) for the 99-megawatt,
$280 million Lange II gas-fired generation project. The new facility is scheduled to begin construction in the third quarter of 2025 and to be in service during the second half of 2026. The addition of these resources will replace generation resources planned for retirement and support updated planning reserve margin requirements. - During the second quarter, Colorado Electric continued to advance the addition of 350 megawatts of new renewable generation resources in support of its Clean Energy Plan. In 2024, the Colorado Public Utilities Commission approved the addition of a 100-megawatt utility-owned solar project, a 50-megawatt utility-owned battery storage project and a 200-megawatt solar power purchase agreement. On June 12, the company filed a request for a CPCN for the battery storage project and expects a decision by year-end. Negotiations with counterparties for the other two projects are ongoing, which will drive the final cost and timing of projects.
Gas Utilities
- On July 24, Kansas Gas received approval from the Kansas Corporation Commission of a settlement agreement for its rate review request seeking approval to recover approximately
$118 million of system investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. The black box settlement provides approximately$10.8 million of new annual revenue, with new rates effective Aug. 1, 2025. The settlement provides the renewal of the company's safety and integrity rider and allows for a new insurance cost tracker with deferred accounting treatment. It also includes approval for the company to file an abbreviated case during the first quarter of 2026 that includes the addition of capital placed in service through Dec. 31, 2025. - On May 1, Nebraska Gas filed a rate review request with the Nebraska Public Service Commission seeking approval to recover approximately
$453 million of system investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. The rate review requested$35 million of new annual revenue based on a capital structure of50.5% equity and49.5% debt and a return on equity of10.5% . Interim rates will be effective Aug. 1, 2025 and new final rates in the first quarter of 2026.
Corporate and Other
- On July 22, Black Hills’ board of directors approved a quarterly dividend of
$0.67 6 per share payable on Sept. 2, 2025, to common shareholders of record at the close of business on Aug. 18, 2025. On an annualized basis, the dividend represents 55 consecutive years of increases, the second-longest track record in the electric and natural gas industry. - On June 2, the company utilized one of two one-year extension options available for its Revolving Credit Facility, extending the maturity to May 31, 2030, with all other terms unchanged.
- During the second quarter, the company issued a total of 0.3 million shares of new common stock for net proceeds of
$20 million . Year-to-date, the company has issued a total of 1.1 million shares of new common stock for net proceeds of$65 million . - During the second quarter, Black Hills published its 2024 Corporate Sustainability Report, highlighting the company's environmental, social and governance impacts and its progress on major projects and climate goals.
2025 EARNINGS GUIDANCE REAFFIRMED
Black Hills reaffirms its guidance for 2025 earnings per share available for common stock to be in the range of
- Normal weather conditions within our utility service territories
- Constructive and timely outcomes of utility regulatory dockets;
- Excludes mark-to-market adjustments;
- No unplanned outages at our generation facilities;
- Compounded annual growth rate of approximately
3.5% for operations and maintenance expense (excludes depreciation and amortization and taxes other than income taxes) off 2023 of$552 million - Equity issuance between
$215 million and$235 million ; and - An effective tax rate of approximately
13% for the full year.
| BLACK HILLS CORPORATION CONSOLIDATED FINANCIAL RESULTS | |||||||||||||
| (Minor differences may result due to rounding) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| (in millions, except per share amount) | |||||||||||||
| Revenue | $ | 439.0 | $ | 402.6 | $ | 1,244.2 | $ | 1,129.0 | |||||
| Operating expenses: | |||||||||||||
| Fuel, purchased power and cost of natural gas sold | 124.0 | 107.1 | 483.8 | 423.7 | |||||||||
| Operations and maintenance | 147.6 | 141.7 | 301.3 | 275.2 | |||||||||
| Depreciation and amortization | 69.8 | 66.6 | 139.0 | 132.5 | |||||||||
| Taxes other than income taxes | 15.1 | 16.6 | 32.7 | 33.6 | |||||||||
| Total operating expenses | 356.5 | 332.0 | 956.8 | 865.0 | |||||||||
| Operating income | 82.5 | 70.6 | 287.4 | 264.0 | |||||||||
| Interest expense, net | (48.9 | ) | (42.6 | ) | (100.3 | ) | (86.7 | ) | |||||
| Other income (expense), net | (0.4 | ) | 0.4 | 0.6 | (0.5 | ) | |||||||
| Income tax benefit (expense) | (4.4 | ) | (3.7 | ) | (22.5 | ) | (20.6 | ) | |||||
| Net income | 28.8 | 24.7 | 165.2 | 156.2 | |||||||||
| Net income attributable to non-controlling interest | (1.3 | ) | (1.9 | ) | (3.5 | ) | (5.6 | ) | |||||
| Net income available for common stock | $ | 27.5 | $ | 22.8 | $ | 161.7 | $ | 150.6 | |||||
| Weighted average common shares outstanding: | |||||||||||||
| Basic | 72.4 | 69.0 | 72.0 | 68.6 | |||||||||
| Diluted | 72.4 | 69.0 | 72.1 | 68.7 | |||||||||
| Earnings per share: | |||||||||||||
| Earnings Per Share, Basic | $ | 0.38 | $ | 0.33 | $ | 2.25 | $ | 2.20 | |||||
| Earnings Per Share, Diluted | $ | 0.38 | $ | 0.33 | $ | 2.24 | $ | 2.19 | |||||
| CONSOLIDATING INCOME STATEMENTS | |||||||||||||
| (Minor differences may result due to rounding) | |||||||||||||
| Consolidating Income Statement | |||||||||||||
| Three Months Ended June 30, 2025 | Electric Utilities | Gas Utilities | Corporate and Other | Total | |||||||||
| (in millions) | |||||||||||||
| Revenue | $ | 219.9 | $ | 223.0 | $ | (3.9 | ) | $ | 439.0 | ||||
| Fuel, purchased power and cost of natural gas sold | 55.3 | 68.9 | (0.2 | ) | 124.0 | ||||||||
| Operations and maintenance | 69.2 | 80.1 | (1.7 | ) | 147.6 | ||||||||
| Depreciation and amortization | 37.5 | 32.3 | - | 69.8 | |||||||||
| Taxes other than income taxes | 8.9 | 6.2 | - | 15.1 | |||||||||
| Operating income | $ | 49.0 | $ | 35.5 | $ | (2.0 | ) | $ | 82.5 | ||||
| Interest expense, net | (48.9 | ) | |||||||||||
| Other income (expense), net | (0.4 | ) | |||||||||||
| Income tax benefit (expense) | (4.4 | ) | |||||||||||
| Net income | 28.8 | ||||||||||||
| Net income attributable to non-controlling interest | (1.3 | ) | |||||||||||
| Net income available for common stock | $ | 27.5 | |||||||||||
| Consolidating Income Statement | |||||||||||||
| Three Months Ended June 30, 2024 | Electric Utilities | Gas Utilities | Corporate and Other | Total | |||||||||
| (in millions) | |||||||||||||
| Revenue | $ | 205.1 | $ | 202.0 | $ | (4.5 | ) | $ | 402.6 | ||||
| Fuel, purchased power and cost of natural gas sold | 45.9 | 61.3 | (0.1 | ) | 107.1 | ||||||||
| Operations and maintenance | 68.1 | 79.3 | (5.7 | ) | 141.7 | ||||||||
| Depreciation and amortization | 35.5 | 31.1 | - | 66.6 | |||||||||
| Taxes other than income taxes | 9.3 | 7.3 | - | 16.6 | |||||||||
| Operating income | $ | 46.3 | $ | 23.0 | $ | 1.3 | $ | 70.6 | |||||
| Interest expense, net | (42.6 | ) | |||||||||||
| Other income (expense), net | 0.4 | ||||||||||||
| Income tax benefit (expense) | (3.7 | ) | |||||||||||
| Net income | 24.7 | ||||||||||||
| Net income attributable to non-controlling interest | (1.9 | ) | |||||||||||
| Net income available for common stock | $ | 22.8 | |||||||||||
Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024
- Electric Utilities’ operating income increased
$2.7 million primarily due to new rates and rider recovery partially offset by higher operating expenses; - Gas Utilities’ operating income increased
$12.5 million primarily due to new rates and rider recovery driven by the Arkansas Gas and Iowa Gas rate reviews and favorable weather; - Corporate and Other operating loss increased
$3.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses; and - Interest expense, net increased
$6.3 million primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances.
| Consolidating Income Statement | |||||||||||||
| Six Months Ended June 30, 2025 | Electric Utilities | Gas Utilities | Corporate and Other | Total | |||||||||
| (in millions) | |||||||||||||
| Revenue | $ | 456.6 | $ | 795.4 | $ | (7.8 | ) | $ | 1,244.2 | ||||
| Fuel, purchased power and cost of natural gas sold | 122.5 | 361.4 | (0.1 | ) | 483.8 | ||||||||
| Operations and maintenance | 138.0 | 168.1 | (4.8 | ) | 301.3 | ||||||||
| Depreciation and amortization | 74.6 | 64.4 | - | 139.0 | |||||||||
| Taxes other than income taxes | 18.2 | 14.5 | - | 32.7 | |||||||||
| Operating income | $ | 103.3 | $ | 187.0 | $ | (2.9 | ) | $ | 287.4 | ||||
| Interest expense, net | (100.3 | ) | |||||||||||
| Other income (expense), net | 0.6 | ||||||||||||
| Income tax benefit (expense) | (22.5 | ) | |||||||||||
| Net income | 165.2 | ||||||||||||
| Net income attributable to non-controlling interest | (3.5 | ) | |||||||||||
| Net income available for common stock | $ | 161.7 | |||||||||||
| Consolidating Income Statement | |||||||||||||
| Six Months Ended June 30, 2024 | Electric Utilities | Gas Utilities | Corporate and Other | Total | |||||||||
| (in millions) | |||||||||||||
| Revenue | $ | 427.3 | $ | 710.6 | $ | (8.9 | ) | $ | 1,129.0 | ||||
| Fuel, purchased power and cost of natural gas sold | 100.8 | 323.2 | (0.3 | ) | 423.7 | ||||||||
| Operations and maintenance | 125.5 | 157.9 | (8.2 | ) | 275.2 | ||||||||
| Depreciation and amortization | 70.8 | 61.5 | 0.2 | 132.5 | |||||||||
| Taxes other than income taxes | 19.3 | 14.3 | - | 33.6 | |||||||||
| Operating income | $ | 110.9 | $ | 153.7 | $ | (0.6 | ) | $ | 264.0 | ||||
| Interest expense, net | (86.7 | ) | |||||||||||
| Other income (expense), net | (0.5 | ) | |||||||||||
| Income tax benefit (expense) | (20.6 | ) | |||||||||||
| Net income | 156.2 | ||||||||||||
| Net income attributable to non-controlling interest | (5.6 | ) | |||||||||||
| Net income available for common stock | $ | 150.6 | |||||||||||
Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
- Electric Utilities’ operating income decreased
$7.6 million primarily due to higher operating expenses and current year unplanned generation outages partially offset by new rates and rider recovery; - Gas Utilities’ operating income increased
$33.3 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas and Colorado Gas rate reviews and favorable weather partially offset by higher operating expenses; - Corporate and Other operating loss increased
$2.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses; - Interest expense, net increased
$13.6 million primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances; and - Net income attributable to non-controlling interest decreased
$2.1 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages.
OPERATING STATISTICS
Electric Utilities
| Revenue | Quantities Sold | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| By Customer Class | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| (in millions) | (in GWh) | ||||||||||||||||||||||||
| Retail Revenue - | |||||||||||||||||||||||||
| Residential | $ | 54.1 | $ | 50.8 | $ | 120.5 | $ | 113.3 | 321.0 | 323.5 | 727.4 | 712.3 | |||||||||||||
| Commercial | 66.9 | 63.3 | 135.7 | 129.2 | 499.7 | 506.9 | 1,016.9 | 1,018.7 | |||||||||||||||||
| Industrial (a) | 49.3 | 41.7 | 97.5 | 85.2 | 663.9 | 558.3 | 1,273.7 | 1,111.9 | |||||||||||||||||
| Municipal | 4.3 | 4.1 | 8.8 | 8.4 | 34.1 | 36.1 | 68.7 | 70.3 | |||||||||||||||||
| Other Retail | 3.5 | 3.5 | 6.9 | 7.0 | — | — | — | — | |||||||||||||||||
| Subtotal Retail Revenue - Electric | 178.1 | 163.4 | 369.4 | 343.1 | 1,518.7 | 1,424.8 | 3,086.7 | 2,913.2 | |||||||||||||||||
| Wholesale | 4.2 | 6.5 | 11.3 | 15.0 | 108.4 | 158.7 | 256.2 | 334.7 | |||||||||||||||||
| Market - off-system sales | 10.7 | 5.5 | 22.0 | 12.1 | 220.0 | 164.2 | 393.6 | 279.8 | |||||||||||||||||
| Transmission | 10.1 | 12.9 | 22.2 | 25.5 | — | — | — | — | |||||||||||||||||
| Other (b) | 16.8 | 16.8 | 31.7 | 31.6 | — | — | — | — | |||||||||||||||||
| Total Revenue and Quantities Sold | $ | 219.9 | $ | 205.1 | $ | 456.6 | $ | 427.3 | $ | 1,847.1 | $ | 1,747.7 | 3,736.5 | 3,527.7 | |||||||||||
| Other Uses, Losses, or Generation, net (c) | 125.4 | 25.1 | 219.5 | 126.9 | |||||||||||||||||||||
| Total Energy | 1,972.5 | 1,772.8 | 3,956.0 | 3,654.6 | |||||||||||||||||||||
_______________
| (a) | The increase in industrial revenues and quantities sold for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily driven by Wyoming Electric LPCS Tariff and BCIS Tariff customers. |
| (b) | Includes Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services. |
| (c) | Includes company uses and line losses. |
| Revenue | Quantities Sold | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| By Business Unit | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| (in millions) | (in GWh) | ||||||||||||||||||||||||
| Colorado Electric | $ | 66.3 | $ | 64.1 | $ | 138.7 | $ | 133.8 | 524.1 | 585.7 | 1,056.4 | 1,141.4 | |||||||||||||
| South Dakota Electric | 78.0 | 75.9 | 164.9 | 156.5 | 638.9 | 591.4 | 1,320.9 | 1,212.5 | |||||||||||||||||
| Wyoming Electric | 64.8 | 55.6 | 131.4 | 116.4 | 665.2 | 549.5 | 1,311.0 | 1,124.7 | |||||||||||||||||
| Integrated Generation | 10.8 | 9.5 | 21.6 | 20.6 | 18.9 | 21.1 | 48.2 | 49.1 | |||||||||||||||||
| Total Revenue and Quantities Sold | $ | 219.9 | $ | 205.1 | $ | 456.6 | $ | 427.3 | 1,847.1 | 1,747.7 | 3,736.5 | 3,527.7 | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | ||||
| Heating Degree Days: | ||||||||||||
| Colorado Electric | 623 | 524 | (12)% | 3,356 | 3,031 | (7)% | ||||||
| South Dakota Electric | 908 | (12)% | 898 | (15)% | 4,346 | 4,032 | (10)% | |||||
| Wyoming Electric | 1,085 | (5)% | 1,040 | (10)% | 4,225 | 4,026 | (7)% | |||||
| Combined (a) | 815 | (5)% | 757 | (13)% | 3,875 | 3,577 | (8)% | |||||
| Cooling Degree Days: | ||||||||||||
| Colorado Electric | 235 | (16)% | 343 | 235 | (16)% | 343 | ||||||
| South Dakota Electric | 162 | 114 | 162 | 114 | ||||||||
| Wyoming Electric | 60 | (24)% | 118 | 60 | (24)% | 118 | ||||||
| Combined (a) | 174 | (4)% | 219 | 174 | (4)% | 219 | ||||||
_______________
| (a) | Degree days are calculated based on a weighted average of total customers by state. |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| Contracted generating facilities Availability(a) by fuel type | 2025 | 2024 | 2025 | 2024 | ||||
| Coal | 79.4 | % | 75.5 | % | 82.7 | % | 85.6 | % |
| Natural gas and diesel oil | 93.2 | % | 91.6 | % | 92.4 | % | 94.1 | % |
| Wind | 78.6 | % | 92.1 | % | 82.4 | % | 91.2 | % |
| Total Availability (b) | 87.2 | % | 87.1 | % | 88.1 | % | 91.3 | % |
| Wind Capacity Factor (a) | 31.1 | % | 36.9 | % | 35.5 | % | 38.4 | % |
_______________
| (a) | Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet. |
| (b) | 2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5, and Busch Ranch I and II. 2024 includes unplanned outages at Wygen I and Pueblo Airport Generation #4-5. |
OPERATING STATISTICS (continued)
Gas Utilities
| Revenue | Quantities Sold and Transported | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| By Customer Class | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| (in millions) | (Dth in millions) | ||||||||||||||||||||||||
| Retail Revenue - | |||||||||||||||||||||||||
| Residential | $ | 113.3 | $ | 102.6 | $ | 457.4 | $ | 400.4 | 7.2 | 6.9 | 37.9 | 34.7 | |||||||||||||
| Commercial | 42.0 | 38.2 | 176.3 | 156.7 | 4.0 | 3.9 | 18.0 | 16.9 | |||||||||||||||||
| Industrial | 6.4 | 5.8 | 13.0 | 10.9 | 1.4 | 1.8 | 2.4 | 2.7 | |||||||||||||||||
| Other Retail (a) | 6.9 | 6.4 | 21.6 | 22.4 | — | — | — | — | |||||||||||||||||
| Subtotal Retail Revenue - Gas | 168.6 | 153.0 | 668.3 | 590.4 | 12.6 | 12.6 | 58.3 | 54.3 | |||||||||||||||||
| Transportation | 42.1 | 36.0 | 99.8 | 87.6 | 36.2 | 34.5 | 86.7 | 81.2 | |||||||||||||||||
| Other (b) | 12.3 | 13.0 | 27.3 | 32.6 | — | — | — | — | |||||||||||||||||
| Total Revenue and Quantities Sold | $ | 223.0 | $ | 202.0 | $ | 795.4 | $ | 710.6 | 48.8 | 47.1 | 145.0 | 135.5 | |||||||||||||
_______________
| (a) | Includes Black Hills Energy Services revenue under the Choice Gas Program. |
| (b) | Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe. |
| Revenue | Quantities Sold and Transported | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| By Business Unit | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| (in millions) | (Dth in millions) | ||||||||||||||||||||||||
| Arkansas Gas | $ | 40.7 | $ | 31.2 | $ | 165.5 | $ | 141.8 | 5.3 | 5.0 | 18.5 | 17.0 | |||||||||||||
| Colorado Gas | 39.0 | 42.3 | 154.8 | 160.0 | 5.2 | 5.1 | 18.4 | 18.0 | |||||||||||||||||
| Iowa Gas | 30.1 | 27.6 | 116.9 | 89.4 | 6.9 | 7.1 | 22.1 | 20.6 | |||||||||||||||||
| Kansas Gas | 25.1 | 20.9 | 91.2 | 71.2 | 7.6 | 7.9 | 19.3 | 17.6 | |||||||||||||||||
| Nebraska Gas | 57.9 | 50.4 | 188.1 | 164.7 | 16.4 | 14.5 | 46.1 | 41.6 | |||||||||||||||||
| Wyoming Gas | 30.2 | 29.6 | 78.9 | 83.5 | 7.4 | 7.5 | 20.6 | 20.7 | |||||||||||||||||
| Total Revenue and Quantities Sold | $ | 223.0 | $ | 202.0 | $ | 795.4 | $ | 710.6 | 48.8 | 47.1 | 145.0 | 135.5 | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | ||||
| Arkansas Gas (a) | 193 | (33)% | 144 | (54)% | 2,150 | (2)% | 1,916 | (17)% | ||||
| Colorado Gas | 822 | (5)% | 790 | (9)% | 3,659 | --- | 3,533 | (5)% | ||||
| Iowa Gas | 640 | (5)% | 507 | (27)% | 3,928 | (1)% | 3,405 | (18)% | ||||
| Kansas Gas (a) | 367 | (9)% | 266 | (37)% | 2,983 | 2,557 | (11)% | |||||
| Nebraska Gas | 553 | (9)% | 457 | (26)% | 3,592 | --- | 3,259 | (12)% | ||||
| Wyoming Gas | 1,110 | (7)% | 1,096 | (9)% | 4,433 | 4,252 | (5)% | |||||
| Combined (b) | 658 | (8)% | 587 | (20)% | 3,740 | --- | 3,452 | (10)% | ||||
_______________
| (a) | Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on revenue. |
| (b) | The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April. |
CONFERENCE CALL AND WEBCAST
Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, July 31, 2025, to discuss the company's financial results.
To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Q&A. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number.
To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast. At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year.
ABOUT BLACK HILLS CORP.
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 1.35 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, www.blackhillscorp.com/corporateresponsibility and www.blackhillsenergy.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2025 earnings guidance and long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following:
- The accuracy of our assumptions on which our earnings guidance and long-term growth target is based;
- Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect;
- Our ability to complete our capital program in a cost-effective and timely manner;
- Our ability to execute on our strategy;
- Our ability to successfully execute our financing plans;
- The effects of changing interest rates;
- Our ability to achieve our greenhouse gas emissions intensity reduction goals;
- The impact of future governmental regulation;
- Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;
- The effects of inflation, tariffs and volatile energy prices;
- Our ability to obtain sufficient insurance coverage at reasonable costs and whether such coverage will protect us against significant losses; and
- Other factors discussed from time to time in our filings with the SEC.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
| Investor Relations: | |
| Sal Diaz | |
| Phone | 605-399-5079 |
| investorrelations@blackhillscorp.com | |
| Media Contact: | |
| 24-hour Media Assistance | 888-242-3969 |
FAQ
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